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

On the Ethanol front, it is the last Trading Day in the June contract India has set their sights on blending 10% ethanol with diesel by 2022 and 20% in the blend by 2030. The target was moved up by the Central Government to 2025 and now has advanced to April 2023. There were no trades posted in the overnight electronic session. The July contract settled at 2.460 and is currently showing no market with Open Interest at 20 contracts.

On the Crude Oil front, we had the EIA data today at 10:00 A.M. Last night’s API Energy Stocks showed crude stocks -5.36M, Cushing +0.741M, gasoline +2.51M, and distillates +1.585. Those numbers seem to be inline and reasonable for this time of year. We will see if we have any surprises on the EIA Energy Stocks today. Analysts predict a hot summer and with the economy reopening we could see $80 a barrel as demand comes roaring back. The reopening of the economy has already sent crude prices up around 40%. A surge in driving, goods transportation and air-travel could further push prices higher. In the overnight electronic session, the July crude oil is currently trading at 6856 which is 27 points lower. The trading range has been 6940 to 6854.

On the Natural Gas front, this market is gearing up for a hot summer as well. Today we had the EIA Gas Storage at 9:30 A.M. The poll conducted by Thomson Reuters with 17 analysts participating estimates range from a build of 86bcf to 107bcf with the median injection of 95bcf. This compares to the one-year injection of 95bcf and the five-year average of 92bcf. In the overnight electronic session, the July natural gas is currently trading at 3.052 which is .023 lower. The trading range has been 3.090 to 3.051.

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