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 Export Sales, Building Permits Prel (Oct), Housing Starts (Oct), Housing Starts MoM (Oct), Philadelphia Fed Manufacturing Index (Nov), Philly Fed Business Conditions (Nov), Philly Fed CAPEX Index ( Nov), Philly Fed Employment(Nov), Philly Fed New Orders (Nov), Philly Fed Prices Paid (Nov), Continuing Jobless Claims (05/Nov), Jobless Claims 4-Week Average (12/Nov) at 7:30 A.M., Fed Bowman Speech at 8:15 A.M.,
EIA Natural Gas Storage at 9:30 A.M., Fed Jefferson at 9:40 A.M., Kansas Fed Composite Index (Nov) and Kansas Fed Manufacturing Index at 10:00 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., and 10-Year TIPS Auction at 12:00 P.M.
On the Corn Front we traded lower with Ukraine is offering resistance with the export market. Despite the USDA yield bump, which saw a rebound, veteran analysts and traders are warning farmers the commodities are at risk as a whole and the amount of risk is still at play with current commodities prices. In the overnight electronic session the December corn is currently trading at 655 ½ which is 10 cents lower. The trading range has been 665 to 654 ¾.
On the ethanol front production was up 6% and stocks down 4%. The EIA said production hit a five-week low, averaging 1.011 million barrels a day, a decrease of 40,000 barrels on the week and 49,000 on the year. Ethanol stocks were 21.298million barrels the tightest supply since December 2021, falling 894,000 barrels from a week before but 1.217 million above last year.
Have A Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374