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 President is moving at a rapid pace to keep the pressure on for fair trade and it is working. Although his whirlwind mission for diplomacy stop at G-7 climate change meeting and moved to Singapore to talk with North Korea and pursue more trading opportunities offering a win/win situation if Kim jong Un stops playing with nukes. We will see how this diplomacy plays out. Today we have Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. ahead of tomorrow’s Crop Production USDA Supply/Demand data. On the Corn front the July contract is currently trading at 3761/2 which is 1 ¼ of a cent lower. The trading range has been 379 to 375 ¾.
On the Ethanol front the July contract is currently trading at 1.437 which is 1 cent lower. The trading range has been 1.444 to 1.437. 2 contracts traded and Open Interest is at 871 contracts. The market is currently showing 2 bids @ 1.436 and 1 offer @ 1.441.
On the Crude Oil front the market is getting pressured with rig counts on the rise and the upcoming OPEC and Non-OPEC countries meeting about production on June 22nd. In the overnight electronic session the July Crude Oil is currently trading at 6512 which is 62 points lower. The trading range has been 6574 to 6485.
On the Natural Gas front the market spiked up again. The July contract is currently trading at 2.955 which is 6 ½ cents higher. The trading range has been 3.966 to 2.912. The market still has me confused wondering if futures prices will ever meet the cash market.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374