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Gobble Gobble Rally. The Corn & Ethanol Report 11/22/17


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We kickoff the day with Advanced Durable Goods and Initial Jobless Claims at 7:30 A.M., EIA Energy Stocks at 9:30 A.M.,EIA Gas Storage at 11:00 A.M. followed by Cold Storage and Dairy Product Sales at 2:00 P.M. It seems to be they are trying to thread the needle and put all these reports ahead of schedule before we feast on Turkey and forgot what the reports really said. Just kidding folks. The Grains are starting the day with a Thanksgiving rally, if you can call it that. In the overnight electronic session the December Corn is currently trading at 345 ¼ which is a ¼ of a cent higher. The trading range has been 345 ¾ to 344. I do see investors moving to be bottom feeders and look to buy (or for Thanksgiving) Gobble value.

On the Ethanol front the December contract posted a trade at 1.410 which is .018 cent higher. The market is currently showing 2 bids @ 1.385 and 1 offer @ 1.402. 4 contracts traded and the declining Open Interest is at 873 contracts with the January contract surpassing the Open Interest at 911 contracts.

On the Crude Oil front a very bullish API Energy Stocks number and new geo-political threats that have changed the playing field and this market is searching for $60 a barrel. If today’s EIA Energy Stocks repeat last night’s API Energy Stocks will just confirm a long-awaited rally getting the market back in balance. In the overnight electronic session the January Crude Oil is currently trading at 5788 which is 105 points higher. The trading range has been 5805 to 5703.

On the Natural Gas front colder weather is coming but conflicting weather forecast with La Nina and calling for warmer weather and is another reason keeping this market to all-time lows before it busts out. The question is which weather module can you believe? We have the EIA Gas Storage this morning pushed up today so we can all Gobble Gobble tomorrow. The Thomson Reuters weekly poll with 23 analysts participating expect declines of 63 bcf to 22 bcf which compares to last week’s draw of 18 bcf, the one-year injection build of 2 bcf and the five-year average of declines of 26 bcf. In the overnight electronic session the December Natural Gas is currently trading at 2.992 which is 2 ½ cents lower. The trading range has been 3.027 to 2.982.

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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