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, GDP Price Index QoQ Final (Q2), GDP Growth Rate QoQ Final (Q2), Initial Jobless Claims (25/Sep), Jobless Claims 4-Week Average (25/Sep), PCE Prices QoQ Final (Q2), Continuing Jobless Claims (18/Sep), Corporate Profits QoQ Final (Q2) at 7:30 A.M., Chicago PMI at 8:45 A.M., Fed Williams Speech at 9:00 A.M. EIA Gas Storage and NY Fed Treasury Purchases TIPS 1 to 7.5 yrs. at 9:30 A.M., Fed Bostic Speech at 10:00 A.M., Fed Harker Speech, 4-Week & 8-Week Bill Auction at 10:30 A.M., Grain Stocks and Small Grains Summary at 11:00 A.M.
On the Hurricane Front Hurricane Sam is moving northwest at 10 knots and expected to keep the course and miss the North American Continent. Disturbance 1moving slow west-northwestward and has 0% chance of formation at the moment. Tropical Storm Victor off the coast of Africa moving west-northwestward at 11 knots and the cone has it moving north in the Atlantic.
On the Corn Front we are waiting for 11:00 A.M. Grain Stocks and Small Grins Summary and traders want to see if the numbers we get that may rekindle the bulls and light a fire in new buyers of grain. In the overnight electronic session the December corn is currently trading at 539 ¼ which is ¼ of a cent higher. The trading range has been 541 ¼ to 5378 ¾.
On the Ethanol Front Panama is shooting for a clean-energy and is embracing ethanol and ending coal imports. The government’s plan include electric mobility, distributed electricity generation and energy efficiency targets. There were no trades or Open Interest in the ethanol futures.
On the Crude Oil Front the market is zig-zagging with Interest Rate fears and concerned about the U.S. dollar rising which means a little break in prices. Otherwise the market would be a moon shot. In the overnight electronic session the November crude oil is currently trading at 7391 which is 92 points lower. The trading range has been 7539 to 7358.
On the Natural Gas Front the market is rolling along with bullish fundamental news and global prices. Heading into winter Europe is digesting tightening from the Russians as far as product is concerned. We have the EIA Gas Storage today and the Thomson Reuters weekly poll with 17 analysts participating estimates ranging from injections of 111 bcf to 798 bcf with the median injection of 92 bcf and the majority guess is 87 bcf. This compares to the one-year build of 75 bcf and the five-year average of 81 bcf. In the overnight electronic session the November natural gas is currently trading at 5.609 which is 0.132 higher. The trading range has been 5.785 to 5.341.
Have A Great Trading Day!