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 S&P Global Manufacturing PMI Final 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., 3-Month & 6-Month Bill Auction at 10:30 A.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M., Fed Waller Speech at 2:15 P.M., Fed Williams Speech and Fed Balance Sheet at 3:30 P.M.
Corn prices rallied late in Friday’s trading session. With December expiration looming shortly the December corn still has a lot of open positions with open interest at 12,409 contracts. There were 111 deliveries noted Friday. March corn held support at its 100-day moving average 427 ¼ in early trade. This morning CBOT ag are coming in weaker as traders trickle back after an extended weekend. There’s not much for the market to sink its collective teeth into, and Ag Resources (ARC’s) thesis remains that chart-based resistance holds without a quick shift to adverse weather in South America. The duration of coming dryness in Argentina will be monitored, but not until late month will stress there emerge following adequate to abundant rainfall in November. Note additional precipitation worth .35-1.50” fell across key areas of Cordoba and Buenos Aires on Sat-Sun. And dryness this week will allow Argentine soybean planting progress to reach 55-58% complete. We will have December WASDE on Tuesday Dec 10th.
Back to the Nitty Gritty. The Corn & Ethanol Report 12/02/2024
We kickoff the day with S&P Global Manufacturing PMI Final 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., 3-Month & 6-Month Bill Auction at 10:30 A.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M., Fed Waller Speech at 2:15 P.M., Fed Williams Speech and Fed Balance Sheet at 3:30 P.M.
Corn prices rallied late in Friday’s trading session. With December expiration looming shortly the December corn still has a lot of open positions with open interest at 12,409 contracts. There were 111 deliveries noted Friday. March corn held support at its 100-day moving average 427 ¼ in early trade. This morning CBOT ag are coming in weaker as traders trickle back after an extended weekend. There’s not much for the market to sink its collective teeth into, and Ag Resources (ARC’s) thesis remains that chart-based resistance holds without a quick shift to adverse weather in South America. The duration of coming dryness in Argentina will be monitored, but not until late month will stress there emerge following adequate to abundant rainfall in November. Note additional precipitation worth .35-1.50” fell across key areas of Cordoba and Buenos Aires on Sat-Sun. And dryness this week will allow Argentine soybean planting progress to reach 55-58% complete. We will have December WASDE on Tuesday Dec 10th.
Have A Great Trading Day!
Contact me directly to open an account at 1-888-264-5665 or dflynn@pricegroup.com
Thanks,
Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn