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The Corn & Ethanol Report

Daniel Flynn

The Corn & Ethanol Report 07/18/19

Iran Continues to Play with Dynamite

Good Morning!

We kickoff the day with Export Sales and Jobless Claims at 7:30 A.M. and EIA Gas Storage at 9:30 A.M. Conflicting weather signals have the Grains making volatile moves with no clear direction which is a day traders paradise if you are on the right side of the market. Remember the old adage "it is not what you plant, but what you grow". I expect choppy trade and weather markets until we start thinking of harvest and lack of acreage. In the overnight electronic session the December Corn is currently trading at 433 1/4 which is 8 1/4 cents lower. The trading range has been 441 to 432 1/2.

On the Ethanol front the August contract is currently trading at 1.454 which is .024 lower. The trading range has been 1.461 to 1.440. The market is currently showing 2 bids @ 1.451 and 1 offer @ 1.455 with 20 contracts traded and Open Interest at 661 contracts.

On the Crude Oil front Iran continues to shuffle the deck with whatever cards it has left to be played. The Free World's patience is being taxed and if they continue down this rocky road they may see total annihilation. In the overnight electronic session the market is selling off on no headline I have seen. The August contract is currently trading at the first line of support which is 5585 and the contract is last at 5572 which is 106 points lower. The trading range has been 5732 to 5561.

On the Natural Gas front the market is in chop mode in the aftermath of Hurricane Barry. The August contract is currently trading at 2.329 which is 3 cents higher. The trading range has been 2.339 to 2.304. The weekly EIA Gas Storage data will be released at 9:30 A.M. and I am exp0ecting an injection build of 62 bcf.

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Contact Dan at (888) 264-5665 or dflynn@pricegroup.com.