About The Author

Daniel Flynn

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 day with House Price Index MoM & YoY (May), Home Price Index (May) and S&P/Case Shiller Home Price MoM) at 8:00 A.M., New Home Sales  (Jun), CB Consumer Confidence (Jul), New Home Sales MoM (Jun), Richmond Fed Manufacturing Index (Jul), Richmond Fed Manufacturing Shipments Index (Jul) and  Richmond Fed Services Index (Jul) at 9:00 A.M., Dallas Fed Services Index (Jul) and Dallas Fed Service Revenue Index at 9:30 A.M., 5-Year Note Auction at 12:00 P.M., API Energy Stocks at 3:30 P.M. and FOMC Meeting.

On the Corn Front the USDA released its 17th Crop Progress report of the growing season Monday afternoon. These reports run weekly through the end of November and look at the progress and  conditions of various crops on a national and state-by-state scale. As of July 24th 62% of the corn crop is silking vs. the five-year average of 70%. The USDA reported that 13% of the US corn crop has reached dough stage

On the heels of the five-year average of 15%.In the top 18 corn growing states, crop conditions was rated 61% good-to-excellent a 3% drop from last week. Only 14%was rated poor-to-very poor. Export Inspection figures were less than stellar at 28 million bushels. Corn futures have been trading higher since the Russian missile attack on the port of Odesa leaving Black Sea exports in limbo. In the overnight the September corn is currently trading at 583 which is 13 cents higher. The trading range has been 595 to 587.

On the Natural Gas Front the EPA agrees to release the 2023 RVO by November. The EPA and Growth Energy on July 22nd filed a consent decree agreement with the US District Court for the District of Columbia that requires the agency to proposed 2023 Renewable Fuel Standard renewable volume obligations (RVO’s) by November 16,2922, and finalize the 2023 RVO’s by June 14th 14,2023.The court is expected to approve the agreement soon, Growth Energy initially filed the complaint with the court April 29th alledging that the EPA failed to promulgate a rule establishing the 2023 RVO’s by the statutory deadline of October 21, 2021. There was zero  activity in ethanol futures.

On the Crude Oil Front we have the API Energy Stocks later this afternoon. The market is moving to the upside, but we have Consumer Confidence, today, Fed Rate Decision tomorrow  and GDP on Thursday which could rattle the market that has already been spooked with heavy volatility and the administration’s war on energy.  In the overnight the September crude oil is currently trading at 9798 which is 129 points higher. The trading range has been 9900 to 9588.

On the Natural Gas Front tomorrow is Last Trading Day on the August contract.  Russian overtures to Europe opening the pipeline most likely a bust after we saw how they agreed to letting grain exports and missile attacked Odesa. You just can’t trust Putin at his word and he most likely be the Grinch That Stole Christmas this winter as he holds on his stranglehold on the EC. In the overnight electronic session the September natural gas is currently trading at 9.024 which is 0.447 higher. The trading range has been 9.419 to 8.568.

Have A Great Trading Day!

Dan Flynn

Questions? Ask Dan Flynn today at 312-264-4374