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SUNDAY EDITION June 13th, 2021 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com Corn Carryout Lowered Again. The Corn & Ethanol Report 06/11/2021 We start off the day with Michigan Current Conditions Prel (JUN), Michigan Inflation Expectations Prel (JUN), Michigan Consumer Sentiment Prel (JUN) Michigan 5-Year Inflation Expectations Prel (JUN) and Michigan Consumer Expectations Prel (JUN) ay 9:00 A.M., N.Y. Fed Treasury Purchases 10 to 22.5 yrs. At 9;30 A.M. and Baker Hughes Oil & Total Rig Count at 12:00 P.M. On the Corn Front yesterday's USDA report was friendly to corn but bearish for soybeans. Weekly corn exports were not as favorable as some traders had hoped for. There are still some analysts that believe the top is in. I still believe it is too early for that prediction. Even with corn and soybeans ahead of schedule the carryover market is tight in the U.S. and South America. In the overnight electronic session, the July corn is currently trading at 692 which is 7 cents lower. The trading range has been 703 to 689. On the Ethanol Front there were no new headlines to speak of. U.S. exports during April were 112.7 million gallons, a decrease of 15% from March. The Renewable Fuels Association said month to month declines for Canada, India and China canceled out an eight year high for Finland and a six-month high for Mexico, along with an increase for Peru and Saudi Arabia Year to date exports are 512 million gallons which is behind last year. Exports of distillers dried grain were 832,736 tons, 2% lower than the previous month with Mexico taking the top slot for the seventh month in a row, even as the volume of sales declined. The other top markets were Vietnam, South Korea, Turkey, and Indonesia The RFA also said there have been no significant ethanol imports this year, the lowest since 2017. A Subsidiary of Price Holdings, Inc. - an Employee Owned Diversified Financial Services Firm. Orders must be entered via direct verbal communication with a representative of our firm. We cannot be held responsible for orders left in any other manner. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investing in futures can involve substantial risk & is not for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading data-on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. Member NIBA, NFA. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The PRICE Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Contact Dan at (888) 264-5665 or dflynn@pricegroup.com. |
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Robert J. Moriarty