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Crop Production USDA Supply/Demand Today. The Corn & Ethanol Report 09/12/19


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We kickoff the day with CPI, Export Sales, Jobless Claims and Real Earnings at 7:30 A.M., EIA Gas Storage at 9:30 A.M. followed by the much-anticipated Crop Production USDA Supply/Demand data at 11:00 A.M. September Grains expire tomorrow. On the Corn front the market traded easier in yesterdays action after the nice rally on Tuesday following Monday’s Crop Progress report. We will see today starting at 11:00 A.M. if the USDA is in sync with reality. In the overnight electronic session the December Corn is currently trading at 361 ½ which is 1 ½ of a cent lower. The trading range has been 362 ¼ to 360.

On the Ethanol front there were no trades posted in the overnight electronic session. Ethanol production reported a slight boost which had a positive spin with week ending averages at 1.023 million barrels a day. Which is up .0.99% on the one-week and 0.29% on the one-year. Other news is that White House officials urged U.S. biofuel producers to accept the offer raising biofuel blending mandates next year by 5% even if that falls short of their demands, and the deal must be reached by tomorrow. The October contract settled at 1.333 and is currently showing 1 bid @ 1.322 and 2 offers @ 1.337 with Open Interest at 359 contracts.

On the Crude Oil front the market sunk on fears that President Trump may grant waivers on Iranian Oil. If you remember last October of last year when waivers were granted the market tanked from a high of 7690 a barrel to a low of 4236 a barrel in a very short time and took a long time to recover. In the overnight electronic session the October Crude Oil is currently trading at 5480 which is 95 points lower. The trading range has been 5634 to 5464.

On the Natural Gas front we have the weekly EIA Gas Storage and the Thomson Reuters poll with 18 analysts participating expect injection builds ranging from 76 bcf to 94 bcf with the median build of 82 bcf. This compares to the one-year build of 84 bcf and the five-year average injection of 82 bcf. In the overnight electronic session the October contract is currently trading at 2.522 which is 3 cents lower. The trading range has been 2.553 to 2.512.

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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