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
After wooing the U.N., President Trump was not complimented by House Democrats but only had to answer allegations, innuendo, hearsay and conjecture. The scary thing is, who is the whistleblower or as I would like to say spy. This is the thing that will weaken our country when another head of state cannot talk to the President with fears the conversation will be leaked. I would like the roll to be called so for public record who voted for impeachment ahead of the facts. The smoking gun will boomerang to the one who drew first and it will not paint a pretty picture. So, let’s release the transcripts and have the so-called whistleblower testify before Congress who was listening in a sitting President’s phone conversation and put our nation ahead. America First!
This morning we start reports with New Home Sales at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front, more rains and cooler temperatures should further slow harvest. We need dry weather to help farmers catch up which indeed they will. The December Corn settled 1 ½ of a cent higher in yesterday’s action. Weather should play in today’s action. In the overnight electronic session the December Corn is currently trading at 374 ½ which is a ¼ of a cent lower. The trading range has been 377 ½ to 374 ½.
On the Ethanol front, there were no trades posted in the overnight electronic session. The November contract settled at 1.375. The market is currently showing 2 bids @ 1.360 and 2 offers @ 1.378 with Open Interest at 355 contracts.
On the Crude Oil front, the market sold off following the Stock Market sell off with the next floor show of impeachment. After the Russian hoax now we have the Ukraine hoax and voters are at their wit’s end paying money for an investigation that is not even warranted. The market further sold off after a bearish API Energy Stocks data that I believe the counts were off do to the mess the storms in the Gulf of Mexico. Also the Saudis said their production will be online next week. But will they be able to refine it? The answer is an emphatic NO! So expect further shortages in the Crude Oil market. Last night’s API mainly showed builds with Crude + 1.4 mln barrels, Cushing +2.3 mln, Gasoline +1.9 mln and Distillates down 2.2 mln barrels. We will see what headlines drive the market today. Hopefully we will get a different spin on the EIA Energy Stocks this morning. In the overnight electronic session the November contract is currently trading at 5630 which is 99 points lower. The trading range has been 5702 to 5613.
On the Natural Gas front the October contract is set to expire tomorrow. The market is trading lower in shoulder season with the November contract currently trading at 2.500 which is 2 ½ cents lower. The trading range has been 2.533 to 2.485.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374