Happy Yom Kippur. The Corn & Ethanol Report 09/19/18

We kickoff the day with Housing Starts & Permits at 7:30 A.M., EIA Energy Stocks at 9:30 A.M., Dairy Product Sales and Milk Production at 2:00 P.M. On the Corn front the market was pressured yesterday with the latest round of tariffs announced that would add an additional $200 billion which scared investors initially but the Stock Market remained mostly positive. Corn harvest has been pegged at 10% complete and the crop maturing at 54% versus the five-year average of 36% and investors will be looking at weather patterns during harvest as Mother Nature continues her fickle ways. In the overnight electronic session the December Corn is currently trading at 344 ½ which is 1 ¼ of a cent higher. The trading range has been 344 ¾ to 343.

On the Ethanol front there were no trades posted in the October contract while the November contract posted 1 trade at 1.272 which is .002 lower. The October contract settled at 1.267 and is currently showing 1 bid @ 1.261 and 1 offer @ 1.266 with declining Open Interest at 1,058 contracts.

On the Crude Oil front the market had a lot to chew on in yesterday’s trading session with the Syrian downing of a Russian plane, President Trump meeting Poland President Duda forging a defense agreement and trade on Energies. Today we have the EIA Energy Stocks at 9:30 A.M. and the October contract expires today. Last night’s API Energy Stocks had Crude builds of 1.25 million barrels and Cushing down 1.485 million barrels while Distillates had a moderate build of 1.536 and Gasoline had builds of 1.536 million barrels. In the overnight electronic session the November contract is currently trading at 6957 which is 2 tics lower. The trading range has been 6995 to 6936.

On the Natural Gas front the market again is going nowhere fast even after Hurricane Gordon and President Trump opening exports of LNG to Poland and other countries in Eastern Europe. In the overnight electronic session the October contract is currently trading at 2.931 which is .002 lower. The trading range has been 2.941 to 2.923.

Have a Great Trading Day!
Dan Flynn