Crop Production USDA Supply Demand & API Energy Stocks. The Corn & Ethanol Report 09/12/17

A Reuter’s poll for Crop Progress with 11 analysts polled showed no change in their thoughts of good-to-excellent ratings for Corn and a slight decline in Soybeans. And the actual came in pretty much as expected. The question is will there be any cause and effect from the Hurricanes and wild weather across the lower 48 that could influence today’s Crop Production USDA Supply/Demand data. In the overnight electronic session the December Corn is currently trading at 356 ¼ which is 1 ¼ of a cent lower. The trading range has been 357 ¼ to 354 ¼. We continue to monitor Hurricane Jose a Category 1 with sustained winds at 65 knots moving east at 5 knots and expected to threaten North Carolina or go back out to the Atlantic which would put our north-east coast on alert. We are also watching a Disturbance several hundred miles west of the Cabo Verde Islands.

On the Ethanol front there were no trades posted in the overnight electronic session. The October contract settled at 1.544 and is currently showing 7 bids @ 1.538 and 1 offer @ 1.550 with Open Interest at 831 contracts.

On the Crude Oil front the market has seen choppy trade in the overnight electronic session. The October contract is currently trading at 4826 which is 19 points higher. The trading range has been 4844 to 4773. At 3:30 P.M. we have the API Energy Stocks in which the number may be trumped because of the need to get Gasoline to Texas and Florida so they can get back on their feet ASAP. They have a crisis with no gas stations having Gasoline and at the moment trying to get loved one’s left behind for whatever reason and assessment of damage to their property. If you look at Port Arthur, Texas when the refineries were under water because of Harvey in which we lost over 20% of refinery capacity in a short time, and you have to tip your cap to the oil companies getting them back online in such a timely manner.

On the Natural Gas front the market is looking strong again and the October contract is attempting to punch through psychological resistance at $3 in today’s action. In the overnight electronic session the October contract is currently trading at 2.980 which is 3 cents higher. The trading range has been 2.991 to 2.936.

Have a Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374

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