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 kickoff the week with Consumer Inflation Expectations (May) and Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M., Fed Brainard Speech at 1:00 P.M. and Crop Progress at 3:00 P.M.
On the Corn Front we ended up mixed in Friday’s action. The USDA lowered 2021/22 corn exports 50 million bushels and increased carryout to 1,485 million bushels and left the 2022/23 crop demand unchanged but increased carryout to 1,400 million bushels. Transporting grain rose 16.4 cents setting a new record high. The national average is now $5.01 a gallon and last Friday’s CPI has put the stock market in bear territory. In the overnight electronic session the July corn is currently trading at 778 ¼ which is 5 cents higher. The trading range has been 782 ¼ to 770 ½.
On the Ethanol Front the fuel ethanol market is expected to reach $134.5 billion by 2031 according to Allied Market Research and also pointed out the impact of the transportation sector on the environment and increasing policies of major developing countries to make progress toward climate goals for 2030 are essential factors driving the growth of global ethanol fuel market. The futures are acting like the calm before the storm as they remain in drydock.
Have A Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374