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Busy Exports. The Corn & Ethanol Report 11/20/2020


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We start off the day with or I should say the afternoon with Baker Hughes Oil and Total Rig Count at 12:00 P.M., and Cattle on Feed at 3:00 P.M. Also, good news from the National Hurricane Center, the Atlantic is not expecting any activity early in the weekend and nothing is on radar.

On the Corn Front the market eased lower with increase coronavirus cases trumped by the fact that we will have 2 vaccines that should be ready for distribution shortly. Brazil rains offered more resistance and forecast of more rains in dry parts of Brazil and Argentina. Funds rolled out of about 4,000 contracts. Export Sales were adequate with the Chinese buying not a record but plenty of sorghum and other feeds. The Chinese are still short of their total commitment, so I expect we will hear from them again. In the overnight electronic session, the December corn is currently trading at 425 ¾ which is 3 ¼ cents higher. The trading range has been 428to 421 ½.

On the Ethanol Front the U.S. EPA released updated small refinery exemptions (SRE) data yesterday with six new SRE petitions have been filed with the agency, including one to the Renewable Fuels Standard compliance year 2019 and five for compliance year 2020. No other changes were made to the EPA’s online data dashboard. A total of 58 SRE petitions are currently pending, up from 52 pending as of October 15th. The petitions include nine that have been filed for compliance year 2020, up from last month , and 32 that are pending from compliance year 2019, up 31 in October. There were no trades posted in the overnight electronic session. The December ethanol settled at 1.390 and is currently showing 2 bids @ 1.320 and 0 offers with Open Interest at 32 contracts.

On the Crude Oil Front the UAE clarified their stand on OPEC membership. Julianne Geiger with oilprice.com wrote a good article of a little rift between the UAE and Saudi Arabia on oil production policy. Energy analyst Anas Alhajji said, “what was said about UAE leaving OPEC is not only exaggerated, it’s NOT TRUE!” However, the truth could be a little more complex. In tough times and staring down another extension of current production cuts, and now times are getting tougher. Today is LAST TRADING DAY December Crude Oil. In the overnight electronic session, the January crude oil is currently trading at 4209 which is 19 points higher. The trading range has been 4235 to 4151.

On the Natural Gas Front the headlines remain negative with mild November weather stings natural gas prices.  The market just seems to have the news roll off the back and the market is rallying steadily. In the overnight electronic session, the December natural gas is currently trading at 2.668 which is .076 higher. The trading range has been 2.676 to 2.580.

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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