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 Employment Cost Index and Personal Income at 7:30 A.M., Chicago PMI at 8:45 A.M., Michigan Consumer Expectations Final (APR), Michigan Current Conditions Final (APR), Michigan 5-Year Inflation Rate Expectations Final (APR) and Michigan Consumer Sentiment Final (APR) at 9:00 A.M. and Baker Hughes Oil and Total Rig Count at 12:00 P.M. First Notice Day on All May Grains.
On the Corn Front Corn and Soybeans are strong heading into the planting season, and many Pennsylvania farmers have remaining supplies from the 2020 crop are emptying their bins. The gamble their making in locking in prices in hopes the value at harvest is better than now. Any weather concern like a dry summer would make prices even stronger. Demand from China is not going away anytime soon. In the overnight electronic session, the July corn is currently trading at 647 which is 1 ¼ of a cent lower. The trading range has been 652 ¼ to 646.
On the Ethanol Front stocks have hit a six-month low as recent demand improvements drew down on supplies. Production averaged 940,000 barrels which is 4,000 than last week and 408,000 higher than a year ago.
We are still waiting on the Supreme Court’s decision on the EPA’s authority to grant waivers to small refineries blending ethanol. There were no trades posted in the overnight electronic session. The May contract settled at 2.330 and is currently showing no market with Open Interest at 20 contracts.
Have A Great Trading Day!