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
Today will be the test result if we have more regulations on banks and brokerage firms as the blue wave has promised. It should be an interesting trading session and could be interesting in sessions to come after the outcome. Today we have the API Energy Stocks at 3:30 P.M. and we have more earnings today. Traders are looking ahead to Thursday’s Crop Production USDA Supply/Demand report.
The USDA Crop Progress report showed that Corn harvest was 76% complete while Soybean harvest was seen at 83% complete. And there are whispers that China’s Corn reserves are diminishing rapidly.
This could be a sign of not only sales but a move to Ethanol. We will have to contend with rain, cold weather and snow that is forecasted going into the weekend that could be the start of an early Winter Wonderland. This could be bad news for remaining crops in the ground with the longer in the ground with this weather nothing good will happen. In the overnight electronic session the December Corn is currently trading at 373 ¼ which is ¾ of a cent lower. The trading range has been 374 ¼ to 373.
On the Ethanol front in the overnight electronic session the December contract is currently trading at 1.309 which is .002 lower. The trading range has been 1.316to 1.304 with 23 contracts traded and Open Interest dropping tp 1,958 contracts. The market is currently showing 2 bids @ 1.304 and 1 offer @ 1.309.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374