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We kickoff the day with Export Sales, Retail Sales MoM, Retail Sales EX Autos MoM, Ny Empire State Index, Philadelphia Fed Manufacturing Index, Initial Jobless Claims 4-Week Average, Philly Fed Business Conditions, Philly CAPEX Index, Philly Fed Employment, Philly Fed New Orders, Philly Fed Prices Paid, Retail Sales Ex Gas/Autos MoM, Retail Sales YoY and Continuing Jobless at 7:30 A.M., Industrial Production MoM & YoY, Manufacturing Production MoM & YoY and Capacity Utilization at 8:15 A.M., Business Inventories MoM and Retail Inventories Ex Autos MoM at 9:00 A.M. EIA Natural Gas Stocks Change at 9:30 A.M., 4-Week & 8-Week Bill Auction at 10:30 A.M., NOPA Crush at 11:00 A.M., Net Long-term Tic Flows, Overall Net Flows and Foreign Bond Investment at 3:00 P.M.
On the Corn Front we traded lower yesterday with the futures trying to find value with export and ethanol demand slowing old crop supplies and dry weather in Argentina and Southern Brazil. While Brazil’s exports are on the rise reaching 6.8 mmt vs. 3.4 last year. Their exports are mainly going to China as the US is not holding China to fair trade practices like we did six years ago. With tariffs and other avenues other than agriculture kept China in check. Whispers the USDA underestimated Brazil’s corn crop last year. There will be more to come on this story in the near future. In the overnight electronic session the March corn is currently trading at 649 ¾ which is ¾ of a cent lower. The trading range has been 650 ¾ to 648 ½.
On the Ethanol Front The Brownfield Ag News reports that ethanol stocks swell, while production down. The EIA said production averaged 1.061 million barrels per day (mbd), down 16,000 on the week and 26,000 on the year. With another sign of slowing demand, stocks jumped 1.152 million barrels to 24.209 million, the largest supply since mid-April and 3.526 million above last year. The RFA says input by ethanol refiners and blenders were up 3.7% from last week, but the volume of gasoline supplied fell 1.2%. Not a winning proposition for this administrations energy policy. 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.