Flash Corn Sales Impacted Grain Prices. The Corn & Ethanol Report

We start off the day with MBA Mortgage Applications (20/Aug) and MBA 30-Year Mortgage Rate (20/Aug) at 6:00 A.M., Durable Goods Orders MoM (Jul), Durable Foods Orders Ex Transportation MoM (Jul), and Durable Goods ex Defense MoM (Jul) at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., 2-Year FRN Auction at 10:30 A.M., 5-Year Note Auction at 12:00 P.M. and Dairy Product Sales at 2:00 P.M.

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On the Hurricane front, we have 3 Disturbances we are watching. #1 is currently a tropical wave located in the central Caribbean Sea, near or across the Yucatan Peninsula, and the western Gulf of Mexico, we will be monitoring this closely as it has a 30% chance of formation in the next 48 hrs., #2 is a low pressure that is producing disorganized showers and thunderstorms in the central tropical Atlantic, we will watch this storm as well with a 30% chance to organize in the next 48hrs. also, and #3 which has a 20% chance of organizing in the next 48hrs., it is moving west-northwestward and is moving at 10-15 mph. over the eastern tropical Atlantic.

On the Corn front, the market traded higher in yesterday's action following soybeans lead. Traders are still pondering what got into the grain complex in yesterdays trading session. Was it a case of Turnaround Tuesday or just a wake-up call from the oversold choppy market. There were very good flash sales but on good flash sales previously the market yawned it off and went back to it’s summer slumber. Funds got into the act and were net buyers of 6,000 corn contracts. Some traders are still on the side with the PROFARMER tour seems to keep finding a diamond in the rough. By that I mean they have seemed to have found some acreage with a good crop that had been thought to be ravaged by drought. However, last nights heavy rains and thunderstorms coupled with high winds could have caused damage. In the overnight electronic session the December corn is currently trading at 543 ¾ which is 1 ½ of a cent lower. The trading range has been 546 ¾ to 541.

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