Russia Crashed the Turnaround Tuesday Party. The Corn & Ethanol Report 11/19/19

We kickoff the day with Housing Starts & Permits at 7:30 A.M., Redbook at 7:55 A.M., FED Williams Speech at 10:00 A.M. and API Energy Stocks at 3:30 P.M. On the Corn front the Crop Progress data showed that U.S. Corn harvest was 76% complete which is well below the five-year average of 92%. We also have to contend with Brazilian exports as the Brazilian Real is cheap versus the U.S. dollar exchange rate. In the overnight electronic the December Corn is currently trading at 368 ½ which is ¾ of a cent higher. The trading range has been 369 ¼ to 367 ¾.

On the Ethanol front, there were no trades posted in the overnight electronic session. The December contract settled at 1.414 and the market is currently showing 2 bids @ 1.394 and 1 offer @ 1.438 with open interest at 337 contracts.

On the Crude Oil front, more fake news or headlines that Russia will not do further production cuts. How many times are they going to kick that dead horse. Almost every time we get that headline, Russia goes to the OPEC meeting and is onboard with cuts. That means we have the selloff that turns out to be a golden buy. I look for more of the same this time around and we have the API Energy Stocks tonight. In the overnight electronic session the January Crude Oil is currently trading at 5641 which is 74 points lower. The trading range has been 5721 to 5622.

On the Natural Gas front, the weather modules continue to change the forecast to warmer weather.  Although, it does not feel that way. The December Natural Gas is currently trading at 2.521 which is 4 ½ cents lower. The trading range has been 2.560 to 2.513.

Have a Great Trading Day!
Dan Flynn