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 Fed Barkin Speech at 5:00 A.M., Personal Income MoM, Personal Spending MoM, Core PCE Price Index MoM & YoY, PCE Price index MoM & YoY at 7:30 A.M., Fed Daly Speech,7:40 A.M., Chicago PMI at 8:45 A.M., Michigan Consumer Sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Consumer Expectations Final, Michigan Current Conditions Final, and Michigan Inflation Expectations Final at 9:00 A.M., Quarterly Grains Stocks & Planted Acreage at 11:00 A.M., Fed Daly Speech at 11:40 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
NASS will release its June 1st Socks/Final Seeding report at 11:00 A.M., Historically, this report produces a violent market reaction due to its unpredictability. Ag Resources (ARC) that 2024 seedings produce today’s market fireworks, but the stocks data might due to strong cash basis bids that have prevailed for most of the spring. Deliveries against July futures were 1,137 contracts of soybean oil, 744 contracts
of corn , 1,129 contracts of Chicago Wheat, and 39 contracts of oats. ADM stopped 877 contracts of soybean oil while putting out 744 contracts of corn. Dorman Trading put out 1,000 contracts of Chicago wheat 953 were stopped by SG Americas. The deliveries in Chicago wheat and soybean oil were larger than expected and could pressure July September spreads. Good Luck with the USDA data today. The heart of the US growing season is ahead and the summer forecast models offer heat/dryness. World and US weather patterns have been erratic, and a continuation of that trend will persist. ARC notes, fundamental view is that corn/soybean/wheat futures are too cheap relative to tightening global supplies and MW Midwest crops are struggling with excessive soil moisture.
Grain Stocks + Planted Acreage = Crunch Time. The Corn & Ethanol Report 06/28/2024
We kickoff the day Fed Barkin Speech at 5:00 A.M., Personal Income MoM, Personal Spending MoM, Core PCE Price Index MoM & YoY, PCE Price index MoM & YoY at 7:30 A.M., Fed Daly Speech,7:40 A.M., Chicago PMI at 8:45 A.M., Michigan Consumer Sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Consumer Expectations Final, Michigan Current Conditions Final, and Michigan Inflation Expectations Final at 9:00 A.M., Quarterly Grains Stocks & Planted Acreage at 11:00 A.M., Fed Daly Speech at 11:40 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
NASS will release its June 1st Socks/Final Seeding report at 11:00 A.M., Historically, this report produces a violent market reaction due to its unpredictability. Ag Resources (ARC) that 2024 seedings produce today’s market fireworks, but the stocks data might due to strong cash basis bids that have prevailed for most of the spring. Deliveries against July futures were 1,137 contracts of soybean oil, 744 contracts
of corn , 1,129 contracts of Chicago Wheat, and 39 contracts of oats. ADM stopped 877 contracts of soybean oil while putting out 744 contracts of corn. Dorman Trading put out 1,000 contracts of Chicago wheat 953 were stopped by SG Americas. The deliveries in Chicago wheat and soybean oil were larger than expected and could pressure July September spreads. Good Luck with the USDA data today. The heart of the US growing season is ahead and the summer forecast models offer heat/dryness. World and US weather patterns have been erratic, and a continuation of that trend will persist. ARC notes, fundamental view is that corn/soybean/wheat futures are too cheap relative to tightening global supplies and MW Midwest crops are struggling with excessive soil moisture.
Have A Great Trading Day!
Thanks,
Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn