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 wait for the Jobs number or its proper name the Unemployment number while traction is being made with the China trade talks that have movement back to the upside in the Stock Market and Commodities markets. These forecasts look like it can actually be a reality in the New Year, too bad the government shutdown had negotiators looking for a symbiotic strategy. In the overnight electronic session the March corn is currently trading at 380 ½ which is ¾ of a cent higher. The trading range has been 381 ¼ to 379 ¾.
On the Ethanol front the February contract is currently trading at 1.285 which is .004 higher. The trading range has been 1.285 to 1.282. 12 contracts traded and Open Interest is at 1,937 contracts. The market is currently showing 1 bid @ 1.281 and 1 offer @ 1.286.
On the Crude Oil front last night’s API data showed a draw of 4.5 million barrels on Crude, however Gasoline stocks were up 8 million barrels and Distillates were up 4 million barrels if you can believe it. In the overnight electronic session the February Crude Oil is currently trading at 4787 which is 78 points higher. The trading range has been 4832 to 4665.
On the Natural Gas front we have the EIA Gas Storage and the Thomson Reuters weekly poll with 20 analyst participating expect withdrawals anywhere from 92 bcf to 25 bcf with the median 49 bcf with the streets hard number of a withdrawal of 47 bcf. This compares to the one-year withdrawal of 193 bcf and the five-year average decrease of 107 bcf. In the overnight electronic session the February contract is currently trading at 3.020 which is 7 ½ cents higher. The trading range has been 3.043 to 2.894.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374