Say It Ain’t So Joe. The Corn & Ethanol Report
Our contacts on the West Coast inform us that shipping is not moving at all. With this in mind, we started off the day with Unemployment at 7:30 A.M., NY Fed Treasury Purchases 3.35 to 4.5 yrs. at 9:30 A.M., Baker Hughes Oil & Total Rig count at 12:00 P.M., and Consumer Credit at 2:00 P.M.
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On the Corn Front with 74% of the U.S. corn crop harvested Farmers and the market are wary of how to move product with the logistics or logic is missing. In the overnight electronic session the December corn is currently trading at 557 ¾ which is 1 ½ of a cent lower. The trading range has been 562 ¾ to 557 ½.
On the Ethanol Front U.S. production and stocks moved higher last week near record levels. The EIA said production averaged 1.107 million barrels a day, the second-highest average on record, and an increase of 1,000 barrels on the week and 56,000 on the year. The high of 1.108 barrels was set in early December 2017 while capacity is running at 97%. Once again the ethanol futures are dead in the water like the vessels in the Pacific.
On the Crude Oil Front OPEC+ members are likely to hold firm on slow oil output and the market will realize in the short-term and long-term. Iran seized a Vietnamese oil tanker. A move they wouldn’t of done a year ago. In the overnight electronic session the December crude oil is currently trading at 7967 which is 86 points higher. The trading range has been 8017 to 7896.
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