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TUESDAY EDITION April 23rd, 2019 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 04/23/19 Crop Progress Showed a Tad of Corn Progress Good Morning! We have New Home Sales at 9:00 A.M., Cold Storage at 2:00 P.M. and API Energy Stocks at 3 :30 P.M. Crop Progress showed a little improvement as Farmers ramp it up with whatever they can, but Mother Nature has dealt a big blow while the prices are too cheap. Funds remain record short and they don't look to scale back anytime soon with weather forecasts changing and the uncertainty in the delicate U.S.-China trade talks and it looks like the money managers have not given up riding this pony down. Just like we saw with the Iranian waiver announcement certain traders saw it coming Sunday night and started to buy. But back to Corn if we have an announcement that a positive deal is struck, we could see a mass exodus. In the overnight electronic session, the May Corn is currently trading at 354 which is 3/4 of a cent lower. The trading range has been 355 to 352. On the Ethanol front Marquis Energy has "shelved" plans for an Ethanol plant in Scott County Illinois. The company had plans to develop a $500 million Ethanol plant to be built near the Bluff by 2020. However, Illinois government anti-business and high tax policies will require the company to pursue expansions in surrounding states. In the overnight electronic session the June contract surpassed the May two to One in Open Interest so we will change our focus to the June contract which is currently trading at 1.362 which is .015 higher. The trading range has been 1.363 to 1.362. 5 contracts traded and Open Interest is at 910 contracts. The market is currently showing 1 bid @ 1.348 and 1 offer @ 1.356. On the Crude Oil front we may see a chop from Mondays rally and see a pullback and see a Turnaround Tuesday, however, the news is bullish and this afternoons API data should have an interesting spin on the numbers and we could see a hard and fast rally. In the overnight electronic session the June Crude Oil is currently trading at 6564 which is 9 points higher. The trading range has been 6619 to 6559. On the Natural Gas front the bears still have it. The market is moving slowing down the rabbit hole with the May contract currently trading at 2.523 which is .001 of a cent lower. The trading range has been 2.535 to 2.556. 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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TUESDAY EDITION April 23rd, 2019 © 2019 321energy.com |
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Robert J. Moriarty