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 Unemployment at 7:30 A.M., Factory Orders and ISM Non-Manufacturing Index at 9:00 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
On the Corn Front the damage has been done technically and the psyche of traders and reality.
The market did penetrate key support and when the market was hammer down the next line of support held. Now we may see traders buying value and see what the funds are up to. In the overnight electronic session the March corn is currently trading at 581 ¼ which is 4 ½ cents higher. The trading range has been 582 to 575 ¼.
On the Ethanol Front Rex American Resources released reports of increased sales for fiscal Q3. Reporting 63% increase in sales for the quarter despite a reduction of gallons sold. The company attributed the increases in prices for ethanol and coproducts. This goes to show this product is the new gold Texas T with the uses we did not know existed for ethanol before the pandemic. There were no trades or open interest in the ethanol futures. The January contract settled at 2.137 and the December contract goes off the board today.
Have A Great Trading Day!