The Corn & Ethanol ReportDaniel Flynn
Omicron & Tapering. The Corn & Ethanol Report 12/01/2021
We start off the month with MBA Mortgage Market Index (26/Nov), MBA Mortgage Refinance Index (26/Nov), and MBA Mortgage Rate (26/Nov) at 6:00 A.M., ADP Employment Change (Nov) at 7:15 A.M., Markit Manufacturing PMI Final (Nov) 8:45 A.M., ISM Manufacturing PMI (Nov), Construction Spending MoM (Oct), ISM Manufacturing Employment (Nov), ISM Manufacturing New Orders (Nov) and ISM Manufacturing Prices at 9:00 A.M., EIA Energy stocks at 9:30 A.M., NY Fed Treasury Purchases 4.5 to 7yrs. at 10:20 A.M., Cotton System, Dairy Product Sales, Fats & Oils, Grain Crushings and Beige Book at 2:00 P.M.
On the Corn Front there was not a whole lot to like in Tuesday's action. The March corn fell below 572 support with the next support coming in at triple nickel. Funds had been adding longs on talk of lower U.S. 2022 supply and a strong cash basis levels. In the overnight electronic session the March corn is currently trading at 571 3/4 which is 4 1/4 cents higher. The trading range has been 5751/2 to 568 3/4.
On the Ethanol Front the market is low in price and attractive as demand in both exports and domestic use has risen again. We will get ethanol product and stocks this morning. The ethanol futures remain at zero open interest.
On the Crude Oil Front the market got trashed as the Fed is hawkish on tapering and the Omicron variant to Covid. Last night's API showed crude oil stocks down -747K, with builds in Cushing, Oklahoma +1M, Gasoline +2.2M and distillates +800K. Let's hope we got yesterday out of our system. In the overnight electronic session the January crude oil is currently trading at 6810 which is 182 points higher. The trading range has been 6949 to 6620.
On the Natural Gas Front this market sunk as well and is on track to have it's worst month in three years. This is not the news you want to hear going into winter. There was a silver lining with weather forecasts suggesting higher than normal temperatures for December, January and February the core heating demand months. This could further pressure the market. In the overnight electronic session the January natural gas is currently trading at 4.422 which is 0.145 lower. The trading range has been 4.664 to 4.356.
Have A Great Trading Day!
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December 2nd, 2021
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