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 start off the day or close to afternoon with the Baker Hughes Oil & Total Rig Count at 12:00 P.M., and we have a slew of expirations with FND ICE WTI Crude, Last Trading Day on all June Stock Index futures and options, and also the Us Dollar futures.
On the Corn Front the global Ag rally continues as Midwest forecast trends to even drier conditions added with more heat. The markets are all trading globally on weather, meaning they are well aware of shortages, starting with Russia’s invasion of the Ukraine, equals less crops, Argentina’s drought, the drought in Europe is tell tale line what we face come harvest the world will be watching. Brazil is having a great export market which they can sell at very competitive prices is now going to see higher prices in the market. Even though it is not yet July, don’t forget at your 4th of July picnic having some buttered corn
Don’t forget where that came from. This crop will be enormous to domestic feed and human consumption. Several Farmers predicted and I do not mean the Farmers Almanac thet we may face food shortages in the near future. Hand to mouth they were right on the money. Anybody’s guess what the carryover will be? Still way to early but concerns are mounting. In the overnight electronic session the July corn is currently trading at 632 ¾ which is 9 ½ cents higher. The trading range has been 633 ¾ to 622 ¼.
No new breaking details in the ethanol cash market will keep you posted.
Have A Great Trading Day!
Dan FlynnQuestions? Ask Dan Flynn today at 312-264-4374