Be The Ball Be Your Future. The Corn & Ethanol Report
We started off the day with Market Composite PMI Flash (Oct), Market Manufacturing PMI Flash (Oct), and Market Services PMI Flash (Oct) at 8:45 A.M., Fed Daly Speech at 9:00 A.M., NY Fed Treasury Purchases 4.5 to 7 yrs. at (:30 A.M., Fed Chair Powell Speech at 10:00 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M. and Cattle on Feed at 2:00 P.M.
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On the Corn front, the market ended up higher in yesterday’s trading session even after a higher U.S. dollar and disappointing Export Sales. Forecasts for a cold winter and frost warnings supported prices. We will see if this slows harvest even though we are ahead of schedule. In the overnight electronic session, the December corn is currently trading at 535 ¼ which is 3 cents higher. The trading range has been 537 ½ to 532.
On the Ethanol front, soaring gasoline prices have French drivers moving to ethanol at a rapid pace. Also, ADM’s sale of an ethanol plant to a foreign country the Bio Urja Corp. which told employees their jobs are safe. Thank God! Unfortunately, the ethanol futures continue to show no activity.
On the Crude Oil front, the market is rolling again. Tight supplies heading into winter. And we have a babbling President wondering how we got here. Excuse me Joe… Blame this crisis on the shutdown of the Keystone Pipeline XL, ANWR and several other vital pipelines across the country. Which is an artery or pipeline (No pun intended) to our growth and economy. Don’t blame OPEC or the American people for your rash decisions. All bets are off, once we pass $100 a barrel, you can count on new all-time highs surpassing $147 and change a Barrel. In the overnight electronic session, the December crude oil is currently trading at 8329 which is 79 points higher. The trading range has been 8342 to 8176.
On the Natural Gas front… Why wouldn’t this market not follow suit and be any different in the energy sector on the WAR was started the current administration started and could not finish. Afghanistan and Syria come to mind. Winter is approaching fast and home heating oil and natural gas will skyrocket In the overnight electronic session the November natural gas is currently trading at 5.35 which is 0.235 higher. The trading range has been 5.379 to 5.121.
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