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 Redbook YoY (22/May) at 7:55 A.M., S&P Case-Shiller Home Price YoY (MAR), S&P Case-Shiller Home Price Index (MoM0 (Mar), and House Price Index (Mar)at 8:00 A.M., CB Consumer Confidence (May), Fed Quarrels Testimony, New Home Sales MOM (Apr), New Homes Sales (Apr) and Richmond Fed Manufacturing Index (May) at 9:00 A.M., 42-Day Bill Auction at 10:30 A.M., 2-Year Note Auction at 12:00 P,M and API Energy Stocks at 3:30 P.M.
On the Corn Front the USDA showed Illinois is in the home stretch of planting season with 90% of corn planted and 80% of soybeans in the ground. The USDA also reported despite above average rainfall for the week, corn planting increased 4% points to 11% above the five-year average. 74% of the crop has emerged compared to the 63% five-year average. The crop is 84% good to excellent. China was quiet in purchases again yesterday after being busy overall last week. In the overnight electronic session, the July corn is currently trading at 654 which is 31/4 cents lower. The trading range has been 661 ¾ to 650 ½.
On the Ethanol Front the U.S. EPA released data that shows 1.57 billion renewable identification numbers (RIN’s) were generated by the renewable Fuel Standards in April, up from 1.06 billion in April 2020. More than 42.73 million D3 cellulosic biofuel RINs were generated in April, including 33.75 million generated for compressed renewable gas (RNG) by domestic producers, 5.82 million generated for liquified RNG domestic producers, and 3.16 million generated for compressed RNG importers. Total D3 RIN generation for the first four months of 2021 was 126.56 million. The volume includes 98.59 for compressed RNG domestic producers, 89 million generated for compressed RNG importers, and 232,490 generated for cellulosic ethanol by domestic producers. There were no trades in the overnight electronic session. We received no soundbites from the Supreme Court for ethanol blends with waivers granted to certain refineries. While crude oil seems to be squaring up after large gains yesterday and we have the API Energy Stocks at 3:30 P.M.
Have A Great Trading Day!
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Catch me on Thursday mornings at 7:30 A.M. to discuss Export Sales and Energy prices on Rural Radio Channel 147 Sirius XM.
Questions? Ask Dan Flynn today at 312-264-4374