Harvest Near Complete. The Corn & Ethanol Report 11/21/17

Today we have Existing Home Sales at 9:00 A.M. and API Energy Stocks at 3:30 p.m. Yesterday’s Crop Progress Report showed the harvest was near completion but rains in portions of the country put a snag in the overall picture. Rains in the Eastern Corn Belt and the Southeast slowed farmers with wet conditions. In the overnight electronic session the December Corn is currently trading in a quiet trading range with the last price at 343 ½ which is 1 ½ of a cent lower. The trading range has been 344 ¼ to 343 ½. Next week’s Crop Progress Report should be the final act of this year’s growing season.

On the Ethanol Front the December contract posted a trade at 1.406 which is .008 of a cent higher. 1 contract traded and Open Interest has declined to 942 contracts. The market is currently showing 2 bids @ 1.383 and 2 offers @ 1.404.

On the Crude Oil front the market sold off Sunday night after Germany really gave a no confidence to Angela Merkel as she seems to have lost her coalition with her refugee policy, this sent the U.S. dollar soaring as investors overreacted and were looking for a safe haven which also pummeled the Gold and the Stock Market sold off only to recover later in the day trading session. In the overnight electronic session the January Crude Oil is currently trading at 5648 which is 6 tics higher. The trading range has been 5688 to 5632. This afternoon’s API Energy Stocks has whisper numbers of another big draw and talks of OPEC extending production cuts could really set this market in balance.

On the Natural Gas front the market is quiet even with cold temperatures on the way and were trading a little easier for the moment. In the overnight electronic session the December Natural Gas is currently trading at 3.037 which is 1 cent lower. The trading range has been 3.044 to 3.014.

Have a Great Trading Day!
Dan Flynn


Questions? Ask Dan Flynn today at 312-264-4374

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