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THURSDAY EDITION October 6th, 2022 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com Saudi’s Snub Biden. Corn & Ethanol Report 10/06/2022 We kickoff the day with Challenger Job Cuts (Sep) at 6:30 A.M., Export Sales, Initial Jobless Claims (01/Oct), Jobless Claims 4-Week Average (01/Oct), and Continuing Jobless Claims (24/Sep) at 7:30 A.M., EIA Natural Gas Stocks at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., Fed Evans Speech and Fed D. Cook Speech at 12:00 P.M. and Fed Waller Speech at 4:00 P.M. On the Corn Front we closed at tad higher. Ow demand for US exports due to a higher US dollar. There is more speculation that Russia will not extend to the Ukraine export corridor. Argentina’s weather remains dry while South Brazil is wet and North Brazil is dry. These factors should make next Wednesday’s Crop Production USDA Supply/Demand and WASDE data more significant. In the overnight electronic session the December corn is currently trading at 679 ¼ which is 4 ¾ cents lower. The trading range has been 685 ¾ to 686 ¼. On the Ethanol Front production was up 4% from last week but down 9% on the year. While Stocks were in reverse with we were down 4% from last week and 9% higher on the year. The ethanol futures remain in drydock. On the Crude Oil Front we are in need to replenish the Strategic Petroleum Reserves (SPR’s) and it looks like the Biden administration trapped themselves in buying high and selling low. Not sound economics and take a wild guess who gets footed with the bill. Another thing about politics in the Middle East is doing business or cutting deals with Iran will draw a not so subtle response from Saudi Arabia and their allies and could endanger the Abraham Accord. With OPEC cutting production 2 million barrels a day and we are forced to buy dirty fuel from our enemies. There is nothing good that will come of this and I know I sound redundant but reinvesting in US Oil our problems will be solved and bolster an already fragile economy. In the overnight electronic session the November crude oil is currently trading at 8756 which is 20 points lower. The trading range has been 8866 to 8704. On the Natural Gas Front we have the EIA Gas Storage and the wsj.com surveyed 14 analyst that their estimates range with injections of 95 bcf to 131 bcf with the target 114 bcf. This compares to the one-year injection of 114 bcf and the five-year average of 87 bcf. In the overnight electronic session the November natural gas is currently trading at 7.020 which is 0.090 higher. The trading range has been 7188 to 6.921. 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 October 6th, 2022 © 2022 321energy.com |
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Robert J. Moriarty