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 Export Sales, Initial Jobless Claims, Jobless Claims 4-Week Average and Continuing Jobless Claims at 7:30 A.M., EIA Natural Gas Storage at 9:30 A.M., 4-Week and 8-Week Bill Auction at 10:30 A.M.,
Fed Chair Powell Speech and IMF/World Bank Spring Meetings at 11:00 A.M.
On the Corn Front Mike McGinnis with Successful Farming reported as U.S. farmers head to the fields for spring planting of corn and soybeans, a rainy and cold weather pattern is set to arrive soon. Beginning this week, the Corn Belt planting progress could be delayed by rainfall. As of Sunday, the USDA reported 2% of the corn crop has been planted, equaling the five-year average. Some forecasters are predicting a mid-April frost that could cover most of the Corn belt which could send prices higher after tomorrows Crip Production USDA Supply/Demand and WASDE numbers. In the overnight electronic session, the May corn is currently trading at 563 ¼ which is 2 ¾ cents higher. The trading range has been 563 ½ to 559 ¼.
On the Ethanol front there were no trades posted in the overnight electronic session. The May contract settled at 1.851 and currently showing no market with Open Interest at 36 contracts.
On the Crude Oil front as OPEC continues to rebalance the oil market China’s imports have declined by 8.81% in March to stand at 11.26 million barrels per day (bpd). In recent weeks reports that China has been boosting crude oil imports from Iran and ports in the Shandong province, where most independent refineries are based, are experiencing tanker traffic congestions. These news stories have given the crude oil market a rough chop to say the least. In the overnight electronic session, the May crude oil is currently trading at 5933 which is 45 points lower. The trading range has been 5982 to 5905.
On the Natural Gas Front, we have the EIA Gas Storage report today and the Thomson Reuters poll with 16 analysts participating estimates range from 10bcf to 26bcf, with the median increase of 21bcf. This compares to the one-year injection of 68bcf and the five-year average of 61bcf. In the overnight electronic session, the May natural gas is currently trading at 2.499 which is .021 lower. The trading range has been 2.512 to 2.478.
Have A Great Trading Day!