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
The Lunar New Year welcomes the year of the pig. And we kickoff the New Year with U.S. Trade Balance at 7:30 A.M., ISM Non-Manufacturing Index at 9:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the market traded yesterday in a tight trading range with light volume mainly due to the Super Bowl and the Chinese New Year. Exports are a positive and hopefully President Trump can expunge how positive the U.S. China trade talks are moving in the State of the Union Address. In the overnight electronic session the March Corn is currently trading at 379 ¾ which is a ½ of a cent higher. The trading range has been 380 to 378 ¾.
On the Ethanol front the March contract is currently trading at 1.319 which is .004 lower. The trading range has been 1.334 to 1.319. 9 contracts and Open Interest is at 1,593 contracts. The market is currently showing 1 bid @ 1.315 and 1 offer @ 1.319
On the Crude Oil front the market sold off to new lows in the wee hours of the morning on no news like a thief in the night again. We have the weekly Energy Stocks where we should see slowing imports and I am looking for draws In Crude Oil and Distillates. The charts also look very bullish as well. In the overnight electronic session the March Crude Oil is currently trading at 5400 which is 56 points lower. The trading range has been 5521 to 5378.
On the Natural Gas front the market is getting a slight boost due to weather forecast predicting more cold weather forecasted after the warmup from the polar vortex and we will experience typical February weather. In the overnight session the March contract is currently trading at 2.685 which is 2 ½ cents higher. The trading range has been 2.703 to 2.639.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374