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Unemployment This Morning with Revisions. The Corn & Ethanol Report 02/07/2020


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We kickoff the first Friday of February with Unemployment with revisions going back to March 2019 that could see a negative impact according to some analyst but as Phil Flynn said after yesterday’s Jobless Claims I would not sweat it, the report comes out at 7:30 A.M. along with Wholesale Trade. At 10:00 A.M. we have Monetary Policy Report, Baker Hughes Rig-Count at 12:00 P.M., followed by Catfish Production and Consumer credit at 2:00 P.M. The coronavirus now has 400 million people under quarantine in China and the market is showing concerns the virus is spreading again On the Corn front the market is currently trading higher with the March contract current at 381 ¼ which is 2 cents higher. The trading 382 to 380.

On the Ethanol front the March contract posted a trade at 1.328 and the market is currently showing 2 bids @ 1.327 and 1 offer @ 1.334 with one contract traded and Open interest at 348 contracts.

On the Crude Oil front Russia has agreed to a 600K barrels a day production cut but the coronavirus rears its ugly head with rising deaths and mounting quarantines that once again instilled fears to speculators in the marketplace. In the overnight electronic session the March Crude Oil is currently trading at 5033 which is 62 points lower. The trading range has been 5148 to 5022.

On the Natural gas front the March contract is currently trading at 1.852 which is 1 cent lower. The trading range has been 1.877 to 1.842. I do not believe we will see any excitement in this market until or unless we have a heat wave that will hang around for a while and have heavy use of air-conditioning units.

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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