We started off the day with Export Inspections at 10:00 A.M., NY Fed Treasury Purchases 22.5 to 30 yrs. at 10:30 A.M., Consumer Inflation Expectations (Nov) at 11:00 A.M., 3-Month and 6-Month Bill Auction at 11;30 A.M.
On the Corn Front, funds and speculators are bullish as we started the month with modest buyers. We were also dealt with another Covid-crisis related selloff, but the funds hung in there and remained bullish on corn. The market looks like it is realizing there is a market in corn to ethanol and exports will come into play at the bottom line. In the overnight electronic session, the March corn is currently trading at 587 ¾ which is 2 ¼ cents lower. The trading range has been 590 ¼ to 585 ¾.
On the Ethanol Front, the WASDE maintained its forecast with the USDA for corn used to ethanol. The EPA needs to resolve the E15 barrier and not pull the plug on small refineries. There were no trades or open interest in the ethanol futures.
Comments
Log in or sign up to join the conversation.