USDA And WASDE A Whole Lot About Nothing. The Corn & Ethanol Report
We started off the day with U.S. Inflation Rate MoM & YoY (Nov) and core Inflation Rate MoM (Nov) at 7:30 A.M., Michigan Consumer Sentiment Pel (Dec), Michigan 5-Year Inflation Expectations (Dec) Michigan Consumer Expectations Prel (Dec), Michigan Current Conditions Orel (Dec) and Michigan Inflation Expectations Prel (Dec) at 9:00 A.M., NY Fed Treasury Purchases 7 to 10 yrs. at 9:30 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M. and Monthly Budget Statement (Nov) at 1;00 P.M.
Image Source: Unsplash
On the Corn front the USDA was neutral to negative while the WASDE remained unchanged. The March corn futures settled at 591 ¾ which was 4 ¾ cents higher. No major changes but we will see inflation and transport disruptions play a role in this market as the cost of fertilizer and other costs are snowballing out of control and will be passed on to the consumer. Another wildcard is exports to China and globally. In the overnight electronic session, the March corn is currently trading at 590 ¼ which is 1 ½ cents lower. The trading range has been 591 to 587 ½.
On the Ethanol Front all the headlines are focused on the EPA tweaking ethanol mandates to the highest ethanol for gas the biggest in history and not granting waivers to small refineries. I have the feeling we have not heard the last of this as we forge forward. There were no trades or open interest in ethanol Futures.
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 ...
more
Comments
No Thumbs up yet!
