Heading Back Home. The Corn & Ethanol Report
We started off the day with NY Empire State Manufacturing Index (Fed), PPI MoM & YoY (Jan) and Core PPI MoM & YoY (Jan) at 7:30 A.M., Redbook YoY (12/Feb) at 8;55 A.m., NOPA Crush at 11:00 A.M., Net Long-Term TIC Flows (Dec), Overall Net Capital Flows (Dec) and Foreign Bond Investment at 3:00 P.M. and API Energy Stocks at 3:30 P.M.
Image Source: Unsplash
On the Corn front, the Russians have said they have completed their military maneuvers and the troops will be heading back to home base. There are concerns about exports and trade. The market will be watching very closely as we hope to move back to fundamentals and technical analysis minus war fundamentals. In the overnight electronic session the March corn is currently trading at 644 ¾ which is 11 cents lower. The trading range has been 655 ½ to 644.
On the Ethanol front, Reuters carried a story that a study, published in the Proceedings of the National Academy of Sciences, contradicts previous research commissioned by the USDA showing ethanol and other biofuels to be relatively green. The study showed US corn-based ethanol was worse for the climate than gasoline. There were no trades or open interest in ethanol futures.
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 ...
more
Comments
