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 Jobless Claims at 7:30 A.M., Factory Orders and ISM Non-Manufacturing Index at 9:00 A.M., EIA Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front, we are in another tight trading range. Direct talks between China and the U.S. are scheduled to begin shortly in Washington that could offer some support. In the overnight electronic session the December Corn is currently trading at 374 which is 2 ¼ cents higher. The trading range has been 361 ½ to 358 ¼.
On the Ethanol front, the September contract expires today. There were no trades posted in the overnight electronic session. The October contract settled at 1.317 and is currently showing 1 bid @ 1.317 and 1 offer @ 1.331 with Open Interest at 391 contracts.
On the Crude Oil front, the API Energy Stocks showed a surprise build of 401 thousand barrels which slowed the market rally. In the overnight electronic session the October Crude Oil is currently trading at 5625 which is 1 tic lower. The trading range has been 5665 to 5575. We have the EIA energy Stocks and we will see if the numbers are close to the API data.
On the Natural Gas front, we have the EIA Gas Storage at 9:30 A.M. and the Thomson Reuters poll with 19 analysts participating estimate injections ranging from 67 bcf to 90 bcf with the median build of 79 bcf. This compares to the one-year build of 68 bcf and the five-year average injection of 73 bcf. In the overnight electronic session the October Natural Gas is currently trading at 2.440 which is .005 lower. The trading range has been 2.468 to 2.433.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374