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 Export Sales, Initial Jobless Claims (25/Dec), Jobless Claims 4-Tear Average and Continuing Jobless Claims at 7:30 A.M., Chicago PMI (Dec) at 8:45 A.M., EIA Gas Storage at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:0 A.M.
On the Corn Front the market traded higher on concerns that adverse weather will curb production in Brazil , who’s prices have been their highest since August. The market opened higher last night but ran into profit taking. In the overnight electronic session the March corn is currently trading at 602 ¼ which is 31/4 cents lower. The trading range has been 606 to 600 ¾.
On the Ethanol Front sugars strong premium over ethanol in Brazil, volatility with the Brazilian real/US dollar exchange rate, and unknown changes in Petrobras ex-refinery gasoline price will remain hey for drivers for Central- South ethanol prices in 2022. There were no trades or open interest in ethanol futures.
On the Crude Oil Front OPEC+ is scheduled to meet Tuesday January 4th 2022.Prices have slipped after China cuts import quotas. While North Sea benchmark for crude oil on supply to fall in February. A lot of headlines adding volatility to these holiday markets. In the overnight electronic session the February crude oil is currently trading at 7644 which is 13 points lower. The trading range has been 7698 to 7578.
On the Natural Gas Front we have the EIA Gas Storage today. A WSJ survey that polled 11 analysts range withdrawals from 66 bcf to 128 bcf. This compares to the one-year withdrawal of 120 bcf and the five-year average of 121 bcf. In the overnight electronic session the February natural gas is currently trading at 3.830 which is 0.020 lower. The trading range has been 3.966 to 3.735.
Have A Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374