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 Pending Home Sales MoM & YoY at 9:00 A.M., Dallas Fed Manufacturing Index (Nov), Fed Williams Speech and NY Fed Treasury Purchases 2.25 to 4.5 yrs. at 9:30 A.M., Crop progress and Fed Clarida Speech at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M., Fed Williams Speech at 12:00 P.M., Fed Chair Powell Speech at 2:06 P.M., Crop Progress at 3:00 P.M. and Fed Bowman Speech at 4:05 P.M.
On the Corn Front spending time in Wisconsin and watched the farmers trying to wrap up harvest. While U.S. corn net sales have raised to a new marketing year high of 1.43 million metric tons in the week of November 18th. In the overnight electronic session the December corn is currently trading at 583 ¾ which is 3 cents lower. The trading range has been 588 ¼ to 583 ¼. Tomorrow is First Notice Day on December corn so don’t be late to rollover.
On the Ethanol Front Advanced Biofuels, Canada announced the release of it’s fifth annual Biofuels in the Canada 2021 (BIC) report, with full-open sources access to the Canadian market data for renewable, low carbon, and conventional fuels. U.S. fuel ethanol was up 2% and stocks slightly higher for the week ending Nov. 19th. There is still zero open interest in the ethanol futures.
On the Crude Oil Front, talking down the market with the release of Strategic Petroleum Reserves SPR’s only have the crude trading 450 points higher and the gasoline 1300 points higher. As we touched on this topic before the release of SPR’s never work as advertised and is already doing more damage then good. In the overnight electronic session the January crude oil is currently trading at 7270 which is 454 Points higher. The trading range was 7293 to 6920.
On the Natural Gas Front this market continues it’s topsy-turvy ride. Clean Energy technologies, Inc. establishes a joint venture with plans to acquire Municipal Natural Gas Utility companies in China. We will keep you up to date with this new headline. In the overnight electronic session the January Natural Gas is currently trading at 4.867 which is 0.610 lower. The trading range has been 5.200 to 4.855.
Have A Great Trading Day!