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 President is not fooling around as patience is running on empty while deadline shot clock is winding down. China was supposed to have a delegation in the U.S. for talks but there is a bit of doubt that they may be delayed or if they decide to show at all. This tweet has cast a pall on all the markets after a glowing jobs number on Friday. In the overnight electronic session the May Corn is currently trading at 352 ½ which is 10 ½ cents lower. The trading range has been 352 ½ to 349.
On the Ethanol front the June contract is currently trading at 1.320 which is .016 lower. The trading range has been 1.326 to 1.317. 19 contracts traded and Open Interest is at 1,090 positions. 8 bids @ 1.322 and 2 offers @ 1.340.
On the Crude Oil front the market seems to be recovering after the Trump tweet. We still have geo-political concerns to contend with as the U.S. sends a carrier force to the Middle East as Iran once again making provocative moves. Another reason we are seeing the Crude Oil bounce back is the U.S. economy is in good shape. In the overnight electronic session the June Crude Oil is currently trading at 6156 which is 38 points lower. The trading range has been 6167 to 6004.
On the Natural Gas front the market continues to trend lower. In the overnight electronic session the June contract is currently trading at 2.532 which is 2 ½ cents lower. The trading range has been 2.574 to 2.538.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374