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 Fed Barkin Speech at 7:00 A.M., Unemployment Rate (Jul), Non-Farm Payrolls (Jul), Participation Rate (Jul), Average Hourly earnings MoM & YoY (Jul), Government Payrolls (Jul), Manufacturing Payrolls (Jul), and Non-Farm Payrolls at 7:30 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Consumer Credit at 2:00 P.M.
On the Corn Front we traded higher in yesterday’s action following strength in the soybeans and soymeal. Light volume and weak speculative are selling along with the funds. There is light at the end of the tunnel for farmers, number 1 is Brazil will soon be out of corn to export, the Ukraine will not fill the void and all buyers eyes will be in the US market. In the overnight electronic session the September corn is currently trading at 611 ½ which is 9 ¼ cents higher. The trading range has been 613 to 597.
On the Ethanol Front the Renewable Fuels Association said June exports were down 101.5 million gallons. A drop of 31% from May, but still the largest for the month in three years. Canada was the top destination, followed by South Korea, United Kingdom, Netherlands, and Mexico. The RFA said exports to India and Brazil were down sharply on the month and called shipments to China “negligible.” Exports of distillers dried grains were at 1.01 million tons, up 5% on the month, with primary destiny’s to Vietnam, Mexico, Turkey, Canada and Indonesia. There were no ethanol imports reporte in June and the ethanol futures remain dormant.
Have A Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374