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 have Exports Inspections at 10:00 A.M. and Crop Progress at 3:00 P.M. Tomorrow we have Crop Production and USDA Supply/Demand data. Speculators have been on a record buying stake in recent weeks took a pause on drier weather that enabled some farmers to get in the field. More rains are forecasted later in the week and next with temperatures well below average and that is not a good sign to get a healthy growing crop. In the overnight electronic session the July Corn is currently trading at 412 ½ which is 3 ¼ cents lower. The trading range has been 414 to 409.
On the Ethanol front the July contract posted a trade at 1.480 which is .001 lower. The market is currently showing 1 bid @ 1.470 and 1 offer @ 1.485. 1 contract traded and Open Interest dropped to 582 positions.
On the Crude Oil front the market is gaining steam with the Mexican agreement and after another false bearish report from the API and EIA. These numbers are to rich with all the weather obstacles for starters. There is not the product that has been counted or recounted that matches these kind of builds, With the Russians and Saudi’s holding back on production and at these prices you can count that they will continue cuts in production. In the overnight electronic session the July Crude Oil is currently trading at 5323 which is 24 points higher. The trading range has been 5484 to 5396.
On the Natural Gas front the July contract is currently trading at 2.347 which is 1 cent higher. The trading range has been 2.358 to 2.324. The market may have a little technical bounce because it has been trading heavy.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374