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 Initial Jobless Claims (04/Sep), Jobless Claims 4-Week Average (Sep/04) and Continuing Jobless Claims (28/Aug) at 7:30 A.M., NY Fed Treasury Purchases 4.5 to 7 yrs. and EIA Natural Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., 30-Year Bond Auction and Fed Bowman Speech at 12:00 P.M. and Fed Williams Speech at 1:00 P.M.
On the Hurricane Front Tropical Depression Mindy has made landfall and is currently moving northeast at 17 knots which is currently located on the Florida-Georgia state line and is expected to kick out to the Atlantic. Hurricane Larry is forcasted to pass the east of Bermuda today. The cone has it missing the U.S. coastline but could have swells on northeast states. Disturbance 1 a tropical wave with 0% chance of formation in the next 48 hrs.
On the Corn Front the market is waiting on the USDA & WASDE reports. The bias is to be short this market and the new sellers may be indifferent adding on. The basic fundamentals I am looking at is shipping logistics after Ida, yields in question, no carryover and weaker exports from Argentina and Brazil should set the tone. If we get any sort of bullish number it is off to the races.
On the Ethanol Front the future is running out of gas according to Alan Guebert writer for farm & Dairy. The key ingredients looming crack up ethanol is the fast rise in electric vehicles, lukewarm politics and few in the U.S. ag policy circles are prepared to face that reality. Tomorrow’s USDA report will show the latest corn for ethanol use.
On the Crude Oil Front this market is gearing up foe the EIA Energy Stocks at 10:00 A.M. The market is currently trading heavy which could change after today’s number.
On the Natural Gas Front this market retreated as well from the highs. Once again this could be squaring up for the EIA Gas Storage at 9:30 A.M. Should be a wild day!
Have A Great Trading Day!