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
From the National Hurricane Center, a low system developed over Tennessee and moved south into Alabama and Georgia and is likely to strengthen into a tropical depression or storm in the next five days. Add in earthquakes on the west coast and crazy weather where the trees do not know what season we are in. And of course the crops are no different as we can see Grain prices a continuation rally after a bullish planting year after the 4th of July weekend normally when profit taking and selling pressure begins after the long weekend in a bullish summer market. We have Export Inspections at 10:00 A.M., Consumer Credit at 2:00 P.M. and Crop Progress at 3:00 P.M. On the Corn trade is uncertain that China will buy U.S. Corn and Pork as a gesture of good faith. The Chinese are going to have a Pork crisis for a long time to come. And it is way too little and way too late to expect the Corn crop to turnaround. In the overnight electronic session the December Corn is currently trading at 445 which is 2 ¾ cents higher. The trading range has been 448 to 444 ½.
On the Ethanol front the August contract is currently trading at 1.547 which is .016 higher. The trading range has been 1.547 to 1.536. The market is currently showing 2 bids @ 1.531 and 1 offer @ 1.538 with 15 contracts changing hands and Open Interest at 679 positions.
Sorry it has to be a short report today, refer to the Phil Flynn Energy Report for news on headlines in Crude Oil and Natural Gas.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374