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 Challenger Job Cuts (Jul) at 6:30 A.M., Trade Balance (Jun), Initial Jobless Claims (30/Jul), Jobless Claims 4-Week Average (30/Jul), Continuing Jobless Claims (23/Jul) at 7:30 A.M., EIA Natural Gas Storge at 9:30 A.M., $-Week & 8-Week Bill Auction at 10:30 A.M., Fed Mester Speech at 11:00 A.M., and Dairy Products at 2:00 P.M.

On the Corn Front the market may realize the market we are getting close if not already oversold, with really no bullish headlines to feed the bull with summer doldrums along with lower volume in the markets. Funds are liquidating longs because of recession talk and wot and wet weather forecasted for the Midwest versus hot and dry weather, a total gamechanger. Also the Ukraine has begun exporting grains but not as close as pre-war levels.  Brazil said their exports are limited and could close 2022 exports very shortly. That leaves the US as the place to buy., and I expect in the autumn months exports and the cash market will pick up. In the overnight electronic session the September corn is currently trading at 580 which is 2 ½ cents lower. The trading range has been 592 ¼ to 585 ¾.

On the Ethanol Front daily production and supply were higher. The EIA reported production averaged 1.043 a day, an increase of 22,000on he week and 33,000 on the year. Stocks were reported at 23.394 million barrels, up 66,00 from last week and 745,000 on the year.  While the ethanol futures remain dormant.

On the Crude Oil Front oil falls 4% pressured by surprise builds in crude oil and gasoline, and OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd), crude for WTI has neared a four-month low, indicating a waning concern of tight supplies. Exports fell and refineries lowered their runs in the overnight electronic session the September crude oil is currently trading at 9064 which is 2 points lower. The trading range has been 9198 to 9015.

On the Natural gas Front the market was humming along in and out of positive territory according to Leticia Gonzales with Natural Gas Intelligence. In the last half hour of trading news of Freeport LNG’s potential return. And the close on the September contract was 8.266 up 0.560 on the day. The Thomson Reuters poll with 15 analysts participating estimates ranging from 23 bcf to 37 bcf and a medium 0f 29 bcf.  This compares to the one-year injection of 44 bcf and the five-year average of 45 bcf. In the overnight electronic session the September natural gas is currently trading at 8.250 which is 0.016 higher. The trading range has been 8.450 to 8.203.

Have A Great Trading Day!

Dan Flynn

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