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 (19/Mar) and MBA 30-Year Mortgage Rate (19/Mar) at 5:00 A.M. Durable Goods Orders MoM (FEB), Durable Goods ex Defense MoM (FEB) and Durable Goods Ex Transportation at 7:30 A.M., Market Composite PMI Flash (Mar) and Market Services PMI Flash (Mar) at 8:45 A.M., Fed Chair Powell Testimony at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 2-Year Federal Reserve Note Auction at 10:30 A.M., 5-Year Note Auction at 12:00 P.M., and Dairy Product Sales at 2:00 P.M.
On the Corn Front it was not massive, but it was nice to see the new crop showing some life again. Brazil’s second crop could be delayed and changing back to the U.S. market for importers with need could follow.
In the overnight electronic session, the May corn is currently trading at 550 which is 1 ¼ of a cent higher. The trading range has been 552 ¾ to 548 ¾.
On the Ethanol Front there were no new trades in the market yesterday or overnight electronic session making any market at the moment. The April contract settled at 1.799. This could be the quiet before the storm but we would like to see some life. The April contract have Open Interest of 25 contracts.
On the Crude Oil Front the market continued to fall and the APIs did not help with Crude + 2.927 M, Cushing – 2.282 M, gasoline – 3.728 and Distillates + 0.246. Oil rebounded after news of a blockage in the Suez and European manufacturing numbers beating expectations. We have the EIA Energy Stocks this morning. In the overnight electronic session, the May crude is currently trading at 5911 which is up 135 points. The trading range has been 5974 to 5729.
On the Natural Gas Front, we started a turnaround as well in the overnight electronic session. The April contract is currently trading at 2525 which is .017 higher. The trading range has been 2.538 to 2.510.
Have A Great Trading Day!