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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 06/17/19 Bullish Breakout on Grains Good Morning! We have a Full Moon and Grain prices are higher! What are the odds? Another question is where will we be at Harvest Moon. Today we have Export Inspections at 10:00 A.M., NOPA Crush at 112:00 A.M. and Crop Progress at 3:00 P.M. and I believe the market digested all of what will be and is currently a perfect indicator of what the results will be with acreage and yields. This will not be a bumper crop. And it took until Mid-June for the market to grasp it while the funds continue to puke out record short positions. You cannot fight acreage weather and yields forever. In the overnight electronic session the July Corn is currently trading at 460 which is 7 cents higher. The trading range has been 464 1/4 to 458. On the Ethanol front the July contract is currently trading at 1.632 which is .022 higher. The trading range has been 1.645 to 1.627. The market is currently showing 1 bid @ 1.629 and 5 offers @ 1.663 with 38 contracts traded and Open Interest is at 559 positions. On the Crude Oil front we had a quiet risk on weekend which took some premium out of the market. Iran continues to boast anti-American and anti-Freedom to other countries while neglecting their own people. If the mullahs want to meet their maker I have the perfect roadmap. The market focus will be looking at tomorrows inventory data. We must remember that Russia and Saudi Arabia continue production cuts. The International Energy Administration (IEA) has spoken and said we will have a global economic slowdown which will dry up demand. I do not see that on the horizon and the IEA has been wrong several times before. We also must remember we have the G-20 meeting in less than two-weeks and if the U.S. and China can agree to terms the markets will explode to the upside. In the overnight electronic session the July Crude Oil is currently trading at 5224 which is 27 points lower. The trading range has been 5274 to 5177. On the Natural Gas front it looks like the technical rally is over. There is so much product and not a lot of passion to support higher prices. In the overnight electronic session the July contract is currently bouncing back to unchanged at 2.387. The trading range has been 2.418 to 2.357. 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