Biden’s Economy. The Corn & Ethanol Report

We started off the day with Chicago fed Activity Index (Sep) at &;30 A.M., Dallas Fed Manufacturing Index (Oct) and NY Fed Treasury Purchases 22.5 to 30 yrs. at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month and 6-Month Bill Auction at 10:30 A.M., and Crop Progress at 3:00 P.M.

green-leafed plants

Image Source: Unsplash

On the corn Front we have Export Inspections and Crop Progress as every Monday. The market has been in chop mode in the overnight electronic session. This is not Trump’s economy anymore and is falling flat on it’s face from shipping to exporting has gone completely downhill. This recipe for disaster will throw the economy on it’s heels. The December corn is currently trading at 539 ½ which is 1 ½ of a cent higher. The trading range has been 542 to 535 ¼.

On the Ethanol Front news has been slow except the sale of ADM’s ethanol plant in Peoria, Illinois it had operated since 1982. The Houston based BioUrja will take over the dry-mill ethanol plant keeping all jobs in intact. There were no trades or Open Interest in the overnight electronic session.

On the Crude Oil front the market is rolling with higher prices yet to come. We have not even begun to see the worst. I believe we will not only seek and all-time new high but reach $200 a barrel. With the closing of ANWR, Keystone Pipeline XL and multiple pipelines has put us in this pickle and this is a perfect recipe for this disaster to happen. Tomorrow we will have the weekly API Energy Stocks. In the overnight electronic session the December crude oil is currently trading at 8506 which is 130 points higher. The trading range has been 8520 to 8374.

On the Natural Gas Front this market is seeking new highs as well as demand will skyrocket this cold winter in the U.S. and possible exports of LNG overseas. The market is rocking coming out of the blocks with the November natural gas currently trading at 5.669. The trading range has been 5.682 to 5.462.

Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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