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 Unemployment Rate (Aug), Non-Farm Payrolls (Aug), Average Hourly Earnings MoM & YoY (Aug), Participation Rate (Aug), Manufacturing Payrolls (Aug), Government Payrolls (Aug), and Non-Farm Payrolls (Aug) at 7:30 A.M., Factory Orders MoM (Jul), and Factory Orders ex Transportation (Jul) at 9:00 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Dairy Products at 2:00 P.M.
On the Corn Front the market has saw some pressure with corn lowered to 146 million bushels per acre on a 1.6 bushel to acre drop to 175.4 bushels. The grains are rising ahead of the jobs data. I do expect a rally even though we edge closer to harvest pressure. We are also expecting exports to pick up in a big way. In the overnight electronic session the December corn is currently trading at 664 ¾ which is 6 ¾ cents higher. The trading range has been 666 to 656 ½.
On the Ethanol Front California’s ban on new sales of emissions-producing vehicles after 2035 has sounded alarms in Minnesota, where farmers growing corn and soybeans that power ethanol and biodiesel are expressing wariness about the decisions long-term implications. Richard Syverson, a Contar farmer and vice president of the Minnesota Corn Growers Association said, “ I’d say concern is one word,”” but disappointment is another one.” The cash market continues moving while the ethanol futures remain asleep at the wheel.
Have A Great Trading Day!
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