Daily Morning Report

Tuesday, September 7–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed in quiet overnight trading. The U.S. stock indexes are pointed to narrowly mixed openings when the New York day session begins. Time to get back to work for those North American and European traders and investors that had been coasting the past several weeks. With U.S. stock indexes not far below their recent record highs, market watchers are wondering if those gains can be extended in the coming weeks, during what history shows can be rocky times for the stock and financial markets. Economic data highlights this week include scheduled speeches by some U.S. Federal Reserve officials and the regular monetary policy meeting of the European Central Bank on Thursday. Last Friday’s downbeat U.S. jobs report has many thinking the Fed won’t be able to taper its bond-buying as soon as many Fed officials want.

In overnight news, the Australian central bank said it is going to reduce its bond-buying program by 20%. The central bank left its interest rates unchanged.

Meantime, China got some good economic numbers as its exports in August were up 25.6%, year-on-year, which handily beat expectations of up 17%. Imports rose 33.1% compared to expectations of up 25.7%. The figures were in U.S. dollar terms.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are lower and trading around $68.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.365%. 

U.S. economic data due for release Tuesday is light and includes the employment trends index.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are near steady in early U.S. trading and not far below last week’s contract and record high. 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 4,539.50 and then at 4,550.00. Buy stops likely reside just above those levels. Downside support for active traders is seen at last 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: 5.5

December Nasdaq index futures: Prices are a slightly down in early U.S. trading after hitting 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 15,702.25 and then at 15,800.00. Buy stops likely reside just above those levels. On the downside, shorter-term support is seen at 15,500.00 and then at last week’s low of 15,409.25. 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 solidly down 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 below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance is seen at the overnight high of 162 26/32 and then at 163 even. Buy stops likely reside just above those levels. Shorter-term support lies at 161 25/32 and then at 161 16/32. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

December U.S. T-Notes: Prices are down 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 below the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term resistance lies at the overnight high of 133.12.0 and then at 133.16.0. Buy stops likely reside just above those levels. Shorter-term technical support lies at 133.00.0 and then at 132.25.5. Sell stops likely reside just below those levels. Wyckoff’s Intra-Day Market Rating: 4.0

EURO CURRENCY

The December Euro currency futures are slightly lower in early U.S. trading after hitting a four-week high last Friday. 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 neutral to bearish early today. The Euro currency finds shorter-term technical resistance at 1.1938 and then at 1.1975. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1858 and then at last week’s low of 1.1808. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 4.5

NYMEX CRUDE OIL

Nymex crude oil prices are lower 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 bearish early today. Look for buy stops to reside just above technical resistance at the overnight high of $69.48 and then at $70.00. Look for sell stops just below technical support at $68.00 and then at $67.00. Wyckoff’s Intra-Day Market Rating: 4.0

GRAINS

U.S. grain futures were mostly higher overnight, on short covering. The corn and soybean market bears have the overall near-term technical advantage. Technical damage has been inflicted in corn, wheat and soybeans recently, to suggest the path of least resistance for those markets will be sideways to lower in the near term. The major report of the week, if not the month, for the grain markets is Friday’s USDA supply and demand 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

Friday, September 3–Jim Wyckoff’s Morning Markets Report

Global stock markets were mixed 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 at or near record highs. Traders are anxiously awaiting Friday morning’s U.S. employment situation report from the Labor Department that could in its immediate aftermath 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.

In overnight news, U.S. Democratic Senator Joe Manchin on Thursday called for a “strategic pause” for President Biden’s $3.5 trillion tax and spending package. In a Wall Street Journal op-ed, Manchin said rising inflation and a soaring national debt necessitate a go-slow approach and a “significantly” smaller plan. Manchin is a key vote in the evenly divided Senate.

Reports say China will introduce yuan-denominated commodities futures trading that is open to foreign traders and investors. China’s State Council announced Friday it plans to offer more commodities futures, including shipping contracts. China has been gradually opening up futures trading on its commodities futures, with the goal of having more global control of commodity pricing. Foreign investors currently have access to China futures markets including crude oil, iron ore, rubber and bonded copper. The official statement announced plans to accelerate the introduction to overseas traders by building an “international commodity futures market priced and settled in renminbi.”

The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are firmer and trading around $70.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.3%. 

Other U.S. economic data due for release Friday includes the U.S. services purchasing managers index (PMI), the ISM report on business services and the global services PMI.

–Jim

U.S. STOCK INDEXES

December S&P 500 e-mini futures: Prices are firmer in early U.S. trading and poked to 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 overnight contract high of 4,536.00 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 slightly up 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: 5.5.

U.S. TREASURY BONDS AND NOTES FUTURES

December U.S. T-Bonds: 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 above the 9-day. The 9-day is below the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral 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: 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 above the 9-day. The 9-day is below 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 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: 4.5

EURO CURRENCY

The December Euro currency futures are slightly lower in early U.S. trading after hitting a four-week high overnight. 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 neutral to bullish early today. The Euro currency finds shorter-term technical resistance at the overnight high of 1.1907 and then at 1.1938. Buy stops likely reside just above those levels. Shorter-term support is seen at 1.1858 and then at this week’s low of 1.1808. Sell stops likely reside just below those levels. Wyckoff’s Intra Day Market Rating: 5.0

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 bullish early today. Look for buy stops to reside just above technical resistance at this week’s high of $70.61 and then at $71.00. Look for sell stops just below technical support at $69.00 and then at $68.00. Wyckoff’s Intra-Day Market Rating: 5.5

GRAINS

U.S. grain futures were mixed overnight. The grain market bears have had a very good week. Hurricane Ida seriously disrupted shipping of U.S. corn and soybeans to overseas customers. Most of U.S. corn and soybean exports go through the Mississippi River and Gulf of Mexico. Technical damage has been inflicted in corn, wheat and soybeans, to suggest the path of least resistance for those markets will be sideways to lower in the near term.

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

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