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Change In The Weather. The Corn & Ethanol Report 11/16/17


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Like the John Fogerty song Change in the weather and the closing days in harvest are keeping farmers off the field with wet cold weather. With smaller farmers and remaining acreage the question is do we try to take it out of the ground now or take a beating with silos full and cash prices in the basement. Or do we leave it in the ground and take advantage of higher prices when spring plantings start. When you are cash strapped it is a hard call. In the overnight electronic session the December Corn is currently trading at 338 ½ which is a ¼ of a cent higher. The trading range has been 338 ¾ to 338.

On the Ethanol front there were no trades posted in the overnight electronic session. The December contract settled at 1.408 and is currently showing 2 bids @ 1.401 and 3 offers @ 1.415 with declining st Open Interest at 1,089 contracts.

On the Natural Gas front we have the weekly EIA Gas Storage and the Thomson Reuters poll with 22 analysts participating expect draws from 3 bcf to 23 bcf with the median draw of 14 bcf. This compares to last week injection build of 15 bcf, the 1-year injection build of 34 bcf and the five-year average of injection builds of 12 bcf. The numbers coincides with higher than usual heating demand, rising exports and the retirement of Coal Plants. If we have a cold winter this market will soar to all-time highs. In the overnight electronic session the December Natural Gas is currently trading at 3.100 which is 2 cents higher. The trading range has been 3.101 to 3.071.

On the Crude Oil front the market is still walking on egg shells with the International Energy Administration (IEA) predicting a slowdown on demand with the market in overbought mode, made this correction this week shaky. In the overnight electronic session the December Crude Oil is currently trading at 5515 which is 18 tics lower. The trading range has been 5548 to 5507. Monday is Last Trading Day On December Crude Oil so you want to roll or liquidate before tomorrows close.

Have a Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374

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About the author


Mr. Daniel Flynn is a trader and analyst with a strong background in the fundamental and technical analysis of Grain and Energy markets.

He started his career in the summer of 1981 as a runner on the Chicago Mercantile Exchange floor, shortly after graduating from Leo High School in Chicago. He learned the futures and options business from the ground up and has proved his commitment and ability to the industry ever since.

Dan's daily newsletter, The Corn & Ethanol Report, gives a unique insight and perspective into these market sectors, covering various global issues that are the driving force and backbone of the commodity markets. Dan is regularly interviewed by global media outlets on his insights and forecasts.

Dan provides his customers with not only a thorough understanding of the markets and the issues surrounding them, but also how to approach daily risk management in the markets they trade.

Contact Daniel Flynn: (800) 769-7021 or at dflynn@pricegroup.com

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