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"Be content to act, and leave the talking to others."
- Baltasa
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Commentary |
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Today's noon radio report is my commentary. Click the link below.
Market talk link here
The US dollar is likely coming into a high right now that should translate into selling later in the week that causes buying for commodities in general.
US Dollar Daily Chart
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Corn |
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My intraday work now has corn with friendly price momentum. Support is 750-752 with major support to buy at 735-740. Corn is not being rationed just because the USDA says so. Ethanol is still being made in too large of quantities yet and cattle are in the feedlots 5 pounds heavier than last year. Corn is being stolen down here and new highs are in the future.
December Corn intraday Chart
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Beans |
Soybeans fell through the 38% retracement support, but the July low of 1530 should be key here. After Oct 2, historically beans rise in price. Like corn, a low is close at hand. A run under 1550 seems to be setting up for a blowout low.
Nov Bean Daily Chart
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Wheat
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Russia is not selling wheat now and the seasonals favor wheat prices rallying this time of year. A good export deal to Egypt is what wheat needs to see to get this market out the topside.
Chicago Dec Wheat Daily Chart
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Live Cattle and Feeder Cattle |
Cash asking prices are $125, and $195 plus on a dressed basis. Choice cutouts are $189 and packer margins are $52 per head in the red. Cattle opened lower, and put in a reactive bounce after profit taking in corn from last night's highs. Same old story...look for further weakness in the near term and fireworks down the road.
October Live Cattle Daily Chart
Feeder Cattle Daily Chart
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Gold
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Gold is up against some pretty stiff resistance. 1800-1820 is a pretty big deal, but if the dollar turns lower now on cue, then maybe things are just getting warmed up. Look for choppiness and lack of follow through for now if gold pops above 1800 for now.
December Gold Daily Chart
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Crude |
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We had showen 88.00-89.00 as support and the spike low went to 88.95. For this week, 94.50-95.00 is resistance until the US dollar turns lower later in the week.
November Crude Oil Daily Chart
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10-01-12
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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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