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We kickoff the day with S&P Global Composite PMI Flash, S&P Global Manufacturing PMI Flash, and S&P Global Services PMI Flash at 8:45 A.M., and Baker Hughes Oil & Total Rig Count at 12:00 P.M.
On the Corn Front we ended up higher in yesterday’s action with exports firming up and strong domestic cash basis along with dry weather in Argentina. Overall lower corn exports this year are offering resistance. More rain and snow are expected in the Northern Plains and Midwest today through Monday. More wet weather is expected for the Northern Plains and Midwest between December 22 and December 28th, with much colder-than-normal conditions for the central US. In the overnight electronic session the March corn is currently trading at 652 which is 1 ½ of a cent lower. The trading range has been 655 ¾ to 651.
On the Ethanol Front E15 ethanol blend may soon be available year round according to Christopher Vondrcek with the Star Tribune. He explains Carlisle Ford Runge at the University of Minnesota says he’s grown tired, and even bored, with arguing the expansion of the nation’s ethanol industry. “It is an article of faith (among politicians) in the Corn Belt,” said Runge, a professor of economics at the U, said Tuesday “and it’s bipartisan.” But power broker’s desire to dramatically expand ethanol to fill gas tanks of the nation’s vehicles has once again galvanized attention in Washington DC. The saga continues. There were no trades in ethanol futures.
Have A Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374
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Image and article originally from blog.pricegroup.com. Read the original article here.