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
This Tuesday we start out with Factory Orders at 9:00 A.M. and API Energy Stocks at 3:30 P.M. Yesterday’s Crop Progress and Grain Crushings had yet another bullish spin and weather forecast is not about to have investors doing backflips as we look ahead on yields. In the overnight electronic session the July Corn is currently trading at 429 ¾ which is 5 ½ cents higher. The trading range has been 436 to 429 ½.
On the Ethanol front the June contract is set to expire tomorrow, there were no trades in the July contract while the August contract posted a trade at 1.526 which is .018 higher with 1 contract traded and Open Interest at 170 positions. The market is currently showing 1 bid @ 1.510 and 2 offers @ 1.530. Getting back to the July contract that will assume front option tomorrow the market settled at 1.507 and is currently showing 1 bid @ 1.510 and 2 offers @ 1.530 with Open Interest at 791 positions.
On the Crude Oil front we have the weekly API Energy Stocks at 3:30 P.M. and we are expecting draws even the Saudi’s do not believe the recent builds weeks ago. We also heard whispers from the EIA That their counts were wrong. We should see shortages and will realize that in the summertime driving season. In the overnight electronic session the July Crude Oil is currently trading at 5290 which is 35 points lower. The trading range has been 5342 to 5243.
On the Natural Gas front the market is trading a little easier again. In the overnight electronic session the July Natural Gas is currently trading at 2.398 which is a ½ of a cent lower. The trading range has been 2.440 to 2.396.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374