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 Pending Home Sales both YoY and MoM at 9:00 A.m., Dallas Fed Manufacturing Index at 9:30 A.M., Export Inspections at 10:00 A.M., followed with 3 & 6-Mont Bill Auction at 10;30 A.M.
On the Corn front the funds dramatically cut long positions from Corn and short positions from Soybeans as this Covid response has their attention. We could continue to see dramatic changes in trade as we hunker down and try and ride out this pandemic. In the overnight electronic session the May Corn is currently trading at 344 ½ which is 1 ½ of a cent lower. The trading range has been 346 ¾ to 342. We are also hearing whispers from Down Under that China has called on farmers in Victoria for a reliable food source. Things just seem to get more interesting all the time while other breaking news has Trump call Putin later today to discuss the Energy price war.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 0.986 and is currently showing a ridiculously wide-spread with 1 bid @ 0.956 and 1 offer @ 1.050 and Open Interest at 267 contracts.
Have a Great Trading Day!