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"A long life may not be good enough, but a good life is long enough."
- Benjamin Franklin
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Commentary |
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Today's noon radio report is my commentary, listen to it. Click the link below.
Market talk link here
US Dollar Daily Chart
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Corn |
The retreat in corn prices is setting up a potential bullish Head and Shoulders bottom formation. I had said after the stocks report 735-740 is MAJOR support and that is now being tested. The trade is going into the report with a negative slant, that odds favor even a negative report causes a rally.
December Corn intraday Chart
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Beans |
The yield guess is for beans to be as high as 37-38 bushels per acre. That is mostly priced in and beans may take out last week's low briefly if confirmed. The July 4th crop report gap is a technical point that will hold if we are in a bull market. That number is 1478-1492.
Nov Bean Intraday Chart
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Wheat
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The 38% retracement area of 910-920 continues to offer the downside support here. A close above 962 is needed to get out of this range. The talk is world stocks are being drawed down in Europe because they are feeding it and will eventualy have to buy corn.
Minn. Dec Wheat Daily Chart
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Live Cattle and Feeder Cattle |
There is still very limited inquiry in the cash market, with offers at $126. The product market is holding at $191 choice, but it will have to go higher for both feedlots and packers to make money (packer margins -$34). Feeder cattle are nervous going into tomorrow's crop report....they should be. Weaker prices now mean higher prices later. The moisture situation this coming winter will be the most significant factor for cattle prices in the months ahead.
December Live Cattle Daily Chart
November Feeder Cattle Daily Chart
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Gold
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Gold has fallen off from the support of the purple line and now is looking for new support. That shows up at 1750-1755. Getting back above 1780 is going to be tough for awhile unless the US dollar confirms it has turned lower from the first of the month.
December Gold Intraday Chart
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Crude |
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Crude found legs at the 88.00 value and now looks to be trapped on the upside at 94.00. The US dollar is chopping sideways, so expect the same on oil till the US dollar trends one way or the other.
November Crude Oil Daily Chart
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10-08-12
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NOTE: With the exception of livestock, all trades will be entered in the electronic markets unless otherwise noted. Hedge recommendations and Trade recommendations are totally separate, and may sometimes conflict with one another. It is strongly suggested that Spec trades and Hedge trades be done in separate accounts.
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A word to the Wise
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management , Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL . NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited.
Newsletter provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.
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