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 Redbook YoY at 7:55 A.M., Fed Logan Speech at 8:00 A.M., S&P Global Composite PMI Flash, S&P Global Manufacturing PMI Flash, and S&P Global Services PMI Flash at 8:45 A.M., New Home Sales, New Home Sales MoM, Richmond Fed Manufacturing Index, Richmond Fed Manufacturing Shipments Index, and Richmond Fed Services Index at 9:00 A.M., 2-Year Note Auction at 12:00 P.M., API Energy Stocks, Building Permits Final and Building Permits MoM Final at 3:30 P.M.
On the Corn Front Ag report showed weather modules EU and GFS Ensemble are in general agreement that the pattern of well below normal precipitation stays in place across the Great Lakes into the Midwest into June 10th at least. There are hints of more expansive pattern of rainfall thereafter, but confidence stays low. It all depends on the jet stream in early summer, but there is no doubt there will be a need for rainfall east of the Mississippi River beyond the next two weeks. Zero rain is projected across the principal Corn Belt in the next 10 days. ARC notes that additional soil moisture improvement occurs in Texas, Oklahoma, Western Kansas, and for West Nebraska. Lite but lingering rainfall triggers cumulative precipitation .05-3.00”. The heaviest totals favor Western Kansas and Texas-Oklahoma Panhandles. Monday’s CBOT corn open interest data showed gains of 8,429 contracts amid the sharp rally which reflects capital inflows. Crop Progress showed corn was 66% planted. Export Inspections at 52 million bushels were above expectations and above the 47 million needed per week to reach the USDA forecast of 1.775 billion year-to-date inspections at 1,078 billion down 33% from a year ago vs. the USDA forecast of down 28%. Roughly 12.5 million bushels were destined for China. In the overnight electronic session the July corn is currently trading at 577 which is 6 cents higher. The trading range has been 577 ½ to 564.
On the Ethanol Front the Navajo Post reports there is a way to keep up on trends in the ethanol industry. It is called the Ethanol Manufacturing Plant Project Report covering Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue 2023-2028. You can visit this web site @ www.syndicatedanalytics.com There were no trades or open interest in ethanol futures.
Have A Great Trading day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374