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The Corn & Ethanol Report: Recession! Who Knew?

By Dan FlynnCommoditiesJul 29, 2022 10:43AM ET
www.investing.com/analysis/the-corn--ethanol-report-recession-who-knew-200627832
The Corn & Ethanol Report: Recession! Who Knew?
By Dan Flynn   |  Jul 29, 2022 10:43AM ET
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We kickoff the day with Personal Income MoM (June), Personal Spending MoM (June), Employment Cost Index  QoQ Q2, PCE Price Index MoM and YoY (June), Employment Cost-Benefits QoQ Q2, Employment Cost-Wages QoQ Q2 and Core PCE Prices MoM & YoY (June), Chicago PMI (July), Michigan Consumer Sentiment Final, Michigan 5-Year Inflation Expectations Final, Michigan Current Conditions Final and Inflation Expectations Final, and Baker Hughes Oil and Total Rig Count.

On the corn front, we are in a weather market. Look at the Jet Stream, which you can see severe weather conditions across the board, and we are in a critical time during pollination. The export market remains slow, but expect that to change during the autumn months. The Corn Belt is at a high risk for the weather next week, and it is no secret the grain is oversold, with the fundamentals and weather driving this market. In the overnight electronic session, the September corn is currently trading at 625 1/2 which is 10 ½ cents higher. The trading range has been 626 to 612.

On the ethanol front, it seems like a quiet day, with no new headlines in the cash market, while futures remain drydock.

On the crude oil front, the futures realize the risk and are taking another leg up. Our inventory is low and Russia is cutting gas on the Nord Stream. If the administration would stop strangling the oil industry a lot of our woes would take care of itself. So many factors, like employment and other problems, would be resolved for everyday Americans. In  the overnight electronic session the September crude oil is currently trading 9871 which is 229 points higher. The trading range has been 9902 to 9641.

On the natural gas front, Europe’s heatwave forced a shift to coal and natural gas. Who thunk? Enough said. I don’t need to stress on the stress their power grid is taking. And coal and gas are the answers. All of the sunshine and wind will keep up with demand. In the overnight electronic session the September natural gas is currently trading at 8.257, which is 0.123 higher. The trading range has been 8.268 to 8.060.

The Corn & Ethanol Report: Recession! Who Knew?
 

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The Corn & Ethanol Report: Recession! Who Knew?

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