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 New Year with this shortened week and reports piling on for our day off. We start out with Challenger Job Cuts at 6:30 A.M., Jobless Claims at 7:30 A.M., Market Manufacturing PMI at 8:45 A.M., 4 and 8-Week Bill Auction at 10:30 A.M. followed with Cotton System, Dairy Product Sales, Fats & Oils and Grain Crushings at 2:00 P.M. We will have the Energy Reports tomorrow. The Corn is off to a slow start but is trading higher as the New Year has begun. The March Corn is currently trading at 389 ½ which is 1 and ¾ of a cent higher. The trading range has been 390 to 387 ¼.
On the Ethanol front the U.S. Grans Council (USGC) announced changes to its Ethanol staff to promote U.S. exports in the growing Ethanol demand in the global Ethanol programs. In the overnight electronic session the February contract is currently trading at 1.398 which is .005 higher. The trading range has been 1.410 to 1.381 with the market currently showing 1 bid @ 1.392 and 1 offer at 1.399 with Open Interest slowly climbing to 446 contracts. We should see volume increase in the futures market as we move into the next decade of trade.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374