Fed Decision Today. The Corn & Ethanol Report
We started off the day with MBA Mortgage Market Index (10/Dec), MBA Mortgage Refinance Index (10/Dec), MBA Mortgage Purchase Index (10/Dec), MBA Mortgage Applications (10/Dec) and MBA 30-Year Mortgage Rate at 6:00 A.M., Retail Sales MoM & YoY (Nov), Import Prices MoM & YoY (Nov) NY Empire State Manufacturing Index at 7:30 A.M., Business Inventories MoM (Oct), NAHB Housing Market Index and Retail Inventories Ex Autos MoM (Oct) at 9:00 A.M., EIA Energy Stocks at 9:30 A.M. Fed Rate Decision and FOMC Economic Projections at 1:00 P.M., Fed Press Conference at 1:30 P.M., Foreign Bond Investment (Oct), Net Long-Term TIC Flows and Overall Net Capital Flows at 3:00 P.M.
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On the Corn Front, the market slid on beneficial Argentine rains along with technical selling. AG Web’s Tyne Morgan reports 2022 outlook, why corn may be below $6 in the New Year. Export demand and shipping, also cost in fertilizer, diesel, and propane. In the overnight electronic session the March corn is currently trading at 592 1/2 which is 2 ¼ cents higher. The trading range has been 592 ½ to 587 ½.
On the Ethanol Front, Brazilian ethanol price to drivers remain volatile with strong sugar price premium over ethanol, volatility in the Brazilian real/U.S. dollar exchange rate, and unknown changes in Petrobras ex-refinery gasoline price will remain key for drivers for Center-South ethanol prices in 2022, There remains no open interest in ethanol futures.
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