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 Sales at 7:30 A.M., ISM New York Index at 8:45 A.M., Construction Spending and ISM Manufacturing Index at 9:00 A.M., EIA Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., Fed Barkin Speech at 10:05, Baker Hughes Rig Count at High Noon, Fed Brainard and Fed Evans speech at 12:15 P.M., FOMC Minutes at 1:00 P.M., Fed Kaplan speech at 2:30 P.M. and Total Vehicle Sales at 5:00 P.M. President Trump met Iranian aggression with swift and effective retribution has the Ayatollah vowing revenge after taunting the U.S. that we were helpless with our embassy in Iraq. Iran has been scraping for a fight and the President met with a perfect measured response. This has risk premium back in the market and putting the Crude at highs we have not seen in 8 months. In the overnight electronic session the February Crude Oil is currently at 6359 which is 241 points higher. The trading range has been 6409 to 6113.
On the Corn front we are waiting for Export Sales to come out which was delayed a day due to the holiday. In the overnight electronic session the March Corn is currently trading at 390 which is 1 cent higher. The trading range has been 392 to 388 ¾.
On the Ethanol front the February contract is currently trading at 1.386 which is .015 higher. The trading range has been 1.386 to 1.368. The market is currently showing 2 bids @ 1.370 and 1 offer @ 1.384 with 6 contracts traded and Open Interest growing to 468 contracts.
On the Natural Gas front the bears maintain control while we have EIA Gas Storage today and the market desperately need a lift from these levels. In the overnight electronic session the February Natural Gas is currently trading at 2.137 which is 1 ½ of a cent higher. The trading range has been 2.144 to 2.083.
Have a Great Trading Day!
God Bless Our Troops!
Questions? Ask Dan Flynn today at 312-264-4374