Congratulations Seal Team Six; The Corn & Ethanol Report

We started off the day with Construction Spending and ISM Manufacturing Index at 9:00 A.M., Export Inspections at 10:00 A.M., Cotton System, Fats & Oils, and Grain crushings are at 2:00 P.M. and Crop Progress at 3:00 P.M. In the aftermath of Hurricane Zeta we now have Hurricane Eta which has a small risk to the U.S. Gulf Coast. Eta is expected to make landfall in Central America on Wednesday. Work is being done for over 2.1 million customers without electricity, and other repairs are on the move.

On the Corn Front, we are extending the retreat this morning, but whispers abound that we will have big demand coming back to the market and should buoy prices. In the overnight electronic session, the December corn is currently trading at 394 ¼ which is 4 ¼ cents lower. The trading range has been 396 ¼ to 393 ¼.

On the Ethanol front, Kentucky has been witnessing increases for ethanol biofuels sales jobs. The USDA announced the investment the Trump administration providing for rural businesses the grant which is helping corn and soybean demand. Ray Allen Mackey chairman for the Kentucky Corn Promotional Council and a farmer said,” We see improved availability of mid-level blends of ethanol is important for three reasons, It has a proven ability to clean our air and improve our health. Number two, it gives consumers more choices at the pump. Finally, it revitalizes and adds value and improves the rural economy,” Mackey said. There were no trades posted in the overnight electronic session. The December contract settled at 1.380 and is showing 0 bids and 0 offers with Open Interest at 43 contracts.

On the Crude Oil Front, the market started trading in the abyss with more national lockdowns in Europe because of another round of COVID-19 cases. This time it was in the U.K. following Frances and Germany’s lead. The stock market brought the crude oil back, but we will be watching a host of news stories pretty much ranging on supply and demand with critical information and how it will play out and either raise or lower prices. In the overnight electronic session, the December crude oil is currently trading at 3557 which is 22 points lower. The trading range has been 3595 TO 3364.

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