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 MBA Mortgage Applications (06/NOV) and MBA 30-Year Mortgage Rate (06/NOV) at 6:00 A.M.. The rest of the government reports have been delayed until tomorrow in honor of our Republic’s heroes that were a game changer with peace and strength. God Bless You Veterans and Thank you.
On the Hurricane Front another Disturbance comes out of nowhere in the Caribbean Sea. Tropical Storm Eta last updated by the National Hurricane Center at 3:00 P.M. CST an Tuesday. Has their cone moving north and showing a good chance of no further disruptions to Mississippi, Louisiana, and Texas at the moment. Former Disturbance 1 now graduated to Tropical Storm Theta has the storm moving west back in the Atlantic and looks to be a very small treat to the U.S.-Canada east coastline. Anew Disturbance 1, a tropical wave over the eastern Caribbean Sea and is expected to move westward into more conducive environmental conditions over the next several days. And a new tropical depression is likely to form late this week or weekend when this tropical wave reaches the central or western Caribbean Sea.
On the Corn Front yesterday’s Crop Production USDA Supply/Demand and WASDE data showed that this market should continue to rally. We will have a busier morning tomorrow with today’s reports delayed in HONOR OF OUR VETS…. God Bless! As the weather changes from the Plains to the Midwest and harvest close to completion. We will look ahead to next year. And it looks like a great Grain year in 2021. In the overnight electronic session, the December corn is currently trading at 4265 which is 2 cents higher. The trading range has been 428 to 421.
On the Ethanol Front the industry continues to recover. Pacific Ethanol is in the news again and continues to profit with alcohol sales while this company seeks to re-name itself. Growth In the industry should attract many investors back to the table as the ag and energy markets move. There were no trades posted in the overnight electronic session. The December ethanol settled at 1.447 and the market is currently not showing any bids or offers and Open Interest at 39 contracts.
On the Crude Oil Front the market is rocking and rolling. As traders and producers are saying the COVID-19 vaccine will make 2021 a success. And after an extremely bullish API number with crude oil and products this market is not backing off the initial euphoria of the excitement of this good news finally brought to our attention. We will get hopefully back to a normal market and remain strong,
But were in a little chop this morning. In the overnight electronic session, the December crude oil is currently trading at 4239 which is 139 points higher. The trading range has been 4306 to 4145.
On the Natural Gas Front the market has been chopping as well gathering steam to the next momentum will bring this fundamentally bullish market. We will see peeks and valleys into this new line of support. In the overnight electronic session the December natural gas is currently trading at 2.958 which is .009 higher. The trading range has been 2.986 to 2.911.
Have A Great Trading Day!
And God Bless All of OUR VET”S!
Thank you from a grateful nation!Questions? Ask Dan Flynn today at 312-264-4374