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Monday, February 27, 2023 11:27:27 AM
Closing In On Spring. The Corn & Ethanol Report
By: Daniel Flynn | February 27, 2023
We kickoff the day with Durable Goods Orders MoM, Durable Goods Ex Transportation MoM, Non-Defense Goods Orders Ex Air and Durable Goods Orders ex Defense MoM at 7:30 A.M., Pending Home Sales MoM & YoY at 9:00 A.M., Dallas Fed Manufacturing Index and Fed Jefferson Speech at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., and Trout Production at 2:00 P.M.
On the Corn Front weather in the US and South America is another factor weighing in on the pendulum as other factors come into play with the USDA January report showing a reduction of 1.6 million acres of corn harvested in the 2022 crop and Argentina is experiencing their worst drought in 60 years. The 2023 production estimate pressured the market and the export market is doing anything but hype the bulls. We most likely will have a clearer direction after Prospective Plantings on March 31st. I still see a danger zone with food shortages with corn feed for livestock and global demand for food for human consumption. In the overnight electronic session the March corn is currently trading at 651 ¼ which is 1 ¼ of a cent lower. The trading range has been 654 to 649 ¾.
On the Ethanol Front Alexandria Chapman and Eduardo Tinti reporting for Fastmarkets Agricensus said Brazilian officials will decide on ethanol, gasoline tax exemption. A group of Brazilian officials including President Luiz Inacio da Silva will meet today in an effort to make the ethanol, gasoline market affordable. This is showing a thriving ethanol cash market while US ethanol futures remain dormant.
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By: Daniel Flynn | February 27, 2023
We kickoff the day with Durable Goods Orders MoM, Durable Goods Ex Transportation MoM, Non-Defense Goods Orders Ex Air and Durable Goods Orders ex Defense MoM at 7:30 A.M., Pending Home Sales MoM & YoY at 9:00 A.M., Dallas Fed Manufacturing Index and Fed Jefferson Speech at 9:30 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., and Trout Production at 2:00 P.M.
On the Corn Front weather in the US and South America is another factor weighing in on the pendulum as other factors come into play with the USDA January report showing a reduction of 1.6 million acres of corn harvested in the 2022 crop and Argentina is experiencing their worst drought in 60 years. The 2023 production estimate pressured the market and the export market is doing anything but hype the bulls. We most likely will have a clearer direction after Prospective Plantings on March 31st. I still see a danger zone with food shortages with corn feed for livestock and global demand for food for human consumption. In the overnight electronic session the March corn is currently trading at 651 ¼ which is 1 ¼ of a cent lower. The trading range has been 654 to 649 ¾.
On the Ethanol Front Alexandria Chapman and Eduardo Tinti reporting for Fastmarkets Agricensus said Brazilian officials will decide on ethanol, gasoline tax exemption. A group of Brazilian officials including President Luiz Inacio da Silva will meet today in an effort to make the ethanol, gasoline market affordable. This is showing a thriving ethanol cash market while US ethanol futures remain dormant.
Read Full Story »»»
DiscoverGold
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