The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 8/22/17
Crop Tours Show Stress in the Fields
Reuters reported that crop tours in South Dakota surmised that Corn crop yields will be well below average. Corn yields were pegged at 154.35 bushels per acre (bpa) versus a year ago of estimated yield of 166.87 (bpa) in the same area and the tours three-year average of 164.39. These numbers were based on six surveys sampled in Minnehaha, McCook, Hanson, Davison and Aurora counties. It has been no secret that the Dakota's had their share of drought conditions this summer but the market does not seem to want to budge with varying weather conditions across the Corn Belt and carryover from last year. In the overnight electronic session the September Corn is currently trading at 350 which is 1 cent higher. The trading range has been 351 to 347 3/4.
On the Ethanol front the October contract is currently trading at 1.500 which is .009 of a cent lower. The trading range has been 1.500 to 1.480 with 3 contracts traded and Open Interest at 817 contracts.
On the Crude Oil today we have the September contract expiring and the weekly API Energy Stocks. We also are tracking two Disturbances bearing down on the Gulf of Mexico. This should have an impact on stockpiles today and in the coming weeks. In the overnight electronic session the October contract is currently trading at 4755 which is 2 points higher. The trading range has been 4804 to 4744.
If you look at a 5 minute chart you see the algorithm boys were at it again with huge sell orders early in the morning like a thief in the night. We should start to read their playbook.
On the Natural Gas front the market is trading higher on a technical bounce and fears of where and when the Tropical Storms head to the Gulf of Mexico hit landfall. In the overnight electronic session the September contract is currently trading at 2.997 which is 3 Â½ cents higher. The trading range has been 3.000 to 2.952.
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August 23rd, 2017
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