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 Fed Cook Speech at 4:15 A.M., MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., Wholesale Trade at 7:30 A.M., Fed Chair Powell Speech at 8:15 A.m., Wholesale Inventories MoM at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., 10-Year Note Auction at 12:00 P.M., Fed Williams Speech at 12:40 P.M., Fed Barr Speech at 1:00 P.M., Dairy Products Sales at 2:00 P.M., Fed Jefferson Speech and IBD/TIPP Economic Optimism at 3:45 P.M.
The new York Fed’s quarterly report on US consumer debt showed that total household debt in the US rose to a record large $1.3 trillion in the 3rd quarter, up 1.3% from Q2 and 5% more than a year ago. Compared to last year, Mortgage debt marked the largest increase of $471 billion and reached 12.1 trillion. Credit card debt increased $154 billion to $1.6 trillion. 3% of to $1.08 trillion, auto loans increased $70 billion to $1.6 trillion, and STUDENT LOAN DEBT increased $25 billion to $1.6 trillion. 3% of total US debt was in some stage of delinquency, which is the highest since the first quarter 2021. 3rd quarter foreclosures were up 27% from a year ago, Bankruptcies rose 17%, and both were the highest since 2020. Accumulating debt with rising rates will likely accelerate both bankruptcies and foreclosures in 2024.
Tomorrow is the big day and traders and funds are jockeying for position. William Moore the AGMASTER pointed out the largest single purchase by China in 3 months and continued dryness in Northern Brazil have combined to push prices back to resistance and the edge stays in the bulls camp. Tomorrow traders may say, “Welcome to WASDELAND!” We may see a slower market pick-up and grab some steam, even
With farmers rightfully so, holding back on sales at these prices. In the overnight electronic session the December corn is currently trading at 472 ½ which is 4 cents higher. The trading range has been 474 to 468 ½.
On the Ethanol Front the US exported 120.49 million gallons of ethanol and 1.03 million metric tons of distillers grains in September, according to data released by the USDA Foreign Agricultural Service yesterday. Exports of both products were up. The 120.49 million gallons of ethanol exports for September was up nearly 18% when compared to 102.26 million gallons exported the previous month and up more than 34% when compared to the 80.75 million gallons of export in September 2022. The US exported ethanol to more than 40 countries in September. Canada was the top destination for US ethanol exports at 60.42 million gallons, followed by the UK at 13.65 million gallons, and Columbia at 8.26 million gallons. There were no trades or open interest in ethanol futures.
Have A Great Trading Day!