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
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Volatility Reigns in Early 2023. The Corn & Ethanol Report 01/05/2023
We kickoff the day with Challenger Job Cuts at 6:30 A.M., ADP Employment Change at 715 A.M., Trade Balance, Imports & Exports, Initial Jobless Claims, Jobless Claims 4-Week Average and Continuing Jobless Claims at 7:30 A.M., Fed Bostic Speech at 8:20 A.M., S&P Composite PMI Final and S&P Global Services PMI Final at 8:45 A.M., EIA Natural Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., 4-Week and 8-Weel Bill Auction at 10:30 A.M., Fed Bullard Speech at 12:20 P.M., and Total Vehicle Sales.
On the Corn Front the market sold off following the lower energy prices. Once again, COVID fears in China and Global recessionary fears leading to demand fears. A lot can Change in 24 hours. In the overnight electronic session the March corn is currently trading at 649 ¾ which is 4 cents lower. The trading range 657 ¾ to 648 ½.
On the Ethanol Front the January contract expires today. The USDA announced corn use for ethanol at 449 million bushels in October. Corn consumed for fuel alcohol and other uses was at 505 million bushels in October Total corn consumed for fuel alcohol and other uses in October up 16% when compared to the previous month, but down 3% from a year ago. There were no trades in ethanol futures.
Have A Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374