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 the delayed Export Sales at 10:00 A.M. and Crop Progress at 3:00 P.M. due to the Columbus Day holiday. We also look ahead to the October monthly Crop Production USDA Supply/Demand data on Thursday. On the Corn front the market is quiet ahead of this week’s data. In the overnight electronic session the December Corn is currently trading at 366 ¾ which is a ¼ of a cent higher. The trading range has been 367 to 365 ½.
On the Ethanol front the November contract is currently trading at 1.315 which is .007 lower. The trading range has been 1.318 to 1.31112 contracts traded and Open Interest is at 1,522 contracts. The market is currently showing 2 bids @ 1.317 and 6 offers @ 1.322.
On the Crude Oil front the market is waiting for the next headline to drive the market or we should be hovering around $75 a barrel. We are still tracking Hurricane Michael a category 2 with maximum sustained winds at 85 knots’9 and moving north-northwest at 10 knots and the current tracking cone has it making landfall in Florida. In the overnight electronic session the November Crude Oil is currently trading at 7464 which is 35 points higher. The trading range has been 7502 to 7418.
On the Natural Gas front Hurricane Michael and warmer than average temperatures continue to support higher prices. In the overnight electronic session the November contract is currently trading at 3.292 which is 2 ½ cents higher. The trading range has been 3.368 to 3.271.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374