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 U.S. Current Account at 6:30 A.m., Redbook MoM and YoY (20/Mar) at 6:55 A.M., Fed Bullard Speech at 7:00 A.M., New Home sales MoM (FEB) and New Home Sales (FEB) and Richmond Fed Manufacturing Index (mar) at 8:00 A.M., Fed Bostic Speech at 8:10 A.M., Fed Barkin Speech at 9:00 A.M., 119-Day and 42-Day Bill Auction at 9:20 A.M., Fed Chair Powell Testimony at 10:00 A.M., 2-Year Note Auction and 52- week Bill Auction at 11:00 A.M., Fed Brainard Speech at 1:45 P.M., and API Energy Stocks at 3:30 P.M.
On the Corn Front we traded lower with more concerns of buying U.S. feed grain as South America’s harvest is moving forward. Also rains in the Midwest is helping soil reserves for plantings coming up. We could see a Turnaround Tuesday with China making a purchase Friday of U.S. grains for the 2021 marketing year and the new crop may struggle a bit more. In the overnight electronic session, the May corn is currently trading at 552 ¾ which is 3 ¾ cents higher. The trading range has been 552 ¾ to 549 ¼.
On the Ethanol Front there were no trades posted in the overnight electronic session. The April contract settled at 1.799 and is currently showing no market with Open Interest at 35 contracts. The market has been showing light volume as the ongoing saga of ethanol and oil refineries continue to play out.
On the Crude Oil Front the market is in retreat with the May contract currently trading at 5944 which is 212 points lower. The trading range has been 6135 to 5912. This afternoon’s API Energy Stocks could lead to a boost in prices again.
On the Natural Gas Front the April contract is currently trading at 2.553 which is .028 lower. The trading range has been 2.581 to 2.543. There are predictions for a higher market with analyst seeing the mare testing resistance above 1.8%.
Have A Great Trading Day!