The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 10/20/15
Corn Growers Look Ahead to Future
The volume in the markets speaks volumes (no pun intended). It just seems so quiet like the calm before the storm. Today's reports are Existing Home Sales at 9:00 A.M. followed in the afternoon with Cattle on Feed and Milk Production at 2:00 P.M. Cassandra Garrison of Thomson Reuters reports that Argentine government planting estimates including non-commercial use. The Buenos Aires Exchange sees 2017/18 corn sewing at 5.4 million hectares. The exchange also said 27.7 of this year's crop are already in the ground with a pace of this year's corn sewing 5.9% ahead of last year's tempo. With Corn prices where they are at now this not necessarily good news with the huge carryover casting a pall on any bullish sentiment. However, down the road China will be importing Ethanol at an unprecedented historic pace to help fuel this new emerging market and world power. This is a couple of years down the road but will impact carryover if any in the future. In the overnight electronic session the December Corn is currently trading at 349 1/2 which is a 1/2 of a cent higher. The trading range has been 350 to 348.
On the Ethanol front the November contract is currently trading at 1.396 which is .004 of a cent higher. The trading range has been 1.396 to 1.394 with 5 contracts traded and dropping Open Interest at 855 contracts. The market is currently showing 2 bids @ 1.397 and 1 offer @ 1.403.
On the Crude Oil the market is trading lower and the U.S. dollar is not helping matters. We need a breakout of this sideways pattern while I remain wildly bullish. In the overnight electronic session the December Crude Oil is currently trading at 5129 which is 22 points lower. The trading range has been 5179 to 5087. Remember the November contract expires today so don't wait until the last minute to roll or liquidate.
On the Natural Gas front the market sold off a few cents after a mildly friendly EIA Gas Storage data showing builds of 51 bcf when the street was looking for 55 bcf. Weather and slowing production could be a key factor very shortly. In the overnight electronic session the November contract is currently trading at 2.873 which is unchanged. The trading range has been 2.918 to 2.856.
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October 21st, 2017
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