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 Unemployment Rate, Non-Farm Payrolls, Participation Rate, Average Hourly Earnings MoM & YoY, Average Weekly Hours, Government Payrolls, Manufacturing Payrolls, Non-Farm Payrolls Private, and U-6 Unemployment Rate at 7:30 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Dairy Products at 2:00 P.M.
On the Corn Front volatility continues with war premium as the Ukraine attacked a key Russian export terminal port Novaorossyk (Known as Novo). This attack halted cargo loading and damages may be minimal but increased the volatility that is driving this market. And throw in Mother Nature, this is a tough market for speculators to be trend followers, expect more whipsaw action. Weather will continue to play a major hand in the yields that are already under question vs. last year and the 5-Year Average. In the overnight electronic session the December corn is currently trading at 488 ¾ which is 8 cents higher. The trading range has been 493 ½ to 480 ¼.
On the Ethanol Front The Andersons report strong second quarter financial earnings on August 2nd. Crush margins strengthened over the three-month period. The current margin outlook remains strong despite volatility. There were no trades or open interest in ethanol futures.
War Premium Gaining Ground. The Corn & Ethanol Report 08/04/2023
We kickoff the day with Unemployment Rate, Non-Farm Payrolls, Participation Rate, Average Hourly Earnings MoM & YoY, Average Weekly Hours, Government Payrolls, Manufacturing Payrolls, Non-Farm Payrolls Private, and U-6 Unemployment Rate at 7:30 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Dairy Products at 2:00 P.M.
On the Corn Front volatility continues with war premium as the Ukraine attacked a key Russian export terminal port Novaorossyk (Known as Novo). This attack halted cargo loading and damages may be minimal but increased the volatility that is driving this market. And throw in Mother Nature, this is a tough market for speculators to be trend followers, expect more whipsaw action. Weather will continue to play a major hand in the yields that are already under question vs. last year and the 5-Year Average. In the overnight electronic session the December corn is currently trading at 488 ¾ which is 8 cents higher. The trading range has been 493 ½ to 480 ¼.
On the Ethanol Front The Andersons report strong second quarter financial earnings on August 2nd. Crush margins strengthened over the three-month period. The current margin outlook remains strong despite volatility. There were no trades or open interest in ethanol futures.
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Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn