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
Investors seem less worried about the impending trade war as they continue to see good earnings and a consistent growing GDP even with the belief of a rate hike at next month’s FOMC meeting. Today’s reports are Consumer Confidence at 2:00 P.M. and API Energy Stocks at 3:30 P.M. We also have more earnings to be released today. On the Corn front market continues to follow the strength in the Wheat market. Also the Crop Progress showed another 1% drop in good-to excellent dropping to 71% versus last week’s 72% also the Soybeans dropped 70 67% versus 70% a week ago. In the overnight electronic session the September Corn is currently trading at 373 ¼ which is 2 ¼ cents higher. The trading range has been 373 ¼ to 370 ¼. With Ethanol moving and exports are expected to increase we should see continued strength.
On the Ethanol front it was somewhat quiet in the overnight electronic session with 10 contracts traded in the September contract which is currently trading at 1.428 which is .006 lower. The trading range has been 1.435 to 1.420 while the market is currently showing 1 bid @ 1.430 and 1 offer @ 1.440 with Open Interest at 1,017 contracts.
On the Crude Oil front we are trading higher on the Iran sanctions news and President Trump’s stern warning to anyone who trades with Iran will not be trading with the U.S. Tight supplies, a strong Stock Market and weaker U.S. dollar has the market on a roll this morning. In the overnight electronic session the September Crude Oil is currently trading at 6976 which is 75 pointe higher. The trading range has been 6981 to 6881.
On the Natural Gas front the market is trading higher with extreme hot temperatures hanging around for now. In the overnight electronic session the September contract is currently trading at 2.880 which is 2 cents higher. The trading range has been 2.870 to 2.857.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374