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 World Bank/IMF Annual Meeting. Due to the holiday no further reports will be released today.
On the Corn Front the market is getting ready for tomorrows Crop Production USDA Supply/Demand and WASDE data. Which could get the fundamental factors moving again as we close into winter. In the overnight electronic session the December corn is currently trading at 530 ½ which is unchanged. The trading range has been 531 ¼ to 529.
On the Ethanol Front, as harvest continues we also have the wrangling in Washington D.C. This market had little news to ignite a rally in the ethanol futures. This market could be a major force in exporting ethanol. How is the current administration taking advantage of it? There were no trades posted in the overnight and no Open Interest.
On the Crude Oil Front the market is starting to feel the crunch after a stroke of the pen struck down production in Anwar and the Keystone Pipeline. This is not going to work after the cost to U.S. jobs not to mention energy independence. We will continue to ride Joe Biden’s self-inflicted wounds policy. In the overnight electronic session the November crude oil is currently trading at 8085 which is 150 points. higher. The trading range has been 8218 to 7955.
On the Natural Gas Front the market is proving the volatility we can expect. We must remember this market is grossly undervalued as we head into winter. The market will wake-up eventually. In the overnight electronic session the November natural gas is currently trading at 5.371 which is 0.194 lower. The trading range has been 5.799 to 5.308.
Have A Great Trading Day!