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
Stocks are making a comeback after no so impressive earnings with Boeing Company leading the way. Don’t fear we have more earnings today and the 2nd Quarter GDP should shed light of more growth in our economy. On the Corn front weather is the name of the game with temperatures falling in the evening which should reduce the stress on the crop acreage of whatever is in the ground. In the overnight electronic session the December Corn is currently trading at 425 ½ which is 2 cents lower. The trading range has been 428 to 425 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. Valero Energy Corp. releases its financial reports for its bio-fuel segments with mixed results with Ethanol earnings down and Renewable Diesel earnings up in the 2nd quarter. The September contract settled at 1.490 and is currently showing 1 bid @ 1.461 and 2 offers @ 1.487 with Open Interest at 628 contracts.
On the Crude Oil front we are looking at mainly quieter trade with Iran being played like a fiddle while President Trump’s continued patience as he protects American Interests in the Persian Gulf. With lighter volume amid large draws that were expected the volume lightens up during the day session and the algo’s seem to jump on the previous gains made. In the overnight electronic session the September Crude Oil is currently trading at 5646 which is 44 points higher. The trading range has been 5657 to 5585. We also have Friday rig-counts at high noon and without any new headlines we will see which way the algo’s pound the 1:30 P.M. settlement price.
On the Natural Gas front the market is getting pounded with temperature forecast that did not hold up to how long the heat wave or I now dub the Equator Vortex was going to last. Nonetheless higher temperatures are forecasted are allegedly back on track over the weekend and into next week. In the overnight electronic session the August Natural Gas is currently trading at 2.199 which is 4.5 cents lower. The trading range has been 2.242 to 2.195.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374