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
Tech Stocks and strong data on U.S. jobs openings drove the market in yesterday’s action. This morning we kickoff the day with PPI at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., Crop Production USDA Supply/Demand at 11:00 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front yesterday’s delayed Crop Progress report showed a minor drop in good-to-excellent with all the heavy rains we experienced the last week. 86% of the Corn is dented vs. 75% a week ago. With 35% mature vs. 22% a week ago and 21% five-year average, 5% has been harvested which is right in line with the five-year average. In the overnight electronic session the December Corn is currently trading at 365 ¼ which is 1 ½ of a cent lower. The trading range has been 366 ¼ to 365.
On the Ethanol front the October contract is currently trading at 1.290 which is .003 lower. The trading range has been 1.299 to 1.290 with 10 contracts changing hands and the market is currently showing 1 bid @ 1.286 and 1 offer @ 1.292 with Open Interest at 1,239 contracts.
On the Crude Oil front last night’s API was extremely bullish to Crude Oil with draws of 8.636 million barrels, builds on Gasoline of 2.122 million barrels and Distillates had builds of 5.821 million barrels and Cushing had draws of 1,165 million barrels. The products are right in line for this time of year and we are hearing whisper numbers of and even bigger draw on Crude Oil on the EIA Gas Storage. In the overnight electronic session the October Crude Oil is currently trading at 7004 which is 79 points higher. The trading range has been 7014 to 6950.
On the Natural Gas front the market is mostly quiet ahead of Hurricane Florence that has been forecasted to Change the Carolina’s coast forever. Let’s pray whoever wants to ride this storm out on the coast, comes to their senses and evacuates. In the overnight electronic session the October Natural Gas is currently trading at 2.838 which is 2 cents higher. The trading range has been 2.51 to 2.826.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374