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We kickoff the day with Export Sales, Initial Jobless Claims (Dec/3), Jobless Claims 4-Week Average (Dec3), and Continuing Jobless Claims (Nov/26) at 7:30 A.M., EIA Natural Gas Change (Dec/2) at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M.
On the Corn Front Jocelyn Garcia with Agricensus wrote that analysts polled expect no changes to old corn crop in tomorrow’s Crop Production USDA Supply/Demand and WASDE data. Brazil’s corn exports to China are on the upswing with no solid data as to the size. A reminder that you don’t want to bet against commercials. However, speculators still swing a big bat of price influence. In mid-June Federal Reserve Chairman Jerome Powell warned of a recession and speculators wasted no time in dumping long positions. By mid-July March corn fell below $6.00. In the overnight electronic session the December corn is currently trading at 630 which is 21/4 cents higher. The trading range has been 630 to 627 ¾.
On the Ethanol Front production is near a one-year high. Production averaged 1.077 million barrels a day, up 59,000 on the week but down 13,000 on the year. Stocks grew to 23,257 million barrels, an increase of 323,000 barrels from the previous week and 2,973 on the year. 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.