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 Balance of Trade (Oct), Exports (Oct), Imports (Oct), Unit Labour Costs QoQ Final Q3 and Nonfarm Productivity QoQ Final Q3 at 7:30 A.M., Redbook YoY (04/Dec) at 7:55 A.M., IBD/TIPP Economic Optimism (Dec) and Consumer Credit at 9:00 A.M., NY Fed Treasury Purchase 22.5 to 30 yrs. at 9:30 A.M., 3-Year Note Auction at 12:00 P.M., and API Energy Stocks at 3:30 P.M.
On the Corn Front Beijing biotech firm banks on GM corn in a race to be China’s Monsanto. They prepare to open it’s $120 billion corm market to genetically modified (GM) seed, little-known Dabeinong Biotechnology hopes to reap the benefits of early biotech investments and a law from keeping foreign firms on the sidelines. Sounds like the closing of the Keystone Pipeline XL. We will keep you posted as this headline further develops. In the overnight electronic session the March corn is currently trading at 580 which is 3 ½ cents lower. The trading range has been 586 ½ to 580.
On the Ethanol Front Iowa based Summit Carbon Solutions, an offshoot of Summit Agriculture Group, is behind a $4.5 billion Midwest Carbon Project, with the goal of sending 12 million tons of CO2 annually to Western North Dakota, where it can be stored underground. It would be the largest carbon capture project in the world. The pipeline aims to connect 31 ethanol plants, cut across the Upper Midwest. The ethanol futures are still have no open interest.
Have A Great Trading Day!