
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
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
The PRICE Futures Group
Chicago Board of Trade
141 W Jackson Blvd. Suite 1920, Chicago, IL 60604
Tel: (800) 769-7021
A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2018
Funds Doubling Down On Shorts. The Corn & Ethanol Report 05/18/2023
We kickoff the day with Export Sales, Initial Jobless Claims, Philadelphia Fed Manufacturing Index, Philly Fed Business Conditions, Philly Fed CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid, Jobless Claims 4-Week Average, and Continuing Jobless Claims at 7:30 A.M., Fed Jefferson Speech at 8:05 A.M., Fed Barr testimony at 8:30 A.M., Existing Home Sales, Existing Home Sales MoM, Fed Logan Speech, and CB Leading Indicators at 9:00 A.M., EIA Natural Gas Storage at 9:30 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 were down again with fund selling. Brazilian corn fob premiums are up $.50/bushel from lows made in early May. Exports remain lackluster, and corn and soybeans demand stays mostly confined to South America throughout the summer months, but Ukrainian corn is not quoted beyond July as the export corridor since winter has been extended in only 60-day increments and ARC bets Chinese demand quickly back to the US in Sept/Oct timeframe and onward. In the overnight electronic session the July corn is currently trading at 550 ¼ which is 11 ¼ cents lower. The trading range has been 561 ¾ to 550.
On the Ethanol Front an ethanol plant in north-central Iowa failed to maintain its equipment to limit air pollution and repeatedly emitted harmful chemicals over the course of more than a year, according to the Iowa Department of natural Resources. The department recently fined POET Bioprocessing in Iowa Falls, the maximum administrative penalty of $10,000. POET, based in South Dakota, has 33 facilities in eight states. The company acquired the Iowa Falls site on the Southwest edge of town from Flint Hills Resources in June 2021, according to a recent DNR administrative order. Since then, the company has reported at least 10 instances of excess of emissions to the DNR that were a result of its fermentation process. The process involves yeast converting sugar in corn into ethanol. It emits carbon dioxide and other harmful pollutants. 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