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 Redbook YoY at 7:55 A.M., S&P Global Manufacturing PMI at 8:45 A.M., ISM Manufacturing PMI, ISM Manufacturing Employment, Construction Spending MoM, ISM Manufacturing New Orders, and ISM Manufacturing Prices at 9:00 A.M., RCM/TIPP Economic Index at 9:10 A.M., Export Inspections at 10:00 A.M., 3-Month Bill Auction, 52-Week Bill Auction, and 6_Month Bill Auction at 10:30 A.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M., Crop Progress at 3:00 P.M., LMI Logistics Managers Index and Total Vehicle Sales.
Welcome back after the last official summer holiday weekend. What we expect is Crop Progress good-to-excellent rating released today to show declines in corn & soybeans of 1-2% amid regional dryness and last week’s heat. Crop maturity is being pushed with the corn maturity is being pushed with the corn harvest reaching into Southern Ohio and Southern Illinois. Private corn & soybean yield estimates will be offered this week ahead of September 12th USDA crop report. Stone X yield estimates are rumored to be out today or tomorrow. Ag Resources (ARC) is betting on a choppy short week of CBOT trade with wheat/corn finding support on breaks. And we also will get an education on the appetite of funds to remain heavily short. Soybeans struggles on rallies amid China demand concern for non-favored trading partners.
On the weather front the primary models agree on limited rain falls across the Central US into mid-September. The dryness extends northward into Canada. The lack of rain will tug soil moisture lower. Temperatures cool this week before warming returns next Monday. Midwest high temps range from the 70’s to the low 80’s, 2-5 degrees below normal. Low temps will be in the 40’s/50’s and lower 60’s. There is no evidence of a frost risk for the Central US and Western Canada holding in a warm pattern. Near to above normal temps are expected to return after Sep 9th . On the Atlantic, Caribbean Sea and Gulf of Mexico watch we have 3 disturbances which will be closely monitored this week as the storms continue to develop.
Harvest Coming With Global Grain Void to Fill. The Corn & Ethanol Report 09/03/2024
We kickoff the day with Redbook YoY at 7:55 A.M., S&P Global Manufacturing PMI at 8:45 A.M., ISM Manufacturing PMI, ISM Manufacturing Employment, Construction Spending MoM, ISM Manufacturing New Orders, and ISM Manufacturing Prices at 9:00 A.M., RCM/TIPP Economic Index at 9:10 A.M., Export Inspections at 10:00 A.M., 3-Month Bill Auction, 52-Week Bill Auction, and 6_Month Bill Auction at 10:30 A.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M., Crop Progress at 3:00 P.M., LMI Logistics Managers Index and Total Vehicle Sales.
Welcome back after the last official summer holiday weekend. What we expect is Crop Progress good-to-excellent rating released today to show declines in corn & soybeans of 1-2% amid regional dryness and last week’s heat. Crop maturity is being pushed with the corn maturity is being pushed with the corn harvest reaching into Southern Ohio and Southern Illinois. Private corn & soybean yield estimates will be offered this week ahead of September 12th USDA crop report. Stone X yield estimates are rumored to be out today or tomorrow. Ag Resources (ARC) is betting on a choppy short week of CBOT trade with wheat/corn finding support on breaks. And we also will get an education on the appetite of funds to remain heavily short. Soybeans struggles on rallies amid China demand concern for non-favored trading partners.
On the weather front the primary models agree on limited rain falls across the Central US into mid-September. The dryness extends northward into Canada. The lack of rain will tug soil moisture lower. Temperatures cool this week before warming returns next Monday. Midwest high temps range from the 70’s to the low 80’s, 2-5 degrees below normal. Low temps will be in the 40’s/50’s and lower 60’s. There is no evidence of a frost risk for the Central US and Western Canada holding in a warm pattern. Near to above normal temps are expected to return after Sep 9th . On the Atlantic, Caribbean Sea and Gulf of Mexico watch we have 3 disturbances which will be closely monitored this week as the storms continue to develop.
Have A Great Trading Day!
Thanks,
Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn