Russian Hackers Evil Must Be Dealt With. The Corn & Ethanol Report

We started off the day with U.S. Challenger Job Cuts at 6:30 A.M., ADP Employment Change (MAY) at 7:15 A.M., Initial Jobless Claims (29/MAY), Jobless Claims 4-Week Average (29/May), Unit Labour Costs QoQ Final Q1 and Continuing Jobless Claims (22/MAY) at 7:30 A.M., Market Composite PMI Final (MAY) and Market Services PMI Final at 8:55 A.M., ISM Non-Manufacturing PMI (MAY), ISM Non-Manufacturing Business Activity (MAY), ISM Non-Manufacturing Prices (MAY), ISM Non-Manufacturing New Orders (MAY) and ISM Non-Manufacturing Employment at (MAY) at 9:00 A.M., EIA Natural Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., N.Y. Fed Treasury Purchases 22.5 to 30 Years at 10:20 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., Fed Bostic Speech at 11:30 A.M., Fed Harker speech at 12:50 P.M. and Fed Quarles Speech at 2:05 P.M.

green-leafed plants

Image Source: Unsplash

On the Corn front, prices eased on the glowing USDA report. I believe the selloff will be short-lived with the heat-dome over the Northern Plains will move in and cover the Midwest in the next couple of days. That will change the bearish focus. Also, the JBS meat plants are getting back online, and hopefully, the disruption has been minimal. JBS has not said if it paid the ransom, but we know these Russian hackers are the best in the world and have to think it may be at the directive of the Putin government and should be treated as so until this gang of thieves are put out a business. This terrorism plot could cause a disruption that could slowdown slaughter and have Cattle being held back from marketing. In the short-term, it looks bullish, but the lingering effects could bring prices down once the initial panic is over in barbecue season and high prices already. The corn sold off as traders wonder what psychological effect this will have on corn, while the soybeans traded higher. We see this volatility as we head into tomorrow’s Export Sales number and the hot and dry forecasts should push the market higher. In the overnight electronic session, the July corn is currently trading at 682 ½ which is 7 ½ cents higher. The trading range has been 685 to 675.

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