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 New Year with 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., Initial Jobless Claims, Continuing Jobless Claims, and Jobless Claims 4-Week Average at 7:30 A.M., S&P Global PMI Final at 8:45 A.M., Construction Spending MoM at 9:00 A.M., EIA Energy Stocks at 10:00 A.M., 17-Week Bill Auction. 4-Week & 8-Week Bill Auction at 10:30 A.M., 15-Year & 30-Year Mortgage Rate at 11:00 A.M., NOPA Crush at 2:00 P.M., Fed Balance Sheet and Logistical Managers Index at 3:30 P.M.
Corn prices closed 4-6 ½ higher on New Years Eve, closing near session highs while also carving out a fresh 6-month high in late trade. Mark Soderberg, Sr. Ag. Market Analyst with Archer Daniels Midland ADM also pointed out spreads were little changed with the strength. The March corn settled at 458 ½ which was 6 ¼ cents higher. Next resistance is 468 basis March, the 68% retracement from the spring high and the August low. In the week ending Christmas Eve money mangers were net buyers of 1, 532 contracts of corn while the index funds were net sellers of 5,062 contracts. EIA will release the ethanol data at 10:00 A.M. today, and the USDA will release the grain crush at 2:00 P.M. which analyst pegged to be a record high. Export Sales will be released tomorrow. The financials are coming out swinging in 2025, and lets hope we have follow through with the grains.
Grains Remained Firm on Tuesday. The Corn & Ethanol Report 01/02/2025
We kickoff the New Year with 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., Initial Jobless Claims, Continuing Jobless Claims, and Jobless Claims 4-Week Average at 7:30 A.M., S&P Global PMI Final at 8:45 A.M., Construction Spending MoM at 9:00 A.M., EIA Energy Stocks at 10:00 A.M., 17-Week Bill Auction. 4-Week & 8-Week Bill Auction at 10:30 A.M., 15-Year & 30-Year Mortgage Rate at 11:00 A.M., NOPA Crush at 2:00 P.M., Fed Balance Sheet and Logistical Managers Index at 3:30 P.M.
Corn prices closed 4-6 ½ higher on New Years Eve, closing near session highs while also carving out a fresh 6-month high in late trade. Mark Soderberg, Sr. Ag. Market Analyst with Archer Daniels Midland ADM also pointed out spreads were little changed with the strength. The March corn settled at 458 ½ which was 6 ¼ cents higher. Next resistance is 468 basis March, the 68% retracement from the spring high and the August low. In the week ending Christmas Eve money mangers were net buyers of 1, 532 contracts of corn while the index funds were net sellers of 5,062 contracts. EIA will release the ethanol data at 10:00 A.M. today, and the USDA will release the grain crush at 2:00 P.M. which analyst pegged to be a record high. Export Sales will be released tomorrow. The financials are coming out swinging in 2025, and lets hope we have follow through with the grains.
Contact me with any questions at 1-888-264-5665 or dflynn@pricegroup.com
Have A Great Trading Day to Start 2025!
Thanks,
Questions? Ask Dan Flynn today at 312-264-4374Daniel Flynn