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We kickoff the day with Export Sales, Non Farm Payrolls, Unemployment Rate, Average Hourly Earnings MoM & YoY, Participation Rate, Average Weekly Hours, Government Payrolls, Manufacturing Payrolls, Manufacturing Payrolls and Non Farm Payrolls Private at 7:30 A.M., ISM Non-Manufacturing, Manufacturing PMI, ISM Non-Manufacturing Employment, Factory Orders MoM, Factory ex-Transportation, ISM Non-Manufacturing Business Activity , ISM Non-Manufacturing New Order, and ISM Non-Manufacturing Prices at 9:00 A.M., Fed Cook and Fed Bostic Speech at 10:15 A.M., Fed Barkin Speech at 11:15 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Fed Bostic Speech at 2:30 A.M.
On the Corn Front the futures settled lower in yesterday’s action but well off the lows. We are seeing follow through in the overnight electronic session with the March corn is currently trading at 658 which is 5 ¼ cents higher. The trading range has been 682 ½ to 653 ¼. Bottom feeders are looking to be bargain buyers and we should key on the funds. The corn market prices are tied to higher energy prices last night. Remember upward momentum is likely to be capped by Ukrainian shipping prices.
On the Ethanol Front production fell sharply last week, discouraged by holiday and weather related slowdowns and poor margins. That is fourth week in a row with a decline. Production averaged 844,000 barrels per day, the lowest weekly average nearly two years, down 119,000 from a week ago and 204,000 from a year ago. Demand is also an issue, domestic ethanol supply was reported at 24,444 million barrels, 192,000 below last week, but 3.085million from last year. Zero activity in ethanol future.
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.