The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 06/26/17
Corn Higher Early... But for how long?
The Kansas Wheat Harvest Reports after 10 days of harvesting looking at positive signs with yields so far which did pressure the Wheat market in the overnight electronic session. Soybeans, Meal and Soybean Oil were all higher with Corn. This story brought to you by the Kansas Wheat Commission, Kansas Association of Wheat Growers and the Kansas Grain and Feed Association. Last Friday we did have a Cattle on Feed report that was deemed neutral front months and bearish to back months. On the Corn front we expect cooler than normal temperatures and rain until Friday with hot temperatures to follow. This could bring in heavy selling which could start another leg down and might be enticing for commercials to buy value and wait for the next sell signal. If we do get another leg down that starts a rally the question is how long and How Much? In the overnight electronic session the July Corn is currently trading at 359 3/4 which is 2 cents higher. The trading range has been 361 3/4 to 357 3/4. Options in July Grain contracts expired last Friday and First Notice Day is this Friday so rollovers will be key this week.
On the Ethanol front there were no trades posted in the overnight electronic session. The August contract settled 1.495 and is currently showing 2 bids @ 1.483 and 6 offers @ 1.497 with Open Interest at 1,002 contracts.
On the Crude Oil front the market has been trading in peaks and valleys in the overnight electronic session with the August contract currently trading at 4311 which is 10 points higher. The trading range has been 4365 to 4305. There was a flash crash in the Gold contract at 3 A.M. which brought investors nerves back to the marketplace just when they were expecting trending markets. The Crude Oil market seems to recovered whether this be an algorithm trade or a fat finger. Will advise when If and when I get any news.
On the Natural Gas front the bulls are back in town. Rollovers should be large today as the July contract expires on Wednesday. In the overnight electronic session the August Natural Gas is currently trading at 3.001 which is 5 cents higher. The trading range has been 3.004 to 2.975. I do not see a rise in rig-counts this coming Friday with the current market climate.
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June 27th, 2017
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