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Happy Commodities

By Dan FlynnCommoditiesJul 03, 2019 11:00AM ET
Happy Commodities
By Dan Flynn   |  Jul 03, 2019 11:00AM ET
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Happy Independence Day!

Good Morning!

This shortened week on the 4th of July eve we are cramming as many reports as we can starting with Jobless Claims and U.S. Trade Balance at 7:30 A.M., Factory Orders and ISM Non-Manufacturing Index at 9:00 A.M., EIA Gas Storage at 11:00 A.M. and Dairy Product Sales at 2:00 P.M. On the Corn front we more than filled the gap and fund selling is drying up. We do not have to estimate acreage because it is all under water. And do we have to speak about yields, hot muggy weather or even an early frost? Not to be redundant but, “it is not what you plant but what you grow.” And I do not expect a bountiful harvest. In the overnight electronic session the December Corn is currently trading at 431 ¾, which is 5 ¾ cents higher. The trading range has been 431 ¾ to 426 ½.

On the Ethanol front the July contract goes off the board today. There were no trades posted in the overnight electronic session with the August contract settlement price at 1.502 and the market is currently showing 2 bids @ 1.511 and 2 offers @ 1.523 with Open Interest at 680 positions.

On the Crude Oil front we had a larger draw than expected on the API Energy Stocks with Crude inventories down 5MLn barrels versus the streets guesstimate of draws of 3Mln barrels, Gasoline showed draws of 0.387 barrels, Distillates down 1.7Mln barrels while Cushing Oklahoma showed builds of 88.2 thousand barrels. Have the holiday markets had their reality check yet? The August Crude Oil is currently trading at 5702, which is 77 points higher. The trading range has been 5707 to 5604. The market is roaring back to fair value in this volatile shortened week.

On the Natural Gas front we have the EIA Gas Storage number a day earlier but at a later time in the day at 11:00 A.M. The Thomson Reuters poll with 18 analysts participating expect injection builds ranging from 76 bcf to 94 bcf with the median build of 85 bcf. This compares to the one-year build of 55 bcf and the five-year average injection of 71 bcf. In the overnight electronic session the August Natural Gas is currently trading at 2.275, which is 3 ½ cents higher. The trading range has been 2.282 to 2.237.

Happy 4th of July!

God Bless Our Troops Fighting For Our Freedoms That Some Take For Granted!

Have a Great Trading Day!

Happy Commodities

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