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 Factory Orders MoM (Aug) and Factory orders ex Transportation at 7:39 A.M., NY Fed Treasury Purchases 22.5 to 30 yrs., at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M. and Crop Progress at 3:00 P.M.
On the Hurricane Front Disturbance 1 over the southeast Bahamas is moving slowly north-westward and has minimal chance of formation. Hurricane Sam is moving northeast at 26 knots with little chance to make landfall on the North American continent. Tropical Depression Victor is moving west-northwest at 12 knots in the mid-Atlantic, we will be tracking this storm in the coming days.
On the Corn Front warm and dry weather is forecasted in the Corn Belt which will speed up harvesting. The farmer’s and traders will be measuring yields. While Brazil’s corn exports plunge and their imports skyrocket and soybean exports rising. We could be seeing a bullish market as harvest and new orders continue. In the overnight electronic session the December corn is currently trading at 539 which is 2 ½ cents lower. The trading range has been 542 to 536.
On the Ethanol Front the REEEAC Schedules a meeting with the U.S. Department of Commerce international Trade Administration. The virtual meeting on October 14th, the focus will be on Renewavle Energy and Energy Efficiency and is open to the public. The ethanol futures once again show no trade or Open Interest.
Have A Great Trading Day!