Happy Monday! The Corn & Ethanol Report
We started off the day with Export Inspections at 10:00 A.M., Fed Clarida at 2:00 P.M., NY Fed Treasury Purchases 22.5 to 30 yrs., at 2:30 P.M., Crop progress at 3:00 P.M., Fed Chair Powell Speech at 3:30 P.M., Fed Williams Speech at 3:55 P.M., Consumer Inflation Expectations (Oct) at 4:00 P.M., 3-Month and 6-Month Bill Auction at 4:30 P.M., Fed Bowman and Fed Harker Speech at 5:00 P.M., 3-Year Note Auction at 6:00 P.M. and Fed Evans Speech at 6:50 P.M.
On the Corn Front traders are gearing up for tomorrow’s November USDA reports. I do anticipate a slow day as we will see traders squaring up on open positions before the data. In the overnight electronic session the December corn is currently trading at 551 which is 2 cents lower. The trading range has been 554 ¾ to 550 ¼.
On the Ethanol Front the EPA Published updated small refinery exemption (SRE) data Nov. 5th reporting the agency denied one SRE petition for compliance year 2019. An additional SRE petition also has been filed for compliance year 2020. Growth Energy called the EPA’s denial of the compliance year 2019 as promising. “As are industry awaits 3 years of renewable obligations from the EPA, we hope today the SRE denial is an indication of that they are working towards getting the RFS back on track,” said Emily Skor CEO of Growth Energy. The ethanol futures remain at 0% open interest.
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