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 Challenger Job Cuts (MAR) at 6:30 A.M., Export Sales and Jobless Claims at 7:30 A.M., Markit Manufacturing PMI Final at 8:45 A.M., ISM Manufacturing Index at 9:00 A.M., EIA Gas Storage and 4-Week and 8-Week Bill Auction at 9:30 A.M., Fed Harker Speech and Baker Hughes Oil & Total Rig Count at 12:00 P.M., Cotton System, Fats & Oils and Grain Crushing at 2:00 P.M., Fed Kaplan Speech at 3:05 P.M. and Total Vehicle Sales (MAR) at 5:00 P.M.
The Grains really flew when the Planting intention data was released which surprised many traders. My expectations were more along the line of more acreage in corn & soybeans, and we still would have an overdue rally. But when the numbers were lower the market took off. The market was in my mind a little oversold with weather problems in South America and the nonexistence of a carryover market we have not seen in some time. This just added to the witch’s brew and this morning we have Export Sales that may add a little more fuel to the rally. In the overnight electronic session, the May corn is currently trading at 577 ¼ which is 13 cents higher. The trading range has been 585 to 573.
Have A Great Trading Day!