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MONDAY EDITION June 18th, 2018 |
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The Corn & Ethanol ReportDaniel Flynnhttp://www.pricegroup.com/ dflynn@pricegroup.com The Corn & Ethanol Report 06/15/18 Tariff Battles Begin Good Morning! Reports on this Friday are Capacity Utilization and Industrial Production at 8:15 A.M. followed by NOPA Crush at 11:00 A.M. Meanwhile the Trump administration is going to impose a 25% tariff on $50 billion in Chinese goods, escalating the trade conflict between the world's two largest economies. Trump noted that the White House could impose additional tariffs if China retaliates with duties of its own on American crops or other goods. I do expect a response from China in wake of the U.S. action, but I do expect cooler heads to prevail but at the end of the day we will come to an understanding. The futures market tend to overreact in these headlines and the timing of the implementation of the tariffs has investors scrambling. In the overnight electronic session the Grains are making new lows as I write. The July Corn is currently trading at 356 which is 7 cents lower. The trading range has been 365 to 355 1/4. On the Ethanol front in the overnight electronic session the July Corn posted a trade at 1.406 which is .007 lower. 4 contracts traded and Open Interest is at 828 contracts. This market coupled with Corn is a headline in itself with tariff talk. On the Crude Oil front the July contract is currently trading at 6666 which is 23 points lower. The trading range has been 6709 to 6656. I still remain bullish but the murky waters may clear after next Friday's OPEC and Non-OPEC nations meeting in Vienna to discuss production output. The markets will be swimming when the reality to investors this will be a long-term affect and not in the short-term. On the Natural Gas front the market is chugging away with hot temperatures forecasted over the weekend and into Monday. In the overnight electronic session the July Natural Gas is currently trading at 3.000 which is 3 1/2 cents higher. The trading range has been 3.012 to 2.966. 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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Robert J. Moriarty