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 1st day of Hanukkah with Construction Spending and ISM Manufacturing Index @ 9:00 A.M., Export Inspections at 10:00 A.M., Cotton System, Fats & Oils and Grain Crushing at 2:00 P.M. The Grains took notice and spiked in the overnight electronic session. We are now trading on the lower end of the range from the gap opening. In the overnight electronic session the December Corn is currently trading at 370 ¼ which is 3 ¾ cents higher. The trading range has been 374 to 369 ½. We are hoping to hold onto the euphoria of this trade news.
On the Ethanol front the January contract is currently trading at 1.267 which is .014 higher. The trading range has been 1.280 to 1.257. The market is currently showing 1 bid @ 1.261 and 1 offer @ 1.269 with 82 contracts traded and Open Interest climbing to 1,777 contracts.
On the Crude Oil front production cuts look to be in the bag there are also whispers that Alberta mat slow production and more news that Qatar announced it is leaving OPEC so they can produce more Gasoline in Doha this morning. This could also be a swipe at Riyadh as the geo-political atmosphere is once again a powder keg. The news of production cuts and U.S. – Sino trade optimism should spillover in the commodities markets as a whole and bring the Stock Market rolling again. In the overnight electronic session the January Crude Oil is currently trading at 5349 which is 256 points higher. The trading range has been 5385 to 5203.
On the Natural Gas front a change in the weather forecast with warmer temperatures changing the last change on Friday to colder temperatures has really sold off the Natural Gas market. In the overnight electronic session the January contract is currently trading at 4.312 which is 30 cents lower. The trading range has been 4.536 to 4.278.
The Equities and Stock Market will be closed on Wednesday December 5th in memory of War Hero and President of the United States George Herbert Walker Bush!
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374