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
Busy Monday as we start with Export Inspections at 10:00 A.M., Crop Production USDA Supply/Demand at 11:00 A.M. and Crop Progress at 3:00 P.M. And as we start off this beautiful Monday the Corn is getting smacked as we continue the negative mood headline after headline. We also have a headline from Friday that EPA granting 31 small refineries waivers from biofuel laws which has the Corn lobby mad. The rivaling Corn and Oil industries discontent with one another has to do with the Renewable Fuel Standard (RFS) which was enacted many years ago to help farmers and reduce U.S. dependence on foreign Oil. We must remember we must have a crop to worry about Ethanol and fellow traders that did a crop tour this weekend painted a picture of what I expected and this weather has shown even in the world of GMO we should be more concerned about feed and human consumption which human consumption is 2% and we have a world to feed. In the overnight electronic session the December Corn is currently trading at 412 which is 5 ¾ cents lower. The trading range has been 417 ¾ to 411.
On the Ethanol front the September contract is currently trading at 1.423 which is .019 lower. The trading range has been 1.423 to 1.422. The market is currently showing 1 bid @ 1.423 and 2 offers @ 1.428 with 3 contracts traded and Open Interest at 557 contracts.
Sorry for a shortened report today, however with the Grain Reports and the fire at the Tyson Beef plant in Holcomb, Kansas which should slow harvesting of 27,000 to 30,000 head of Cattle is news could not be the worse timing with all the other storms we have been weathering. If you need Energy information call me or read the Phil Flynn Energy Report.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374