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It's not who you are that holds you back.
It's who you think you are that holds you back.
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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
Once the Friday Unemployment report is out of the way. The US dollar is likely coming into a high right now and 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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Corn has severely tested support over the past two sessions and the 750 area has held that we have shown as support. 778-782 should be an attainable target into Friday if this was just a two day simple correction that has finished.
December Corn intraday Chart
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Beans |
After breaking so hard over the past month, resistance for beans is in the 1575-1580 region. This offers a sizable short covering rally to take place. The seasonal price tendency is higher for a few weeks now. A low was probably scored last night that will hold through the report.
Nov Bean Daily Chart
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Wheat
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The 28% retracement area of 910-920 continues to offer the downside support here/ Russia did not sell any wheat this week in the Iraqi tender, but France steeped in with offers just below our values. They don't have much to sell yet either and Australia is dry. A close above 962 is needed to get out of this range.
Minn. Dec Wheat Daily Chart
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Live Cattle and Feeder Cattle |
Yawn....as the charts clearly tell us, nothing has changed. Look for weakness sooner and higher prices later. Cash bids and offers are poorly defined. Choice beef is 190.50, and packers are losing $33 per head. Corn most likely has some tricks up its sleeve to the upside, and this will not bode well for feeder cattle as they come off grass going further into autumn. After that, however, prices could get explosive. Don't bet the farm on that scenario. In other words, if you have a nice profit now, take it. Don't work your tail off all winter pumping more money into them, betting on the come. If there's lots of moisture this winter, and it's not too cold, that bet would pay off. If not....OUCH!
October Live Cattle Daily Chart
Feeder Cattle Daily Chart
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Gold
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Gold is up against resistance. 1800-1820 is a pretty big deal, but if the dollar turns lower now on cue, then maybe Gold can punch through it. Look for choppiness and lack of follow if gold pops above 1800 for now.
December Gold Daily Chart
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Crude |
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China says its services sector slowed in September but still is growing. China is a huge importer of commodities like oil, so slower growth there could cut into demand for oil. That's overshadowing news that U.S. service companies grew in September. Meanwhile, the government says crude inventories fell slightly last week but remain 8.4 percent above year-ago levels. Gasoline supplies rose and oil was knocked down to support. 87.50-88.00 should be critical here, especially if the US dollar turns back lower. The pump price should be coming down soon or refiners and gas stations will have some explaining to do.
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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