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
Russia is on board with OPEC production cuts which should rally the markets from the abyss. We have Export Sales, Unemployment and Wholesale Trade at 7:30 A.M., EIA Gas Storage at 9:30 A.M. and Consumer Credit at 2:00 P.M. After burying George Herbert Walker Bush yesterday we recognize the unselfishness of this man as he was shot down in the Pacific Theatre of World War II and today being the anniversary of the attack on Pearl Harbor is what brought are country into the mix as we realized we could no longer be a spectator to socialism and totalitarianism.
On the Corn front the U.S. market is having good news on exports as we continue to export to Mexico at a good clip. Glad to see the new trade deal is beneficial to both sides. This morning’s Export Sales should put a further good spin on a market that is looking for more trade and less carryover. In the overnight electronic session the March Corn is currently trading at 384 which is 1 ¼ of a cent higher. The trading range has been 384 to 382 ¼.
On the Ethanol front the January contract is currently trading at 1.231 which is .002 higher in the overnight electronic session. The trading range has been 1.233 to 1.225. The market is currently showing 1 bid @ 1.228 and 1 offer @ 1.233 with 28 contracts passing hands and Open Interest at 1,880 contracts.
On the Crude Oil front the production cuts have been sealed and this market rallied in turn. We are still undervalued but after this week’s slide a bull will take what he can get. In the overnight electronic session the January Crude Oil is currently trading at 5373 which is 224 points higher. The trading range has been 5411 to 5060.
On the Natural Gas front the market is trading higher for the third consecutive day. In the overnight electronic session the January Natural Gas is currently trading at 4.337 which is 5 cents higher. The trading range has been 4.408 to 4.231.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374