Fed Decision & Groundhog Day Coming To A Theatre Near You. The Corn & Ethanol Report

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We kicked off the day with MBA 30=Year Mortgage Rate, MBA Mortgage Market Index, MBA Purchase Index, and MBA Mortgage Applications at 6:00 A.M. at 6:00 A.M.., ADP Employment Change at 7:15 A.M., Global Manufacturing PMI, Final at 8{45 A.M., ISM Manufacturing PMI, JOLT’s Job Openings, ISM Manufacturing New Orders, and ISM Manufacturing Spending at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 1

0:30 A.M., Fed Interest Rate Decision at 1:00 P.M., Fed Press Conference at 1:30 P.M., Cotton System, Dairy Product Sales, Fats & Oils, and Grain Crushings at 2:00 P.M. All traders will be watching the Fed”s next move.

On the Corn Front US Farmers sound alarm on the single most catastrophic thing headed for corn crops. Farmers visit Washington DC warning they could go out of business over Mexico’s genetically modified  corn ban. Meanwhile, a Chinese Corn Mill project in the USA has been halted on security concerns. The Us had to step in and let the market search in Free Enterprise and Fair Market Value. Brazil’s exports prove that exports to China will be on the low end of their needs. In yesterday’s action the market closed mostly unchanged as doubt continues to loom with COVID19 along with concerns of feed for human consumption. In the overnight electronic session the March corn is currently trading at 677 which is 2 3/3 cents lower. The trading range has been 679 ¼ to 675 ¼.

On the Ethanol Front Stellantis focused on ethanol hybrid vehicles in South America. Stellantis NV (STLA.MI) expects to have in place by the end of the year with the technologies needed to develop ethanol hybrid vehicles in Brazil, the head of the carmaker in South America. This will be another political football as governments continue to, “funding clean energy alternatives.” As the average Joe is worried about the economy. There were no trades in ethanol futures.

More By This Author:

FOMC Meetings Begin. The Corn & Ethanol Report
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