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
Translate
February Made Me Shiver. The Corn & Ethanol Report 02/23/2023
We kickoff the day with GDP Price Index QoQ 2nd Est, GDP Growth Rate QoQ 2nd Est, Initial Jobless Claims, Chicago Fed National Activity Index, Continuing Jobless Claims, Core PCE Prices QoQ 2nd Est, Jobless Claims 4-Week Average, PCE Prices QoQ 2nd Est, Real Consumer Spending QoQ 2nd Est, and GDP Sales QoQ 2nd Est at 7:30 A.M., EIA Natural Gas Storage at 9:30 A.M., Fed Bostic Speech at 9:50 A.M., EIA Energy Stocks at 10:00 A.M.,4-Week & 8-Week Bill Auction at 10:30 A.M., 7-Year Note Auction at 12:00 P.M. and Dairy Products Sales at 2:00 P.M.
On the Corn Front Rain in Brazil is forecasted to lighten up in the next 10 days, which will aid fieldwork in the region. Still precipitation in Central Brazil will slow planting in the same timeframe. Also, Mad Cow disease in Brazil halts beef exports to China. Rainfall will boost crop prospects in Bolivia and Paraguay. In Argentina, rain fell in northeastern Cordoba this week and showers are expected in the next two weeks in the western quarter of corn and soybean growing regions. Meanwhile, blizzard warnings are still in effect in the eastern Dakotas and western Minnesota. Temperatures are expected to drop to minus 25 degrees Fahrenheit. Conditions gradually improving through the morning but significant drifting is still likely. Winter weather advisories are in effect until 9:00 A.M. in parts of central Iowa where mixed precipitation is forecasted. Roads are expected to be icy and some power outages may occur due to ice on trees and power lines. In the overnight electronic session the March corn is currently trading at 674 ½ which is a ½ of a cent higher. The trading range has been 676 ¼ to 674.
On the Ethanol Front Rep. Randy Feenstra R-Iowa has reintroduced 3 bills that aim to support the US biofuels industry by comparing the costs of electric vehicles (EVs) and flex fuel vehicles (FFVs) fleets, supporting research and development for sustainable aviation fuel (SAF) and supporting development of biofuel fuel cells. All three bills were previously introduced during the 117th Congress. There were no trades or open interest in ethanol futures.
Have A Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374