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Acreage & Yields. The Corn & Ethanol Report 05/16/19


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We start of the morning with Export Sales, Housing Starts & Permits and Jobless Claims at 7:30 A.M. followed buy the EIA Gas Storage at 9:30 A.M. On the Corn front we did not have a great close in yesterday’s open out-cry session which could be attributed to profit taking on this weeks rally and maybe funds repositioning short positions selling rallies. One thing is for sure, you cannot dis the fundamental factors forever. We are forecasted for a warm spring day only to have more rains and the mercury dropping to the low 50’s and high 40’s. This is not a good thing ground temperatures way too cold for this time of year and way too much soil moisture. This will affect acres and yields in the future. In the overnight electronic session the July Corn is currently trading at 374 ½ which is 5 cents higher. The trading range has been 376 ½ to 368 ¾.

On the Ethanol front the June contract is currently trading at 1.340 which is .011 higher. The trading range has been 1.345 to 1.329. 7 contracts traded and Open Interest has dropped to 1,109 contracts. The market is currently showing 1 bid @ 1.339 and 2 offers @ 1.345.

On the Crude Oil front it is risk on as the Iranian situation is heating up as they escalate guerilla warfare on oil tankers and ships of free trade in the Strait of Hormuz. Spanish Navy frigate ESPS Mendez Nunez broke away from the aircraft carrier USS Abraham Lincoln and is carrier strike group as it entered the Straight yesterday. Iran is playing with dynamite and it may just blow up in their face. Globally supplies are tight. We have Option Expiration on June Crude Oil today which should make the 1:30 P.M. close interesting. In the overnight electronic session the June Crude Oil is currently trading at 6288 which is 86 points higher. The trading range has been 6290 to 6208.

On the Natural Gas front we have the weekly EIA Gas Storage data and the Thomson Reuters poll with 16 analysts participating expect injections ranging from 93 bcf to 125 bcf with the average build of 104 bcf. This compares to the one-year build of 93 bcf and the five-year average increase of 88 bcf. In the overnight electronic session the June Natural Gas is currently trading at 2.608 which is .007 of a cent higher. The trading range has been 2.618 to 2.586.

Have a Great Trading Day!
Dan Flynn

 



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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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