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 day with Export Sales and Jobless Claims at 7:30 A.M., Factory Orders at 9:00 A.M. and EIA Gas Storage at 9:30 A.M. More rains forecasted and a temporary dry out over the weekend only to have more rains early next week heading into mid-week. More rivers flooding as the waters crest at record stages. In the overnight electronic session the May Corn is currently trading at 362 ¼ which is 2 ¼ cents higher. The trading range has been 362 ¼ to 361. The Vice Premier of China is expected in Washington next week with the trade talks on a brink of the U.S. ready to walk away if we can’t jump the remaining hurdles in the trade pact. If no deal is reached you most likely will see the FED cut rates at the June meeting.
On the Ethanol front the May futures expire tomorrow and the June contract is currently trading at 1.330 which is .003 higher. The trading range has been 1.331 to 1.330. 3 contracts traded and Open Interest is at 1,087 positions. The market is currently showing 2 bids @ 1.328 and 1 offer @ 1.333.
On the Crude Oil front the large builds in inventories this week has the market looking weak and trying to hang on to support at the 6250 level. There are a lot of headlines that could give a knee jerk reaction either way. I still remain bullish overall. In the overnight electronic session the June Crude Oil is currently trading at 6265 which is 95 points lower. The trading range has been 6368 to 6252.
On the Natural Gas front the market is trading lower in the hole again. In the overnight electronic session the June contract is currently trading at 2.950 which is 2 ½ cents lower. The trading range has been 2.618 to 2.594.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374