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
We kickoff this Friday Eve with Export Sales, Jobless Claims, PPI and Wholesale Trade at 7:30 A.M. followed by EIA Gas Storage at 9:30 A.M. Investors will be keying in on Export Sales ahead of tomorrows
Crop Production USDA Supply/Demand. On the Corn front we settled a ½ of a cent higher in yesterday’s open outcry session. In the overnight electronic session the September contract is currently trading at 372 which is ¾ of a cent higher. The trading range has been 372 ¼ to 370 ¼. I am looking to a push to the 400 level as we close in on the harvest season and I believe this is on year we will not see a lot of harvest pressure.
On the Ethanol front the September traded 6 contracts in the overnight electronic session and is currently trading at 1.380 which is .009 lower. The trading range has been 1.381 to 1.377. The market is currently showing 1 bid @ 1.379 and 1 offer @ 1.384 with Open Interest at 1,069 contracts.
On the Crude Oil front the market was hit with bearish headline after bearish headline in yesterday’s action and the funds were ready to pounce. One bullish headline is refineries are working at a record pace as we close into shoulder season and anticipated maintenance is on hold as refineries switch to winter time blends. The market is mounting a comeback from yesterday’s washout. In the overnight electronic session the September Crude Oil is currently trading at 6704 which is 10 points higher. The trading range has been 6719 to 6649.
On the Natural Gas front we have the weekly EIA Gas Storage data this morning. And the Thomson Reuters poll with 24 analysts participating expect injections anywhere from 35 bcf to 57 bcf with the median build of 47 bcf. This compares to the one-year build of 29 bcf and the five-year average of build of 53 bcf. In the overnight electronic session the September contract is currently trading at 2.944 which is a ½ of a cent lower. The trading range has been 2.953 to 2.941.
Have a Great Trading Day!
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