Dan Flynn is the writer of The Corn & Ethanol Report, a daily market letter covering grains, energies, and various global issues that are the driving force and backbone of the commodity markets. Contact Mr. Flynn at (312) 264-4374
We are not talking Bears & Packers as trade discussions continue between China and the U.S. and these negotiations seem to follow the pattern of talks with Cana da and Mexico which ends up as a good deal for both partners. This win – win situation also may include other commodities as well which will come into play. The skepticism of traders has the Grain complex no making a knee jerk reaction but the markets may make a move as these delicate negotiations continue to bear fruit. In the overnight electronic session the March Corn is currently trading at 385 ¼ which is a ½ of a cent higher. The trading range has been 386 to 383 ¾.
On the Ethanol front the market was active in the overnight electronic session with the January, February in March contracts trading. The January contract is currently trading at 1.264 which is .006 higher. The trading range has been 1.266 to 1.261. The market is currently showing 3 bids @ 1.261 and 4 offers @ 1.265 with 42 contracts traded and Open Interest at 1,714 contracts.
On the Crude Oil front the market refuses to stay below $50 a barrel but is struggling to make new highs. In the overnight electronic session the January Crude Oil is currently trading at 5135 which is 15 points higher. The trading range has been 5187 to 5108.
On the Natural &Gas front the bears are in control with the January contract currently trading at 3.722 which is 10 ½ cents lower. The trading range has been 3.742 to 3.607. We are currently seeing a short covering rally from the lows but profit taking is profit taking and we are in a profit taking business.
Have a Great Trading Day!
Questions? Ask Dan Flynn today at 312-264-4374