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
Last night’s Crop Progress showed another slide of 1 % in the rating of good-to-excellent. Dry conditions in parts of the western Midwest stressed crops but this week we are getting rains and cooler temperatures until next week which depending on rainfall could further stress the crop. The Profarmer tour rolls across the Midwest and early findings seem contradictory to the USDA findings. In the overnight electronic session the September Corn is currently trading at 360 ¼ which is 1 ¾ of a cent lower. The trading range has been 363 ¾ to 359 ¾.
On the Ethanol front the September contract is currently trading at 1.360 which is .005 higher. The trading range has been 1.364 to 1.360. 4 contracts changed hands and the market is currently showing 1 bid @ 1.350 and 1 offer @ 1.354 with Open Interest at 1,157 contracts.
On the Crude Oil front the September contract expires today and baseball’s old squeeze play is on. In the early going the September contract is outpacing the deferred months. We also have the weekly API Energy Stocks data at 3:30 P.M. In the overnight electronic session the October Crude Oil is currently trading at 6586 which is 44 points higher. The trading range has been 6590 to 6531.
On the Natural Gas front change in the weather has the bears hibernating. Cooler temperatures will give way to very hot weather next week. In the overnight electronic session the September Natural Gas is currently trading at 2.976 which is 3 ½ cents higher. The trading range has been 2.984 to 2.953.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374