Bigger Acreage Confirmed. The Corn & Ethanol Report 04/03/2023

We kickoff the month with S&P Global Manufacturing PMI Final at 8:45 A.M., ISM Manufacturing PMI, ISM Manufacturing Employment, ISM Manufacturing New Orders, ISM Manufacturing Prices and Construction Spending at 9:00 A.M., Export Inspections at 10:00 A.M.,3-Month & 6-Month Bill Auction at 10:30 A.M., Cotton System, Dairy Products, Fats & Oils, and Grain Crushings at 2:00 P.M., Crop progress at 3:00 P.M., and Fed cook Speech at 3:15 P.M.,

On the Corn Front the USDA’s Quarterly Grain Stocks was bullish for old crop corn and soybeans. This morning’s Export Inspections may shed some light on global demand along with weather, disease ( tar spots) and everything you can put in the market. If is not panic or higher energy prices this will further drive inflation and cost to the Grain Complex and food hand to mouth is going to continue upward exponentially and further inflation. In the overnight electronic session the May corn is currently trading at 665 which is 4 ½ cents higher. The trading range has been 667 ¾ to 659 ¼.

On the Ethanol Front the Minnesota train derailment opened eyes, crews are still working to clear the damage. The EPA said, other cars carrying the substance were also at risk of releasing the chemical were also at risk of releasing dangerous toxins. Sen. Amy Klobuchar said at a news conference at the sight was quoted it “seems” there is no contamination within the soil, she continued< No one was hurt. The ground is good. “So let’s just what we can do going forward to make sure it does not happen again,” the Minnesota Democrat said. This is another headline that supports investing in pipelines to move product, not the alternative. There were no trades or open interest in ethanol futures.

Have An Excellent Trading Day!

Dan Flynn

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