By
Dan Flynn
of
The PRICE Futures Group
Tuesday, January 19, 2021 11:29 AM EDT
image source
We start out the short week with U.S. Treasury Secretary Yellen Senate Confirmation Hearing at 9:00 A.M., Export Inspections at 10:00 A.M., 3-Mont and 6-Mont Bill Auction at 10:30 A.M., 119-Day and 42-Day Bill Auction at 12:00 O.M., Overall Net Capital Flows (NOV), Foreign Bond Investment (NOV), Net Long-Term TIC Flows at 3:00 P.M. and Joe Biden’s Inauguration.
On the corn front we have Export Inspections at 10:00 after the long weekend. China’s corn market continued to rise on Monday with the corn futures trading higher on the Dalian Commodity Exchange. The market continued to rise after hitting record levels last week. China sold off its once massive corn reserves last year, while typhoons hurt the recent harvest in the country’s northeast. There is still fear and anxiety with corona virus case numbers increasing. In the overnight electronic session, the March corn is currently trading at 533 ½ which is 2 cents higher. The trading range has been 534 ¼ to 525 ½.
On the ethanol front dozens of ethanol plants remain idle in 2021 with the corn prices and recent spike. Industry leaders say it is a little early to say $5 corn will delay the industry’s recovery, and that impact may not be felt in weeks. We are just hoping to see the cash market get moving. There were no trades in the overnight electronic session. The April ethanol settled at 1.699 and is currently showing 1 bid @ 1.531 and 2 offers @ 1.749 and Open Interest at 45 contracts.
Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...
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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks.
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