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TUESDAY EDITION June 27th, 2017 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 06/26/17 Corn Higher Early... But for how long? The Kansas Wheat Harvest Reports after 10 days of harvesting looking at positive signs with yields so far which did pressure the Wheat market in the overnight electronic session. Soybeans, Meal and Soybean Oil were all higher with Corn. This story brought to you by the Kansas Wheat Commission, Kansas Association of Wheat Growers and the Kansas Grain and Feed Association. Last Friday we did have a Cattle on Feed report that was deemed neutral front months and bearish to back months. On the Corn front we expect cooler than normal temperatures and rain until Friday with hot temperatures to follow. This could bring in heavy selling which could start another leg down and might be enticing for commercials to buy value and wait for the next sell signal. If we do get another leg down that starts a rally the question is how long and How Much? In the overnight electronic session the July Corn is currently trading at 359 3/4 which is 2 cents higher. The trading range has been 361 3/4 to 357 3/4. Options in July Grain contracts expired last Friday and First Notice Day is this Friday so rollovers will be key this week. On the Ethanol front there were no trades posted in the overnight electronic session. The August contract settled 1.495 and is currently showing 2 bids @ 1.483 and 6 offers @ 1.497 with Open Interest at 1,002 contracts. On the Crude Oil front the market has been trading in peaks and valleys in the overnight electronic session with the August contract currently trading at 4311 which is 10 points higher. The trading range has been 4365 to 4305. There was a flash crash in the Gold contract at 3 A.M. which brought investors nerves back to the marketplace just when they were expecting trending markets. The Crude Oil market seems to recovered whether this be an algorithm trade or a fat finger. Will advise when If and when I get any news. On the Natural Gas front the bulls are back in town. Rollovers should be large today as the July contract expires on Wednesday. In the overnight electronic session the August Natural Gas is currently trading at 3.001 which is 5 cents higher. The trading range has been 3.004 to 2.975. I do not see a rise in rig-counts this coming Friday with the current market climate. 141 W. Jackson Blvd. Suite 1340A, Chicago, IL 60604 | (800) 769-7021 | (888) 264-5665 (Direct) | www.pricegroup.com 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