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 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 front we had another lackluster evening session out of the gate this week. In the overnight electronic session the December Corn is currently trading at 354 ¼ which is 1 ¼ of a cent lower. The trading range has been 357 ¾ to 353 ¾. Eventually, this market should get into gear but it needs a jumpstart or needs to be resituated.
On the Ethanol front the market is trading higher with news last week that Trump administration officials plan to boost 5% in renewable fuel-blending quotas in 2020. In the overnight electronic session the October contract posted a trade at 1.326 which is .022 higher. The market is currently showing 1 Bid @ 1.286 and 7 offers @ 1.312 with 1 contract traded and Open Interest at 368 contracts.
On the Crude Oil front we are trading higher on a lot of bullish news with the upcoming OPEC meeting with production cuts on the horizon. In the overnight electronic session the October Crude Oil is currently trading at 5744 which is 92 points higher. The trading range has been 5762 to 5658.
On the Ethanol front the market is trading higher even after a bearish EIA Gas Storage number last week. In the overnight electronic session the October contract is currently trading at 2.536 which is 4 cents higher. The trading range has been 2.544 to 2.496.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374