We kickstart the day with Building Permits Prel, Building Permits MoM Prel, Housing Starts, Housing Starts MoM, Initial Jobless Claims, Philadelphia Fed Manufacturing Index, Philly Fed Business Conditions, Philly Fed CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid, Jobless Claims 4-Week Average, and Continuing Jobless Claims at 7:30 A.M., Fed Collins Speech at 8:00 A.M., EIA Natural Gas Storage at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., 10-Year TIPS Auction at 12:00 P.m., Fed Brainard Speech at 12:15 P.M., Dairy Products Sales at 2:00 P.M., and Fed Williams Speech at 5:35 P.M.
On the corn front forecasts for rains in Argentina maybe just too little-too late, although it was enough to influence selling in the grain complex. In yesterday’s action the March corn settled at 681 ¼ which was 4 cents lower. Before the fall the market reached a two month high and we are still at historic highs, especially for this time of year. The market softened on spotty Argentine rain and talk of Ukraine exports. Bulls may have to pull their reigns in until the February 8th Crop Production USDA Supply/Demand and WASDE data. In the overnight electronic session the March corn is currently trading at 679 ½ which is 1 ¾ of a cent lower. The trading range has been 681 to 678 ¼.
On the Ethanol Front European producer CropEnergies has released financial and operational results for the first three quarters of its fiscal year, which began march 1st 2022, reporting increased ethanol production and higher revenues. CropEnrgies produced 811,000 cubic meters (214.24 million gallons) of ethanol during the nine month period, up 778,000 cubic meters from last year. This could be an ongoing trend in ethanol producing countries. There were no trades in ethanol futures.
Have A Great Trading Day!
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Image and article originally from blog.pricegroup.com. Read the original article here.