Holiday Markets. The Corn & Ethanol Report 12/17/2021
We start off the day with 23-Day Bill Auction at 10:30 A.M., Fed Waller Speech and Bakers Hughes Oil and Total Rig Count at 12:00 P.M.
On the Corn Front the market attempted to bounce off support ending up higher on the day. The funds have become sellers and traders are trying to keep up with the bearish headlines, day after day. Also the market is in holiday mode which is making traders, who are there, keep their hand in their pockets and not make a bid or an offer as the chop continues. We should see more activity soon with the end of year and the January Effect should bring back the running of the bulls or hibernate like the Chicago Bears. In the overnight electronic session the March corn is currently trading at 590 which is 1 ¼ of a cent lower. The trading range has been 593 ½ to 589 ¼.
On the Ethanol Front President Biden raised an ethanol tax with higher renewable fuel mandates which may put refineries out of business. The cash market in this market has been surging since the covid crisis, while open interest in ethanol futures remain at zero.
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