The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 04/07/2020
Full Super Moon Rising!
We started this morning with the NFIB Business Optimism Index coming in at 96.4 down from the previous 104.5 but better than the 95 that forecasted. We also have Redbook YoY and MoM at 7:55 A.M., IBD/TIPP Economic Optimism for April and JOLTs Jobless Openings (Feb) at 9:00 A.M., 3-Year Note Auction at 1:00 P.M., Consumer Credit at 2:00 P.M. and API Energy Stocks at 3:30 P.M. The Stock Market has really perked up and seems excited that we may be seeing some light at the end of the tunnel and hope the Economic Optimism for April will be reported less negative than the expectations.
On the Corn front we settled at new contract lows in yesterdays action. Prices in the Energy sector has spilled into the Grain complex. Export demand is improving but not at the rate farmers would expect or wish for, hoping for better numbers at these price levels. Funds picked up volume as they went into selling more with the new lows. The May contract settled at 327 3/4 which was down 3 cents after making a new low of 325 1/2. However, we are bouncing back in the overnight electronic session currently trading at 332 1/2 which is 4 3/4 cents higher. The trading range has been 332 1/2 to 328.
On the Ethanol front China isn't saying if it plans any purchases of ethanol at the moment. With the prospect of buying oil at low prices and tack on a discount they would love to swim in Crude. Expect with the decline of restaurant serving, you can also expect a decline in Ethanol, Dairy and Fishing industries and Livestock producers that will ask for federal assistance. There were no trades posted in the overnight electronic session. The May contract settled at 0.869 and is currently showing 1 bid @ 0.810 and 2 offers @ 0.950 with open Interest at 310 contracts.
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Have a Great Trading Day!
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April 9th, 2020
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