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Busy Day at Bedrock. The Corn & Ethanol Report 07/11/19


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We kickoff this morning with Consumer Price Index (CPI), Export Sales, Jobless Claims and Real Earnings at 7:30 A.M., EIA Gas Storage at 9:30 A.M. and the big floor show with Crop Production USDA Supply/Demand at 11:00 A.M. We have Last Trading Day on all July Grains tomorrow and after Export Sales investors will sit on their hands waiting to see if the 11:00 A.M. reports is as bullish as most think it will be and word on the street the finds and other institutions were quiet in yesterdays action as we attempt to also gage the crazy weather. In the overnight electronic session the December Corn is currently trading at 436 which is 3 ½ cents lower. The trading range has been 439 ¼ to 435 ¾.

On the Ethanol front the August contract posted a trade in the overnight electronic session at 1.500 which is .005 lower with 4 contracts traded. The market is currently showing 4 bids @ 1.491 and 1 offer @ 1.509 with Open Interest at 685 contracts.

On the Crude Oil front there are plenty of bullish factors riding this market. Whether it is bullish domestic inventories which has a direct correlation with OPEC production cuts, the FED talking dovish on Interest Rates, Tropical Storm Barry which could be upgraded to hurricane status at any moment which is causing disruptions in refinery row and the Houston Shipping Channel and of course the terrorist funding Iran that is challenging Free commerce flow in the Gulf of Oman and the Strait of Hormuz with the latest threat given to a BP vessel and they had a Great Britain Royal Navy vessel shadowing the threat and when the guns came up they departed like chicken rabbits and this is the same country that threatened to blow the U.S. Fleet out of the water and kill U.S. Army that were deployed simply for defensive purposes. Iran you on call Give me a reason we will turn your sand into glass. In the overnight electronic session the August Crude Oil is currently trading at 6070 which is 27 points higher. The trading range has been 6094 to 6033.

On the Natural Gas front we have the EIA Gas Storage data this morning and the Thomson Reuters poll with 19 analysts participating expect injection builds ranging from 62 bcf to 80 bcf with the average estimate of 73 bcf and the median injection of 72 bcf. This compares to the one-year build of 46 bcf and the five-year average of 63 bcf. In the overnight electronic session the August Natural Gas is currently trading at 2.469 which is 2 ½ cents higher. The trading range has been 2.481 to 2.432.

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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