S&P and NASDQ Record Highs. The Corn & Ethanol Report 12/13/19

We kickoff the day with Retail Sales with Import and Export Prices at 7:30 A.M., Business Inventories at 9:00 A.M. and Baker-Hughes Rig-Count at High Noon. The market rallied after news President Trump signed off on “Phase 1” of the U.S.-China trade deal. Latest word is China is pulling a tactical delay to sign the deal to the last-minute as the U.S. signed off to avoid additional tariffs on Sunday. China is supposed to have a Press Conference at 8:30 A.M. today. Once again the runner is rounding 3rd base and there will be a close play at the plate. Today is Last Trading Day on December Grains. Grain prices as well as other commodities prices were buoyed that the deal is at our finger tips. In the overnight electronic session the March Corn is currently trading at 381 which is 3 ¼ cents higher. The trading range has been 384 ¼ to 380 ½.

On the Ethanol front supplies have hit a five-week high as blending fell to the second lowest weekly rate in 2019 with demand taking a nosedive. In the overnight electronic session the January contract posted a trade at 1.359 which is .015 higher. The market is currently showing 1 bid @ 1.347 and 1 offer @ 1.417 with 1 contract traded and Open Interest dropping to 306 contracts.

On the Crude Oil front the market hit $60 a barrel and backed off with China stalling on the trade agreement. In the overnight electronic session the January Crude Oil is currently trading at 5974 which is 56 points. The trading range has been 6000 to 5930.

On the Natural Gas front weather forecast put the market in sell mode again and supply & demand issues. In the overnight the January contract is currently trading at 2.268 which is 6 cents higher. The trading range has been 2.342 to 2.253.

Have a Great Trading Day!
Dan Flynn