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We kickoff the day with Jobless Claims, Jobless Claims 4-Week Average, and Continuing Jobless Claims at 7:30 A.M., EIA Natural Gas Change at 9:30 A.M., EIA Energy Stocks at 10:00 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., 7-Year Note Auction at 12:00 P.M., and Dairy Products Sales at 2:00 P.M.
On the Corn Front prices continue the year end and winter rally. We have not seen these highs since early November. China continues to ease Covid restrictions. We could extend the rally with dry and above normal temperatures in Argentina and Brazil. In the overnight electronic session the March corn is currently trading at 679 which is 3 ¾ cents lower. The trading range has been 682 to 678 ¾.
On the Ethanol Front we should get an education of ethanol production vs. demand. Production and stocks keep moving higher with the cold temperatures. If ethanol producers keep running due to the cold temps they will lose $10 million in one month, if they shut down it will be $15 million a month. A release by the Renewable Fuels Association (RFA) that surveyed many automakers who resounded endorse E15. I guess that is a step above of not being able to charge your electric car when temperatures fall below 10 degrees. 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.