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 MBA 30-Year Mortgage Rate, MBA Mortgage Market Index, MBA Mortgage Refinance Index, MBA Purchase Index, and MBA Mortgage Applications at 6:00 A.M., ADP Employment Change at 7:15 A.M., Balance of Trade, Exports and Imports at 7:30 A.M., S&P Global Composite PMI Final and S&P Global Services PMI Final at 8:45 A.M., ISM Non-Manufacturing PMI, ISM Non-Manufacturing Employment, ISM Non-Manufacturing New Orders, ISM Non-Manufacturing Prices, and ISM Non-Manufacturing Business activity at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., and Dairy Products Sales at 2:00 P.M.
On the Corn Front several bullish headlines will push this market higher, whether it is exports, global weather and demand, tar spots, global biofuels and ethanol. The news Japan and the United States coordinated as Japan decided to revamp and update their biofuels policies. With the US as a partner, this will improve exports of ethanol overseas, as we may have a new major player in imports of US ethanol like Canada and Mexico. This should boost corn & soybean prices as the USDA confirmed stocks are low, while demand will be big and the Renewable Fuel Standard continues to grow and make and stocks more scarce as globally countries are thinking hand to mouth for human consumption. In the overnight electronic session the May corn is currently trading at 649 which is 4 ¾ cents lower. The trading range has been 655 to 648.
Have An Excellent Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374