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 Chicago FED Activity Index, Good Trade Balance Adv and Wholesale Inventories MoM at 7:30 A.M., Dallas Fed Manufacturing Index at 9:30 A.M., Export Inspections at 10:00 A.M., 3 & 6 Month Bill Auction at 10:30 A.M. and Crop Progress at 3:00 P.M. On the Corn front, we had a rainy Friday night and all day Saturday which was a pounding unrelentless rain that pushed rivers back to flood stages. These rains most definitely further stalled harvest in those areas affected by the down pour. This will make the Crop Progress number even more unconvincing because they may have reached the number before the rains hit. In the overnight electronic session the December Corn is currently trading at 384 ¾ which is 2 cents higher. The trading range has been 386 ½ to 384.
On the Ethanol front, there is no new breaking news since last week. The December contract settled at 1.444, the market is currently showing 1 bid @ 1.352 and 1 offer @ 1.457, which is quite a large spread and Open Interest is at 424 contracts.
On the Crude Oil front, the market is getting some legs after being pushed lower in the overnight. A skeleton crew of U.S. troops remain in Syria guarding the Oil fields from Iran and Isis. Saudi Arabia is ready for further production cuts and shortages in Products will grow. We are now making new highs as I write with the December contract currently trading at 5690 which is 24 points higher. The trading range has been 5692 to 5624.
On the Natural Gas front, the market is pricing in a winter wonderland weather with cold weather and snows are expected to cross the Plains and Midwest this week. In the overnight electronic session the December Natural Gas is currently trading at 2.559 which is 10 cents higher. The trading range has been 2.561 to 2.499.
And Finally I salute and tip my cap to the Commander-in-Chief and our U.S. Armed Forces for a job well done by making Abu Bakr al-Baghdadi meet the inferno regions. Unlike the Washington Post revering him as, “Austere Religious Scholar”, he was nothing more than a murderer and a terrorist with blood on his hands.
God Bless Our Troops!
God Bless the U.S.A.
And have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374