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The Corn & Ethanol ReportDaniel Flynn
The Corn & Ethanol Report 06/21/18
Happy Summer Solstice
It is the first day of summer but you would not know it with rains and temperatures topping at 68 degrees in Chicagoland. We start off the day with Export Sales and Jobless Claims at 7:30 A.M. followed by the EIA Gas Storage at 9:30 A.M. On the Grain front we have a mixed bag of tricks with tariff talk all the rad. Although China is not a big importer of Corn they most definitely are looking at Ethanol and also Sorghum. This could be a time when we export records of Ethanol and we are waiting to come to the negotiating table and cut a deal with a more even playing field. In the overnight electronic session the July Corn is currently trading at 356 which is 1 and 3/4 of a cent higher. The trading range has been 356 to 349 1/4.
On the Ethanol front there were no trades posted in the overnight electronic session. The July contract settled at 1.403 and is currently showing 1 bid @ 1.403 and 1 offer @ 1.409 with Open Interest dropping to 446 contracts.
On the Crude Oil front tomorrow and Saturday the OPEC meeting is on and Saudi Oil minister Khalid A. Al-Falih gets a quote in the headlines and the Crude Oil nosedives. In the overnight electronic session the August Crude Oil is currently trading at 6505 which is 66 points lower. The trading range has been 6580 to 6434.
On the Natural Gas front we have the weekly EIA Gas Storage and the Thomson Reuters poll with 20 analysts participating expect injection builds anywhere from 80 bcf to 91 bcf with the median 85 bcf. This compares to the one-year injection build of 48 bcf and the five-year average of increases of 72 bcf. In the overnight electronic session the July Natural Gas is currently trading at 2.994 which is 3 cents higher. The trading range has been 2.998 to 2.964.
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