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 NAHB Housing Market Index at 9:00 A.M., Export Inspections at 10:00 A.M., 3 & 6-Month Bill Auction at 10:30 A.M., FED Mester Speech at Noon and U.S. Overall Net Capital Flows, U.S. Foreign Bond Investment and U.S. Net Long-Term Tic Flows for September. I cannot even have a headline that is safe… Breaking news that the China talks have hit a snag in another chapter of he said she said in these ongoing negotiations. Just not what the market wanted on Monday in the early going. We may have Turnaround Tuesday with the headlines we have.
On the Corn front, we have headlines trying to balance this horrible growing and producing season. And pile on competition with South America and the Brazilian Real at historic lows which will make them aggressive sellers to sooth their cash crunch. And how much product can they sell while the off again and on again China talks continue. In the overnight electronic session, the December Corn is currently trading at 371 ½ which is a ¼ of a cent higher. The trading range has been 371 ¾ to 370 ½.
On the Ethanol fronts, the December contract is currently trading at 1.426 which is .004 lower. The trading range has been 1.426 to 1.415. The market is currently showing 1 bid @ 1.410 and 1 offer @ 1.425 with 8 contracts trading and Open Interest at 355 contracts.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374