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 Export Sales, Philadelphia Fed Manufacturing Index, Initial Jobless Claims, Jobless Claims 4-Week Average, Continuing Jobless Claims, Philly Fed Business Conditions, Philly Fed CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid at 7:30 A.M., CB Leading Index MoM 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 15-Year & 30-Year Mortgage Rate at 11:00 A.M.
On the Corn Front were coming close to a end to a crazy El Nino summer and the effects during this part of the growing season. We are still trading weather in mid-August. The primary weather modules are in good agreement with an extended period of hot and dry weather that lasts into early September. The US GFS model has limited Central US rainfall into September 2ndwhile the EU model has a few showers across the Lake States during the closing days of August. The USDA numbers are in…. But at this stage in the game extreme heat and limited rainfall will have an impact on bushel per acre and overall yield concerns in this already undervalued market. In the overnight electronic session the December corn is currently trading at 483 ¾ which is 2 ¼ cents higher. The trading range has been 485 ¼ to 476 ¾.
On the Ethanol Front AG WEB reports Brazilian food and fuel processor Caramuru Alimentos one of the country’s largest grain crushers, has started selling soybean-based ethanol at one of its plants in central-western Brazil. Caramuru is one of the first companies in the world to produce at scale and sell hydrous ethanol made from soy molasses, a soybean by-product, the company said in a statement. Hydrous ethanol can be used as automotive fuel in Brazil, where vehicles can run on 100% ethanol. Is someone missing it again… Great innovation, with a good energy policy will only lead to having a great economy. There were no trades or open interest in ethanol futures.
Have An Excellent Trading Day!