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We kickoff the day with PPI MoM and YoY (Oct), Core PPI MoM and YoY (OCT), and New York Empire State Manufacturing Index (Nov) at 7:30 A.M., Redbook YoY (12/Nov) at 7:55 A.M., Fed Cook Speech at 8:99 A.M., S Barr Testimony at 9:00 A.M., NOPA Crush at 11:00 A.M., and API Energy Stocks at 3:30 P.M.
On the Corn Front crop yields and production decline slightly despite the thin global supplies. Meanwhile, a Michigan truck hauling 40 tons of corn hits an SUV killing the driver police say. This is more bad news for the food chain as we head into winter. In the overnight electronic session the December corn is currently trading at 654 ¼ which is 3 cents lower. The trading range has been 657 ½ to 653 ¼.
On the Ethanol Front production in Brazil is expected to be up nearly 9% this year, with fuel ethanol production up 8%, according to a report filed with the USDA Foreign Agriculture Services Global Agriculture Information Network. This may explain why Brazil’s export market thinning as they move to corn-based ethanol versus sugar-based. There were no trades in ethanol futures.
Have A Great Trading Day!
Dan Flynn
Questions? Ask Dan Flynn today at 312-264-4374
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Image and article originally from blog.pricegroup.com. Read the original article here.