Economy Rolling. The Corn & Ethanol Report 09/20/18

We kickoff the day with Export Sales and Jobless Claims at 7:30 A.M. followed by Existing Home Sales at 9:00 A.M. and EIA Gas Storage at 9:30 A.M. On the Corn front concerns are already mounting as the U.S. once again produced a record crop that is expected to have record yields and as we move into fulltime harvest we are challenged to find storage for unsold bushels with large supplies already on hand. In the overnight electronic session the December Corn is currently trading at 346 which is a ¼ of a cent higher. The trading range has been 346 ½ to 344 ¾.

On the Ethanol front the October contract is currently trading 1.255 which is unchanged. The trading range has been 1.255 to 1.250. 9 contracts traded and the market is currently showing 1 bid @ 1.252 and 1 offer @ 1.261 with declining Open Interest at 986 contracts.

On the Crude Oil front the market is pulling back from the highs it made in the overnight electronic session. Technically we are overbought and a pullback could be healthy for fresh buying to come in. The November Crude Oil is currently trading at 7070 which is 7 points lower. The trading range has been 7135 to 7052.

On the Natural Gas front the market just seemed to shrug off the comments made by President Trump and President Duda of Poland. We wait to see what injection number we will get today on the EIA Gas Storage data. In the overnight electronic session the October contract is currently trading at 2.923 which is 1 ½ of a cent higher. The trading range has been 2.929 to 2.900.

Have a Great Trading Day!
Dan Flynn