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"People do not care how much you know until they know how much you care."
- John Maxwell
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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
I think the charts below, courtesy of CIS, explains my feasting before famine comments during harvest. Grain was succesfully stollen from farmers and prices will now need to be pinched next year, as we wait for a hopeful record crop.
US Dollar Daily Chart
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Corn |
Closing corn above 770 confirms the head and shoulders bottom on the charts and targets 790-800 for an initial recovery target. Buy breaks to 750-755.
December Corn intraday Chart
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Beans |
Soybeans still need a close above 1568 to technically stop the negative momentum. Support is evident at 1525. Buy January beans on a pullback to 1525-1530.
Nov Bean Intraday Chart
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Wheat
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Wheat futures rose Friday after Ukraine said it may run out of supplies for export next month, fueling hopes for increased demand for US supplies. The country has contracts to ship a total of 5.4mmt of wheat for shipment in its current crop season, a figure that already accounts for the country's total surplus that could be used for exports. A close above 962 is needed to get out of this range. Seasonal price preasures turn up here and rallies can be expected.
Minn. Dec Wheat Daily Chart
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Live Cattle and Feeder Cattle |
Friday's Cattle On Feed was considered friendly, with on feed numbers 3% below a year ago, and placements 18.8% below a year ago vs. expectations of -15%. The marketing number was not quite as good as expected. Although the kill rate is down, it is being offset by record October carcass weights of 802 pounds (21 pounds heavier than last year). When the drought breaks, bidding will become fierce. There are no signs of that yet happening. There will most likely be some real fireworks in the cattle market in 2013.
December Live Cattle Daily Chart
November Feeder Cattle Daily Chart
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Gold
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1750-1755 has become strong resistance. If a rally continues up to there, sell it with a $10 stop.
December Gold Intraday Chart
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Crude |
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We are rolling to the December contract. The 88.00 value for support is coming under attack. With the November contract expiring today, that typically brings in a reversal. If not, two closes below 87.90 and oil will drop to the low 80's.
December Crude Oil Daily Chart
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10-22-12
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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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