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
We have a bank holiday today with Columbus Day, Indigenous Peoples Day, Canadian Thanksgiving and Sports day in Japan. I hope I did not leave anyone out. Tomorrow we have Export Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. delayed due to the holiday. Thursday we will have the October Crop Production USDA Supply/Demand data. We also have flood warnings from Texas to Minnesota which should deal plenty of more rains. We are also contending with Tropical Storm Michael in the Gulf of Mexico. Current forecasts show the storm could become a hurricane and make landfall Wednesday in the Gulf Coast. The exact track remains uncertain and the National Hurricane Center will have specifics in the next couple of days. On the Corn front the market is in harvest pressure mode even though the rains should be supportive and funds are in short-covering mode. In the overnight electronic session the December Corn is currently trading at 366 ¼ which is 2 cents lower. The trading range has been 369 ½ to 365 ¼.
On the Ethanol front the November contract is currently trading at 1.317 which is .003 lower. The trading range has been 1.325 to 1.317. The market is currently showing 1 bid @ 1.310 and 2 offers @ 1.317. 32 contracts traded and Open Interest is at 1,561 contracts.
On the Crude Oil front we are consolidating around the $75 a barrel and trading lower with the Asian market down coming back from last week’s holiday. In the overnight electronic session the November Crude Oil is currently trading at 7349 which is 85 points lower. The trading range has been 7458 to 7307.
On the Natural Gas front we are trading sharply higher. The market is rolling due to the hurricanes, Warmer than average weather and movement of LNG is moving at a good clip with export prices attractive to buyers. In the overnight electronic session the November Natural Gas is currently trading at 3.253 which is 11 cents higher. The trading range has been 3.259 to 3.174.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374