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WEDNESDAY EDITION October 16th, 2019 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 10/14/19 Happy Columbus Day! Good Morning! We kickoff this morning with no reports today as we celebrate Columbus Day, Canada celebrating Thanksgiving and Japan celebrating Sports Day. We were celebrating traction in the U.S.-China trade talks but once again China did not sign the agreement and warned to keep the "champagne" on ice after "phase one" of the trade deal. China's exports to the U.S. fell a dramatic 17.8% to $36.55 billion in September. This is evidence the Chinese economy is taking their lumps. Let's hope we have a signed agreement by next month. In the overnight electronic session the December Corn is currently trading at 396 1/2 which is 1 1/4 of a cent lower. The trading range has been 402 1/2 to 393 1/4. We also have cool temperatures that could further damage the crop. On the Ethanol front, the November contract is currently trading at 1.515 which is .008 higher. The trading range has been 1.515 to 1.512. The market is currently showing 1 bid @ 1.495 and 4 offers @ 1.540. 6 contracts traded and Open Interest is at 436 contracts. On the Crude Oil front the market did not take the Chinese news to positively either. In the overnight electronic session the November contract is currently trading at 5348 which is 122 points lower. The trading range has been 5490 to 5326. It looks like the damage is done but we are vulnerable to another new low with light volume today. On the Natural Gas front the market has awoken to the dipping of the mercury. In the overnight electronic session the November contract is currently trading at 2.294 which is 8 cents higher. The trading range has been 2.313 to 2.231. 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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WEDNESDAY EDITION October 16th, 2019 © 2019 321energy.com |
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Robert J. Moriarty