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 holiday week with Chicago Fed National Activity Index (Oct)at 8:30 A.M., Existing Home Sales MoM (Oct) and Existing Home Sales (Oct) at 9:00 A.M., NY Fed Treasury Purchases 10 to 22.5 yrs. at 9:30 A.M., Export Inspections at 10:00 A.M., 2-year Note Auction and 6-Month Bill Auction at 10:30 A.M., 3-Month Bill and 5-Year Note Auction at 12:00 P.M., and Crop Progress at 3:00 P.M.
On the Corn Front we ended up lower in Friday’s trading session. The funds continued to add to their long positions. This morning the market is higher in early trade. We look to Export Inspections and Crop Progress to measure if we will have any follow through. In the overnight electronic session the December corn is currently trading at 575 ¾ which is 5 cents higher. The trading range has been 576 ¾ to 569 ¾.
On the Ethanol Front a Casselton North Dakota ethanol plant, Theraldson Ethanol is planning a new addition with a new feed plant to seek a property tax break. There is still no Open Interest in ethanol futures.
On the Crude Oil Front the market is in a volatile chop as we take to the road for holiday travel. Gasoline and heating oil are higher for the moment. In the overnight electronic session the January crude oil is currently trading at 7569 which is 25 tics lower. The trading range has been 7670 to 7476.
On the Natural Gas Front this market is as volatile as a yo-yo as well. Sharply higher one day and sharply lower another. If you don’t like the prices it will change like Chicago’s weather. In the overnight electronic session the December corn is currently trading at 4.794 which is 0.271 lower. The trading range has been 4.957 to 4.742.
Have A Great Trading Day!