Daily Morning Report

Thursday, September 2–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with S&P 500 and Nasdaq futures near record highs. It’s been a quieter trading week on this unofficial last week of summer. However, Friday’s U.S. employment situation report from the Labor Department could cause some volatility in markets. The August non-farm payrolls component of the jobs report is expected to see growth of 720,000 workers compared to a rise of 943,000 non-farm jobs in July. As the “summer doldrums” end next Tuesday when traders and investors come back to work after a three-day U.S. holiday weekend, focus may become keener on elements that could be unsettling for the market place, such as the surge in Covid cases, China’s government crackdown on its businesses that it says are making too much money, and North Korea’s nuclear program.

In overnight news, the Euro zone July producer price index came in hot, at up 2.3% from June and up 12.1%, year-on-year.

The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are firmer and trading around $69.00 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.289%. 

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job-cuts report, the international trade report, revised productivity and costs, manufacturers’ shipments and inventories, and the monthly chain store sales index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,532.25 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are a firmer in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 15,686.00 and then at 15,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at this week’s low of 15,409.25. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are higher in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at this week’s high of 163 27/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at 163 even and then at this week’s low of 162 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

December U.S. T-Notes: Prices are higher in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is above the 9-day. The 9-day is even with the 18-day moving average. Oscillators (RSI, slow stochastics) are bullish early today. Shorter-term resistance lies at this week’s high of 133.22.0 and then at 134.00.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.14.0 and then at this week’s low of 133.07.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0

EURO CURRENCY

The December Euro currency futures are slightly higher in early U.S. trading. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1880 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1850 and then at this week’s low of 1.1808. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are firmer in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are bullish early today. Look for buy stops to reside just above technical resistance at this week’s high of $69.64 and then at $70.00. Look for sell stops just below technical support at the overnight low of $67.84 and then at this week’s low of $67.12. Wyckoff’s Intra-Day Market Rating: 6.0

GRAINS

U.S. grain futures were mostly lower overnight. The grain market bulls are in full retreat this week. Hurricane Ida has seriously disrupted shipping of U.S. corn and soybeans to overseas customers, and that’s very bearish. Most of U.S. corn and soybean exports go through the Mississippi River and Gulf of Mexico. Reports say China is now looking to Brazil to obtain soybeans, fearing that the U.S. won’t be able to supply their needs in the coming weeks. On tap today is the weekly USDA export sales report.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Wednesday, September 1–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with S&P 500 and Nasdaq futures near this week’s record highs. Risk appetite remains robust late this summer. However, it has not gone un-noticed in the marketplace that the calendar has turned to September, which begins a two-month stretch in which history shows stock and financial markets can become more turbulent. But this week is still the last unofficial week of summer, with Americans looking forward to the three-day Labor day holiday weekend. The “rubber will meet the road” for many traders and investors when they come back to work next Tuesday. There is one potential speed bump this week: Friday’s U.S. employment situation report from the Labor Department. The August non-farm payrolls component of the jobs report is expected to see growth of 720,000 workers compared to a rise of 943,000 non-farm jobs in July.

In overnight news, the Eurozone August manufacturing purchasing managers index (PMI) came in at 61.4 versus 62.8 in July. The August reading was close to market expectations.

The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are slightly up and trading around $68.65 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.316%. 

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP employment report, the U.S. manufacturing PMI, the ISM report on business manufacturing, construction spending, the global manufacturing PMI, and domestic auto industry sales.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,532.25 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at this week’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.0

December Nasdaq index futures: Prices are a bit higher in early U.S. trading. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at the contract high of 15,664.00 and then at 15,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at this week’s low of 15,409.25 and then at 15,300.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are slightly lower in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at this week’s high of 163 27/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at the overnight low of 162 16/32 and then at 162 even. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are slightly down in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at this week’s high of 133.22.0 and then at 134.00.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at the overnight low of 133.07.0 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are slightly higher in early U.S. trading. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at this week’s high of 1.1869 and then at 1.1900. Buy stops likely reside just above those levels. Shorter-term support is seen at this week’s low of 1.1808 and then at 1.1761. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.5

NYMEX CRUDE OIL

Nymex crude oil prices are slightly up in early U.S. trading. The shorter-term moving averages are bullish early today as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral to bullish early today. Look for buy stops to reside just above technical resistance at this week’s high of $69.64 and then at $70.00. Look for sell stops just below technical support at this week’s low of $67.67 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mixed to lower overnight. Bulls are fading this week. Hurricane Ida has seriously disrupted shipping of U.S. corn and soybeans to overseas customers, and that’s bearish. Most of U.S. corn and soybean exports go through the Mississippi River and Gulf of Mexico. Rains in the U.S. Midwest recently have also improved the corn and soybean crops and that’s also bearish.  

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Tuesday, August 31–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer overnight. The U.S. stock indexes are pointed to slightly higher openings when the New York day session begins, with S&P 500 and Nasdaq futures poking to record highs overnight.

In overnight news, the U.S. said it has fully pulled its troops and planes out of Afghanistan, ending a 20-year war with the Taliban, who declared victory over the world’s mightiest military.

The Euro zone consumer price index for August came in at up 3.0%, year-on-year, which was a bit hotter than expectations of up 2.7%. July’s CPI reading was up 2.2%.

China’s economy was jolted in August by the resurgence of the Covid virus. The world’s second-largest economy saw its unofficial non-manufacturing purchasing managers’ index (PMI) drop to 47.5 in August, compared to 53.3 in July. A reading below 50.0 suggests contraction in the sector. It was the lowest reading since February of 2020 for this segment of the PMI survey. Meantime, China’s manufacturing PMI in August came in at 50.1 from 50.4 in July.

Broker SP Angel today reported in an email dispatch that sales of gold jewelry in China have improved significantly over the past year among younger Chinese consumers–doubling demand in the first half of 2021. China’s overall economic recovery from the pandemic combined with the increasing popularity of e-commerce websites have helped the a boom in gold demand.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are lower and trading around $68.65 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.287%. 

U.S. economic data due for release Tuesday includes weekly chain store sales and the Johnson Redbook retail sales reports, the monthly house price index, S&P-Case-Shiller home index, the Chicago ISM business survey, and the consumer confidence index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are a bit weaker in early U.S. trading and did hit a contract and record high overnight. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical resistance comes in at the overnight contract high of 4,532.25 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at Monday’s low of 4,491.50 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 5.0

December Nasdaq index futures: Prices are slightly weaker in early U.S. trading and did hit a contract and record high overnight. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight contract high of 15,664.00 and then at 15,750.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at Monday’s low of 15,409.25 and then at 15,300.00. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.0.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are weaker in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral to bearish early today. Shorter-term technical resistance is seen at the overnight high of 163 26/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at Monday’s low of 162 28/32 and then at 162 9/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

December U.S. T-Notes: Prices are slightly down in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at the overnight high of 133.22.0 and then at 134.00.5. Buy stops likely reside just above those levels. Shorter-term technical support lies at Monday’s low of 133.09.0 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.5

EURO CURRENCY

The December Euro currency futures are higher and hit a three-week high in early U.S. trading. Bears still have the overall near-term technical advantage but a downtrend on the daily bar chart has now been negated to suggest a near-term market bottom is in place. The shorter-term moving averages for the Euro are bullish early today, as the 4-day is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators for the Euro are bullish early today. The Euro currency finds shorter-term technical resistance at 1.1900 and then at 1.1938. Buy stops likely reside just above those levels. Shorter-term support is seen at the overnight low of 1.1820 and then at 1.1800. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 6.0

NYMEX CRUDE OIL

Nymex crude oil prices are lower in early U.S. trading. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at Monday’s high of $69.64 and then at $70.00. Look for sell stops just below technical support at Monday’s low of $67.67 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mixed to lower overnight. Bulls are fading this week. Late-season rains across much of the U.S. Midwest have improved the corn and soybean crops and that’s bearish. The grain markets may trade sideways ahead of harvest and ahead of the Sept. 10 USDA monthly supply and demand report, when new crop production estimates will be released by the agency.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission

(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff

Monday, August 30–Jim Wyckoff’s Morning Markets Report

Global stock markets were mostly firmer in quieter trading overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins, with the Dow and Nasdaq futures poking to record highs overnight. U.S. trader and investor attention to start the trading week is on Hurricane Ida that pounded the Louisiana and Mississippi coasts Sunday and overnight. The final days of the U.S. evacuations in Kabul, Afghanistan occur early this week, after last week’s terror attack that killed scores. Later this week comes the all-important U.S. jobs report on Friday morning. This week is the unofficial last week of summer for Americans, ahead of the three-day Labor Day holiday weekend.

Traders have mostly digested last week’s Jackson Hole, Wyoming annual Federal Reserve symposium. While several Federal Reserve officials gave hawkish interviews last week, Fed Chairman Jay Powell said on Friday that while the Fed could begin to reduce its monthly bond purchases this year, it will be in no hurry to raise interest rates. Powell’s remarks were not deemed as being overly hawkish on U.S. monetary policy.

The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are lower and trading around $68.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.30%.

U.S. economic data due for release Monday includes pending home sales and the Texas manufacturing outlook survey.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading and hit a contract and record high overnight. Bulls have the solid overall near-term technical advantage. The shorter-term moving averages (4-, 9- and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Today, shorter-term technical resistance comes in at the contract high of 4,503.50 and then at 4,525.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at 4,475.00 and then at 4,450.00. Sell stops likely reside below those levels. Wyckoff’s Intra-day Market Rating: 6.5

December Nasdaq index futures: Prices are firmer in early U.S. trading and hit a contract and record high overnight. Bulls have the solid chart advantage. Shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day and 18-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral to bullish early today. Shorter-term technical resistance is seen at the contract high of 15,442.25 and then at 15,500.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,300.00 and then at last week’s low of 15,076.50. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 6.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance is seen at 163 16/32 and then at 164 even. Buy stops likely reside just above those levels. Shorter-term support lies at 162 24/32 and then at 162 9/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

December U.S. T-Notes: Prices are firmer in early U.S. trading. Shorter-term moving averages (4- 9- 18-day) are neutral early today. The 4-day moving average is below the 9-day and 18-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term resistance lies at 133.16.0 and then at 133.20.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.06.0 and then at 133.00.0. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 5.5

EURO CURRENCY

The December Euro currency futures are near steady in early U.S. trading. Bears still have the firm overall near-term technical advantage. The shorter-term moving averages for the Euro are neutral early today, as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators for the Euro are neutral to bullish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1834 and then at 1.1850. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1800 and then at Friday’s low of 1.1761. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

NYMEX CRUDE OIL

Nymex crude oil prices are weaker in early U.S. trading and hit a three-week high overnight. The shorter-term moving averages are neutral early today as the 4-day is above the 9-day and 18-day. The 9-day is below the 18-day moving average. Short-term oscillators (RSI and slow stochastics) are neutral early today. Look for buy stops to reside just above technical resistance at the overnight high of $69.64 and then at $70.00. Look for sell stops just below technical support at the overnight low of $67.67 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.5

GRAINS

U.S. grain futures were mixed to lower overnight. Late-season rains across much of the U.S. Midwest have improved the corn and soybean crops. The grain markets may trade sideways ahead of harvest and ahead of the Sept. 10 USDA monthly supply and demand report, when new crop production estimates will be released by the agency. On tap today is the weekly USDA export inspections report.

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission
(CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

Jim Wyckoff