The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 10/14/19
Happy Columbus Day!
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!
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October 16th, 2019
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