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
Most investors are anticipating a rocket in Gross Domestic Product this morning which should prove the tax cuts are working and there are more employment opportunities we have not seen in decades. The only thing pulling in the reigns of the Stock Market is Facebook’s nosedive. We also will have Energy earnings today and these numbers should be interesting too. On the Corn front the market closed higher in yesterday’s action. This was mainly due to the agreement with the EU to avoid further complications in trade. We also had very strong Export Sales yesterday. In the overnight electronic session the September Corn is currently trading at 361 which is a ½ of a cent lower. The trading range has been 363 ¾ to 359 ½.
On the Ethanol front the market is picking up activity now that Energy and Grain exports look more upbeat when last week looked to be in the abyss. In the overnight electronic session the September Ethanol is currently trading at 1.442 which is .005 higher. The trading range has been1.456 to 1.440. There have been 16 trades so far and Open Interest is at 1,258 contracts. The market is currently showing 1 bid @ 1.437 and 1 offer @ 1.448.
On the Crude Oil front the market is still in chop mode trading headlines and seems to be afraid to trade to higher plateau even with bullish headlines. In the overnight electronic session the September contract is currently trading at 6957 which is 4 tics lower. The trading range has been 6967 to 6927.
On the Natural Gas front we have Last Trading Day on the August contract and the market psychology changed with the EU promising to import large shipments of LNG rather completely from our Russian counterparts. In the overnight electronic session the September contract is currently trading at 2.787 which is 2 ½ cents higher. The trading range has been 2.789 to 2.757.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374