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The Corn And Ethanol Report: 03/20/18

Published 03/20/2018, 09:29 AM
Updated 07/09/2023, 06:31 AM

Spring Has Sprung!

Although temperature wise it does not feel like spring on the calendar is. Today we have reports on Milk Production at 2:00 P.M. and API Energy Stocks at 3:330 P.M. We also have FED meetings today and tomorrow. The April Crude Oil expires today. On the Corn front the May Corn is currently trading at 374 ¾, which is ¼ of a cent lower. The trading range has been 377 to 374 ¾. News reports from Michael Hogan with Thomson Reuters in Hamburg, that the European Union’s proposal to impose duties on modest U.S. Corn imports that would not cause major pain for European imports or U.S. exporters, experts said on Monday, as Brussels draws up a response to Washington’s plan for tariffs on Metals. This could leave the EU importers from facing strong competition as they seek alternative supplies in the coming months due to heavy buying by China, and problems with crops in South America which is a major producer of Corn.

On the Ethanol Front China’s top independent oil refiner is buying Ethanol and two others are seeking government approval to blend the biofuel into their gasoline ahead of the 2020 deadline to add it to the nation’s fuel supply according to Reuters. China mandated last September that Gasoline should contain 10% Ethanol, an alcohol that is produced from Corn known as e10. In the overnight electronic session the April Ethanol is currently trading at 1.470 which is .007 higher. The trading range has been 1.472 to 1.469. 6 contracts traded and Open Interest at 1,022 contracts. The market is currently showing 4 bids @ 1.463 and 1 offer @ 1.469.

On the Crude Oil front the market is back shrugging off the big selloff in the Stock Market yesterday. Saudi Aramco is scaling back its ambitions for a public offering for the Oil giant only to be listed on the Saudi stock exchange. In the overnight electronic the May Crude Oil is currently trading at 6326 which is 113 points higher. The trading range so far has been 6133 to 6213.

On the Natural Gas front the market is trading a tad higher mostly due to cooler March temperatures and the possibility of another snow. The April Natural Gas is currently trading at 2.653 which is 2 tics higher. The trading range has been 2.667 to 2.650.

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