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 shortened work week has a lineup change in reports. Today at 7:30 A.M. we have 1st Quarter GDP and Jobless Claims, EIA Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front the market has been rolling this week with Crop Progress showing plantings well depressed versus last year’s 90% completion rate. The selloff I believe was not only profit taking but investors are looking at world stocks at a whole and also thinking we moved up too quick and too fast. There is still a lot of upside as more rain and cooler than normal temperatures continue into next week and next we will most likely be talking early frosts and yields. In the overnight electronic session the July Corn is currently trading at 422 ¾ which is 4 cents higher. The trading range has been 424 ½ to 413 ¼.
On the Ethanol front the July contract is currently trading at 1.482 which is .001 higher. The trading range has been 1.484 to 1.452. 11 contracts traded and Open Interest is at 866 positions. The market is currently showing 2 bids @ 1.473 and 2 offers @ 1.492.
On the Crude Oil front last night’s API Energy Stocks showed Crude Oil Stocks down 5.265 million barrels, Cushing down 0>176 barrels, Gasoline had builds of 2.711 million barrels and Distillates showed draws of 2.144 million barrels. We will see if this mornings EIA Energy Stocks come close to these numbers at 10:00 A.M. In the overnight electronic session the July Crude Oil is currently trading at 5897 which is 16 points higher. The trading range has been 5870 to 5868.
On the Natural Gas front we have the weekly EIA Gas Storage at 9:30 A.M. The Thomson Reuters poll with 20 analyst participating estimate builds ranging from 88 bcf to 118 bcf with median build of 107 bcf. This compares to the one-year build of 93 bcf and the five-year average increase of 102 bcf. In the overnight electronic session the July Natural Gas is currently trading at 2.584 which is 4 cents lower. The trading range has been 2.628 to 2.579.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374