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 kickoff the last day of November with Chicago PMI at 9:00 A.M., First Notice Day on Chi,KC and Mn Wheat also Copper, Corn, NY Gold, Silver, Platinum, Palladium, Oats, Soymeal and Soy oil. President Trump is heading to Buenos Aires without a complete defined playbook except seal the deal. He will be meeting with President Xi Jinping on what investors are banking on a major game changer which could send the Stock Market sky rocketing or it could be pummeled further in the bumper. He also plans to meet with Turkey President Recep Tayyip Erdogan and plans to shun Vladimir Putin and Crown Prince Saudi Mohammed bin Salmon for their recent behavior in foreign policy. Let no mistake be about it, the game changer is if a deal is struck with China which is an emerging market as well as India who is starting to show a slowdown. In the overnight electronic session the December Corn is currently trading at 362 ½ which is 2 ¼ cents higher. The trading range has been 363 to 360 ½. This weekend’s trade talks could be a boom for the Corn & Ethanol market as China seeks to aggressively put Ethanol in its power supply.
On the Ethanol front the January contract is currently trading at 1.232 which is unchanged. The trading range has been 1.240 to 1.232 with 11 contracts traded and Open Interest growing to 1,744 contracts. The market is currently showing 1 bid @ 1.229 and 7 offers @ 1.233.
On the Crude Oil front this market is waiting as well on news from the G20 meeting as this is a precursor to the OPEC meeting where production cuts are inevitable. In the overnight electronic session the January Crude Oil is currently trading at 5062 which is 83 points lower. The trading range has been 5179 to 5031.
On the Natural Gas front weather be damned. But seriously folks more normal temperatures are forecasted and the Bears are trying to reestablish their force and take the Bulls out of the game. In the overnight electronic session the January Natural Gas is currently trading at 4.576 which is 7 cents lower. The trading range has been 4.776 to 4.526.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374