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 start off the day with Unemployment at 7:30 A.M., Fed Harker Speech at 8:00 A.M., ISM New York Index at 8:45 A.M., Factory Orders, Michigan Consumer Expectations (SEP), Michigan Consumer Sentiment Final (SEP), Michigan Current Conditions Final (SEP) at 9:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
On the Hurricane Front the tropical storm is moving northwestern that should hit the Yucatan Peninsula and move into the Gulf of Mexico which puts the U.S. Coastline in danger. Another tropical wave over the eastern Caribbean Sea which is moving westward and may become a factor next week.
On the Corn Front the market is easing after the rally based on stocks on Wednesday. I do expect more export sales to push the market higher, with or without China buying. Other countries are purchasing with Mexico in the lead. In the overnight electronic session, the December corn is currently trading at 381 ¼ which is 1 and ½ of a cent lower. The trading range has been382 to 377 ¼.
On the Ethanol Front the November contract settled at 1.360 and is currently showing 1 bid @ 1.332 and 2 offers @ 1.385 with Open Interest at 69 contracts.
On the Crude Oil Front, the market is heavy trading lower with more pandemic fears. This market is oversold, and we will realize that in the coming winter months. In the overnight electronic session, the November crude oil is currently trading at 3736 which is 136 points lower. The trading range has been 3865 to 3663.
On the Natural Gas Front, the market has been trading lower, however, more risk premium is going to move this market with fears of the two tropical waves. In the overnight electronic session, the November natural gas is currently trading at 2.522 which is 1 ½ of a cent lower. The trading range has been 2.551 to 2.373.
Have A Great Trading Day!