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 Personal Income at 7:30 A.M., Chicago PMI at 9:00 A.M. followed by Grain Stocks & Planted Acreage at 11:00 A.M. On the Corn front all Grain traders are geared up for the 11:00 A.M. reports. Today is First Notice Day on all July Grains to make it more interesting. Yesterday’s Export Sales on Corn was not all that glowing but Brazil is more than happy and eager to tap into the market and fill the void are crop is sure to show. After the reports that are more of a fixture to what investors are leaning to and already know, “it is not what you plant but what you grow.” And stocks and acreage should show historic lows. In the overnight electronic session the July Corn is currently trading at 438 which is 2 cents lower. The trading range has been 440 ½ to 437 ¾.
On the Ethanol front there were no trades posted in the overnight electronic session. The August contract is currently trading at 1.580 and is currently showing 2 bids @ 1.561 and 1 offer @ 1.585 with Open Interest at 667 positions.
On the Crude Oil front the market is waiting for the next headline. Now that the smoke has cleared after bullish inventory data this week and global economies still expanding we will wake up and wonder, where did all of this product go? The G20 Summit and the tense situation in the Middle-East for Iran will only add risk premium to the market. In the overnight electronic session the August Crude Oil is currently trading at 5953 which is 10 tics higher. The trading range has been 5965 to 5900.
On the Natural Gas front the market is still keying on seeing is believing. And if the forecast are correct with hot and humid weather we may see a nice little run or pop in the market. In the overnight electronic session the August Natural Gas is currently trading at 2.324 which is unchanged. The trading range has been 2.330 to 2.300.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374