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The Corn And Ethanol Report 07/19/18

Published 07/19/2018, 09:38 AM
Updated 07/09/2023, 06:31 AM

Jobs Number Today

We kickoff the day with Export Sales and Jobless Claims at 7:30 A.M. followed by EIA Gas Storage at 9:30 A.M. On the Corn front after two consecutive higher closes the market is trading easier in the overnight electronic session. The market is looking ahead to Export Sales and of course weather. Corn exports are ahead of last year and I see more of the same this year as we will be closely monitoring yields. The September Corn is currently trading at 345 ¾ which is 1 ½ of a cent lower. The trading range has been 347 ¾ to 345 ½.

On the Ethanol front there were no trades posted in the overnight electronic session. The August contract settled at 1.412 and the market is currently showing 1 bid at 1.401 and 5 offers at 1.416. While production is up from last year, Stocks are down from last year emulating the Crude Oil market.

Speaking of Crude Oil today is the Last Trading Day in the August contract. The market is trading lower this morning. In the overnight electronic session the September Crude Oil is currently trading at 6701 which is 74 points lower. The trading range has been 6796 to 6662. We have had a lot a bearish headlines recently but at the end of the day or year for that fact we will be tight on supplies.

On the Natural Gas front we have the EIA Gas Storage data this morning. The Thomson Reuters poll with 23 analysts participating expect builds anywhere from 48 bcf to 62 bcf with the median of 57 bcf. This compares to the one-year build of 31 bcf and the five-year average of 62 bcf. In the overnight electronic session the August contract is currently trading at 2.726 which is a ½ of a cent higher. The trading range has been 2.734 to 2.715. Bears are thirsting to pounce on this market.

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