Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
The market is anxious to see earnings from Caterpillar released today with their profit boom has come from foreign buyers and in the wake of the trade war news. Also on this Monday we have New Home Sales at 9:00 A.M., Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. The grains are trading strong in the overnight electronic session. The September Corn is currently trading at 366 which is 4 cents higher. The trading range has been 366 ½ to 363 ½. Weather forecasts are calling for some scattered storms followed by hot dry weather.
On the Ethanol front there were no trades posted in the overnight electronic session. The September contract settled at 1.437. The market is currently showing 1 bid @ 1.435 and 1 offer @ 1.458 with Open Interest at 1,258 contracts.
On the Crude Oil front we punched through $70 a barrel with more critical bullish news that outpaced Friday’s bearish old news that was in the market already. The market has woke up that we are trading on tight supplies and growing record demand geo-political factors that could drive prices further. With the Saudi Straights of Tiran still closed and Iran popping off as usual. In the overnight electronic session the September contract is currently trading at 7010 which is 141 points higher. The trading range has been 7017 to 6980.
On the Natural Gas front the excessive heat is holding and also keeping the Natural Gas futures to meet the weak cash prices. In the overnight electronic session the September contract is currently trading at 2.790 which is .008 of a cent higher. The trading range has been 2.806 to 2.772.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374