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The Corn And Ethanol Report: 11/12/19

Published 11/12/2019, 10:45 AM
Updated 07/09/2023, 06:31 AM

Full Moon Arisen

Good Morning!

We kickoff this Full Moon and winte-rlike fall day with certain reports delayed for the Veterans Day holiday. President Trump will address the Economic Club of New York and investors will be listening to the next headline of any forward progress in the U.S.-China trade talks. Economic data today starts with NFIB Business Optimism Index at 7:00 A.M., Redbook at 9:55 A.M., Consumer Inflation Expectations (Oct) and Export Inspections at 10:00 A.M., 3 & 6-month Bill Auction at 10:30 A.M., Trump Speech at 11:00 A.M., FED Harker Speech at 12:00 P.M., Crop Progress at 3:00 P.M. and FED Kashkari Speech at 5:00 P.M.

On the Corn front, we are going nowhere fast with lagging farmer selling and export demand. Investors will be listening for any cue the President might offer on trade at his luncheon today. In the overnight electronic session the December Corn is currently trading at 373 ½, which is a ¼ of a cent higher. The trading range has been 375 to 374 ¼.

On the Ethanol front, South Dakota’s elected officials are urging the EPA to ensure that 15 billion gallons of Ethanol is annually blended into the country’s fuel supply. Gov. Kristi Noem, U.S. Sens. John Thune and Mike Rounds and U.S. Rep. Dusty Johnson are concerned the EPA’s proposed blending rule for 2020 does not follow President Trump’s directive to restore billions of gallons lost by granting exemptions to certain refineries. In the overnight electronic session the December contract posted a trade at 1.428. The market is currently showing 1 bid @ 1.421 and 1 offer @ 1.460. 2 contracts traded and Open Interest is at 348 contracts.

On the Crude Oil front, we are coming in higher this morning. In the overnight electronic session the December Crude Oil is currently trading 5697, which is 11 points higher. The trading range has been 5728 to 5655. And we will wait for API Energy Stocks postponed until tomorrow.

On the Natural Gas front, the market got a Tuesday bounce and not a Turnaround Tuesday but a bounce from the large selloff yesterday. In the overnight electronic session the December Natural Gas is currently trading at 2.667, which is 3 cents higher. The trading range has been 2.676 to 2.631.

Have a Great Trading Day!

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