Fed Decision Today. The Corn And Ethanol Report
We kicked off the day with MBA Mortgage market Index (21/Jan), MBARefinance Index (21/Jan), MBA Purchase Index (21/Jan), and MBA Mortgage Applications (21/Jan) at 6:00 A.M., Goods Trade Balance Adv (Dec), Retail Inventories Ex Autos MoM Adv (Dec) and Wholesale Inventories Adv (Dec) at 7:30 A.M., New Home Sales *Dec), New Home Sales MoM (Dec) at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 2-Year FRN Auction at 10:30 A.M., Fed Interest Rate Decision at 1:00 P.M., and Fed Press Conference at 1:30 P.M.
On the Corn front, the futures ended up mixed in yesterday’s action. Again there is talk about U.S. export demand in other countries than China due to lower South American supplies and uncertainty over Ukraine exports. Now we throw in an interest rate hike and we should see the markets rumble. In the overnight electronic session the March corn is currently trading at 622 ¾ which is 3 cents higher. The trading range has been 623 ½ to 615.
On the Ethanol front, Gov. Kim Reynolds is renewing efforts to require higher ethanol blends at Iowa pumps. While French motorists are guzzling ethanol as prices surge. Brent crude is at a 14 year high. There were no trades or open interest in ethanol futures.
On the Crude and Products Front last night’s API’s showed draws in crude of -872,000 barrels, builds in gasoline of +2.4 million withdraws in distillates -2.2 million and Cushing -1 million.
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