The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 04/27/17
Changes in NAFTA and Tax Code Coming
The markets seem to be treading water and not able to sustain any type of rally even on bullish headlines. Today we have more earnings and reports starting at 7:30 A.M. with Advanced Durable Goods, Export Sales and Initial Jobless Claims and we have weekly EIA Gas Storage report at 9:30 A.M. which a Thomson Reuters poll of 18 analyst estimate injections builds of 62 bcf to 91 bcf with the median of 72 bcf. This compares to builds of injections of 54 bcf last week, and the 1 year 64 bcf and the five-year average for this week of 57 bcf. In the overnight electronic session the June Natural Gas is currently trading at 3.226 which is 4 1/2 cents lower. The trading range has been 3.262 to 3.219.
On the Grain front anytime the market trades higher it seems only to get flushed out in the daytime session. Farmers got in as much work in the fields as possible before more rains hit and could further delay plantings. News on NAFTA changes could affect trade and what we export or import. In the overnight electronic session the July Corn is currently trading at 368 which is 1 Â¼ of a cent higher. The trading rang has been 368 Â½ to 366 Â¼.
On the Ethanol front the June contract is currently trading at 1.585 which is .001 of a cent higher. The trading range has been 1.585 to 1.570.
On the Crude Oil front the market is not able to rally even with bullish fundamental news. With the OPEC and non-OPEC production cuts, Libya in disarray, Nigeria always a hotbed for pirates and Venezuela the posterchild for why socialism does not work are not complying with production cuts they just cannot produce due to civil wars and violent unrest. Let's throw in the emboldened Iranians, thanks to the last administrations lack of foreign policy, that are testing the U.S. Navy to block the Strait of Hormuz which is a major shipping route for free trade of oil. Meanwhile Iran's contentious actions should be a further bullish boon to the market that is not showing at present but if Iran keeps up it's actions they will surely have vessels at the bottom of the sea. In the overnight electronic session the June Crude Oil is currently trading at 4872 which is 90 points lower. The trading range has been 4943 to 4891.
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April 27th, 2017
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