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 (30/Jul) and MBA 30-Year Mortgage Rate (30/Jul) at 6:00 A.M., ADP Employment Change (Jul) at 7:15 A.M., Market Composite PMI Final (Jul) and Market Services PMI Final (Jul) at 8:45 A.M., Fed Clarida speech, ISM Non-Manufacturing Business Activity (Jul), ISM Non-Manufacturing Prices (Jul), ISM Non-Manufacturing New Orders (Jul) and ISM Non-Manufacturing Employment at (:00 A.M., EIA Energy Stocks at 9:30 A.M., NY Fed Treasury Purchases 7 to 10 yrs. And Total Vehicle Sales at 7:00 P.M.
On the Corn Front both corn and soybeans were awash after gains made. The Crop Progress report showed that theses commodities are ahead of schedule in the maturation cycle. Farmers in Central Illinois have said that this was primarily due to the weather that they have had. The hot weather also came with rain. To manage hot weather plenty of H2O is required, and if your crops have an adequate amount of water they should thrive at this stage. Also to remember early plantings help this crop gain momentum. Although that was in the market back in February and March traders are now looking to yields and healthy acreage moving closer to harvest. After the crop tours analysts have said they did see healthy corn raising traders concerns of how weak or sickly is this crop? And will exports rise again? The rise in volatility and volumes coming back to trade will enhance trading and the funds won’t be on the bench for long. I still remain bullish. In the overnight electronic session the December corn is currently trading at 557 ¾ which is unchanged The trading range has been 555 to 548 ½.
Have A Great Trading Day!