Higher Prices Here We Come. The Corn & Ethanol Report
We started off the day with Housing Starts & Permits at 7:30 A.M., Michigan Inflation Expectations Prel (Apr), Michigan Consumer Sentiment Prel (Apr), Michigan 5-Year Inflation Expectations Prel (Apr) and Michigan Consumer Expectations Prel (Apr) at 9:00 A.M., Baer Hughes Oil and Total Rig Count at 12:00 P.M.
On the Corn front, we saw a little chop in prices after huge gains on Wednesday. With the weather forecast on the negative side and supplies dwindling many analysts are calling $6 corn a layup. We should see next week as the rocky weather strikes. In the overnight electronic session, the May corn is currently trading at 591 ½ which is 1 ½ of a cent higher. The trading range has been 594 ¾ to 588 ½.
On the Ethanol front, the market will follow corn and crude oil and the market settled at 2.010 which was up .010 in yesterday’s market. There were no trades posted in the overnight electronic session and there is currently no market being made with Open Interest at 34 contracts.
On the Crude Oil front, the market is waiting for the next headline as it digs in its heels to the new higher price levels after the Wednesday rally. I also would not recommend going short into the weekend. In the overnight electronic session, the June crude oil is currently trading at 6348 which is 3 points lower. The trading range has been 6394 to 6330.
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