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 EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front, it seems to be a tale between two cities on trade talks. China Ministry Spokesman Geng Shuang made comments at a news briefing that he did not hear of and a call between the U.S. and China, after Treasury Secretary Steven Mnuchin said there was contact between the two sides but declined to elaborate any further. The Grain complex is very quiet this morning with December Corn currently trading at 365 ¾ which is a ½ of a cent lower. The trading range has been between 366 ½ to 365.
On the Ethanol front, there were no trades posted in the overnight electronic session. The October contract settled at 1.322 with the market currently showing 2 bids @ 1.320 and 1 offer @ 1.340 with open interest at 423 contracts.
On the Crude Oil front, the market is rolling after the API Energy Stocks showed a Crude Oil draw of 11.1 million barrels. OPEC and Non-OPEC countries are hinting larger production in the future and if this mornings EIA Energy Stocks confirm this number we could be on a start of a new trend. In the overnight electronic session the October Crude Oil is currently trading at 5571 which is 78 points higher. The trading range has been 5585 to 5534.
On the Natural Gas front, we see the market inching up on fears of Tropical Storm Dorian and where it will make landfall. It is expected to hit Florida in its current pattern. In the overnight electronic session the October contract is currently trading at 2.222 which is 3 cents higher. The trading range has been 2.233 to 2.187.
Have a Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374