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THURSDAY EDITION April 9th, 2020 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 04/07/2020 Full Super Moon Rising! Good Morning! We started this morning with the NFIB Business Optimism Index coming in at 96.4 down from the previous 104.5 but better than the 95 that forecasted. We also have Redbook YoY and MoM at 7:55 A.M., IBD/TIPP Economic Optimism for April and JOLTs Jobless Openings (Feb) at 9:00 A.M., 3-Year Note Auction at 1:00 P.M., Consumer Credit at 2:00 P.M. and API Energy Stocks at 3:30 P.M. The Stock Market has really perked up and seems excited that we may be seeing some light at the end of the tunnel and hope the Economic Optimism for April will be reported less negative than the expectations. On the Corn front we settled at new contract lows in yesterdays action. Prices in the Energy sector has spilled into the Grain complex. Export demand is improving but not at the rate farmers would expect or wish for, hoping for better numbers at these price levels. Funds picked up volume as they went into selling more with the new lows. The May contract settled at 327 3/4 which was down 3 cents after making a new low of 325 1/2. However, we are bouncing back in the overnight electronic session currently trading at 332 1/2 which is 4 3/4 cents higher. The trading range has been 332 1/2 to 328. On the Ethanol front China isn't saying if it plans any purchases of ethanol at the moment. With the prospect of buying oil at low prices and tack on a discount they would love to swim in Crude. Expect with the decline of restaurant serving, you can also expect a decline in Ethanol, Dairy and Fishing industries and Livestock producers that will ask for federal assistance. There were no trades posted in the overnight electronic session. The May contract settled at 0.869 and is currently showing 1 bid @ 0.810 and 2 offers @ 0.950 with open Interest at 310 contracts. Any questions on the markets call me at 888-264-5665 or e-mail me at dflynn@pricegroup.com Have a Great Trading Day! 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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THURSDAY EDITION April 9th, 2020 © 2020 321energy.com |
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Robert J. Moriarty