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Pro Farmer Tech Talk

RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 8

May 09, 2012

Tuesday Evening, May 8-Jim Wyckoff's Daily Markets Update

Questions? Just email me at jim@jimwyckoff.com . I enjoy
hearing from my readers worldwide.--Jim

Click below for "Today’s Hot Market" item on my website.

http://www.jimwyckoff.com/hotmarket/hotmarket.asp

Dear Valued Subscriber: Following are today's significant
developments in the U.S. futures markets.

*. LIVESTOCK: June live cattle closed down $0.50 at $115.77
today. Prices closed near mid-range today. There were
bearish outside markets and a “risk off” trading day today
that helped to pressure the cattle market. Cattle bears
have the overall near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $117.70. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
$112.80. First resistance is seen at this week’s high of
$116.45 and then at $117.00. First support is seen at this
week’s low of $114.95 and then at $114.60. Wyckoff's Market
Rating: 3.5

August feeder cattle closed down $0.67 at $158.77 today.
Prices closed near mid-range today on a corrective pullback
from recent solid gains. The bulls still have the overall
near-term technical advantage. The next upside price
objective for the feeder bulls is to push and close prices
above solid technical resistance at $161.00. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at $157.00.
First resistance is seen at today’s high of $159.20 and
then at this week’s high of $159.70. First support is seen
at today’s low of $158.35 and then at this week’s low of
$157.80. Wyckoff's Market Rating: 6.0

June lean hogs closed down $0.10 at $84.30 today. Prices
closed near mid-range today. There were bearish outside
markets and a “risk off” trading day today that helped to
pressure the hog market. Hog bears have the solid overall
near-term technical advantage. Prices are in a steep nine-
week-old downtrend on the daily bar chart. The next upside
price breakout objective for the hog bulls is to push and
close prices above solid chart resistance at $87.50. The
next downside price breakout objective for the bears is
pushing prices below solid technical support at $82.50.
First resistance is seen at $85.00 and then at $85.50.
First support is seen at $84.00 and then at today’s low of
$83.50. Wyckoff's Market Rating: 1.5

*. GRAINS: July corn futures closed up 3 cents at $6.23
today. Prices closed nearer the session low today and saw
tepid short covering. Buying interest was limited by
another “risk off” trading day today as the key “outside
markets” were also in a bearish posture for corn as the
U.S. dollar index was firmer and crude oil prices were
lower. Traders are awaiting Thursday morning’s USDA monthly
supply and demand report. Corn bulls' next upside price
breakout objective is to push and close prices above solid
technical resistance at last week’s high of $6.34 3/4. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$6.00. First resistance for July corn is seen at $6.26 and
then at today’s high of $6.32. First support is seen at
today’s low of $6.18 1/2 and then at this week’s low of
$6.12 1/4. Wyckoff's Market Rating: 5.0

July soybeans closed down 27 1/2 cents at $14.38 1/4 a
bushel today. Prices closed nearer the session low and hit
a fresh two-week low today and saw more profit taking. The
bean bulls faded a bit today and prices could not rally on
fresh demand for U.S. beans from China. That’s one bearish
early clue of a near-term market top being in place. It was
also a “risk off” trading day today and the key “outside
markets” were in a bearish posture for beans as the U.S.
dollar index was higher and crude oil prices were lower.
Traders are awaiting Thursday morning’s USDA monthly supply
and demand report. Bean bulls still have the overall near-
term technical advantage. Bean prices are still in a four-
month-old uptrend on the daily bar chart. The next near-
term upside technical breakout objective for the soybean
bulls is pushing and closing prices above solid technical
resistance at this week’s high of $14.78 3/4 a bushel. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
the April low of $14.09 1/2. First resistance is seen at
$14.50 and then at $14.58. First support is seen at today’s
low of $14.34 1/4 and then at $14.25. Wyckoff's Market
Rating: 7.0.

July soybean meal closed down $9.20 at $417.30 today.
Prices closed nearer the session low again today and hit a
fresh two-week low. Meal bulls do still have the overall
near-term technical advantage but have faded. Prices are
still in a four-month-old uptrend on the daily bar chart.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at last
week’s contract high of $437.60. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $400.00. First
resistance comes in at $420.00 and then at $422.50. First
support is seen at today’s low of $415.00 and then at
$412.50. Wyckoff's Market Rating: 7.0

July bean oil closed down 31 points at 53.27 cents today.
Prices closed nearer the session low today, hit a fresh
three-month low and scored a bearish “outside day” down on
the daily bar chart. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for bean oil as the U.S. dollar index was higher
and crude oil prices were lower. Bean oil bears have the
near-term technical advantage. Bean oil prices have been
trending lower for four weeks. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 55.00
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at 52.50 cents. First resistance is
seen at 53.50 cents and then at 54.00 cents. First support
is seen at today’s low of 53.03 cents and then at 52.75
cents. Wyckoff's Market Rating: 4.0

July Chicago SRW wheat closed up 3 cents at $6.15 today.
Prices closed near mid-range today and saw more short
covering in a bear market. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for wheat as the U.S. dollar index was
higher and crude oil prices were lower. That did limit the
upside in wheat. Traders are awaiting Thursday morning’s
USDA monthly supply and demand report. Wheat bears have the
solid overall near-term technical advantage. Bulls’ next
upside breakout objective is to push and close Chicago SRW
prices above solid technical resistance at $6.40 a bushel.
The next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $6.00. First resistance is seen at
today’s high of $6.21 1/4 and then at $6.25. First support
lies at today’s low of $6.11 1/4 and then at the contract
low of $5.99 1/2. Wyckoff's Market Rating: 1.5.

July K.C. HRW wheat closed up 4 3/4 cents at $6.36 today.
Prices closed nearer the session low today and saw more
short covering in a bear market. The bears still have the
solid overall near-term technical advantage. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at last week’s high
of $6.65 1/2. The bears' next downside breakout objective
is pushing and closing prices below solid technical support
at $6.00. First resistance is seen at today’s high of $6.40
and then at $6.45. First support is seen at $6.30 and then
at last week’s low of $6.20. Wyckoff's Market Rating: 1.5

July oats closed up 1/4 cent at $3.37 3/4 today. Prices
closed nearer the session low today. Bulls have the near-
term technical advantage. Bears' next downside price
breakout objective is pushing and closing prices below
solid technical support at the April low of $3.22. Bulls'
next upside price breakout objective is pushing and closing
prices above solid technical resistance at last Friday’s
high of $3.50. First support lies at this week’s low of
$3.35 1/2 and then at $3.30. First resistance is seen at
$3.40 and then at today’s high of $3.42 1/2. Wyckoff's
Market Rating: 6.0

*. SOFTS: July sugar closed down 72 points at 20.33 cents
today. Prices closed near the session low today and hit a
fresh 12-month low. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for sugar as the U.S. dollar index was higher and
crude oil prices were lower. Sugar bears have the solid
overall near-term technical advantage. There are no early
technical clues to suggest a market low is in place. Prices
are in a six-week-old downtrend on the daily bar chart.
Bulls' next upside price breakout objective is to push and
close prices above solid technical resistance at this
week’s high of 21.17 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at 20.00 cents. First resistance is seen
at 20.50 cents and then at 20.75 cents. First support is
seen at today’s low of 20.31 cents and then at 20.00 cents.
Wyckoff's Market Rating: 1.0.

July coffee closed up 30 points at 175.50 cents. Prices
closed near mid-range again today and saw tepid short
covering in a bear market. Prices  Monday hit a 1.5-year
low. It was another “risk off” trading day today and the
key “outside markets” were in a bearish posture for coffee
as the U.S. dollar index was higher and crude oil prices
were lower. Coffee prices are still in an eight-month-old
downtrend on the daily bar chart. The bears have the solid
overall near-term technical advantage. The coffee bulls'
next upside breakout objective is to close prices above
solid technical resistance at last week’s high of 185.70
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
170.00 cents a pound. First resistance is seen at 177.50
cents and then at 180.00 cents. First support is seen at
this week’s low of 173.60 cents and then at 172.50 cents.
Wyckoff's Market Rating: 1.0

July cocoa closed down $26 at $2,331 a ton. Prices closed
nearer the session high today. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for cocoa as the U.S. dollar index was
higher and crude oil prices were lower. Trading has been
very choppy and cocoa bulls have the slight near-term
technical advantage. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the March high of
$2,443. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at last week’s low of $2,146. First resistance is
seen at this week’s high of $2,363 and then at $2,400.
First support is seen at $2,300 and then at today’s low of
$2,288. Wyckoff's Market Rating: 5.5

July cotton closed down 49 points at 86.18 cents today.
Prices closed near the session low and hit another fresh
4.5-month low. It was another “risk off” trading day today
and the key “outside markets” were in a bearish posture for
cotton as the U.S. dollar index was higher and crude oil
prices were lower. Cotton bears have the solid near-term
technical advantage. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at 90.00 cents. The next downside
price breakout objective for the cotton bears is to push
and close prices below solid technical support at 85.00
cents. First resistance is seen at today’s high of 87.45
cents and then at this week’s high of 88.42 cents. First
support is seen at today’s low of 86.06 cents and then at
85.50 cents. Wyckoff's Market Rating: 3.0

July orange juice closed down 405 points at $1.1575 today.
Prices closed near mid-range today and hit another fresh
contract low. It was another “risk off” trading day today
and the key “outside markets” were in a bearish posture for
FCOJ as the U.S. dollar index was higher and crude oil
prices were lower. FCOJ bears have the solid overall near-
term technical advantage. There are still no early clues of
a market low being close at hand. Prices are in a 3.5-
month-old downtrend on the daily bar chart. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at $1.3000. The
next downside technical breakout objective for the FCOJ
bears is to produce a close below solid technical support
at $1.1000. First resistance is seen at $1.1750 and then at
$1.2000. First support is seen at today’s contract low of
$1.1230 and then at $1.1000. Wyckoff's Market Rating: 1.0.

July lumber futures closed down $1.50 at $279.70 today.
Prices closed nearer the session high. Bulls still have the
slight near-term technical advantage, but are fading and
need to show fresh power soon. The next downside technical
breakout objective for the lumber bears is pushing and
closing prices below solid technical support at $275.00.
The next upside price breakout objective for the bulls is
pushing and closing prices above solid technical resistance
at the February high of $294.00. First resistance is seen
at $282.00 and then at $284.00. First support is seen at
$278.00 and then at today’s low of $276.00. Wyckoff's
Market Rating: 5.5

*. METALS: June gold futures closed down $35.20 an ounce at
$1,604.00 today. Prices closed nearer the session low and
hit a fresh four-month low today as fresh, serious near-
term chart damage was inflicted. It was yet another “risk
off” trading day today and the key “outside markets” were
in a bearish posture for gold as the U.S. dollar index was
firmer and crude oil prices were lower. Gold bears have the
near-term technical advantage and gained more downside
momentum today. A two-month-old downtrend has been re-
established on the daily bar chart. The gold bulls’ next
upside price breakout objective is to produce a close above
solid technical resistance at this week’s high of
$1,644.00. Bears' next near-term downside price objective
is closing prices below technical support at $1,550.00.
First resistance is seen at $1,613.00 and then at
$1,623.60. First support is seen at today’s low of
$1,595.50 and then at $1,585.00. Wyckoff's Market Rating:
3.5.

July silver futures closed down $0.732 an ounce at $29.39
today. Prices closed nearer the session low today and hit
another fresh four-month low. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for silver as the U.S. dollar index was
firmer and crude oil prices were lower. Silver prices are
in a nine-week-old downtrend on the daily bar chart. The
silver bears have the near-term technical advantage. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at last week’s high of
$31.445 an ounce. The next downside price breakout
objective for the bears is closing prices below solid
technical support at $29.00. First resistance is seen at
$30.00 and then at Monday’s high of $30.39. Next support is
seen at today’s low of $29.135 and then at $29.00.
Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 965 points 367.70 cents today.
Prices closed nearer the session low today and hit a fresh
two-week low as bulls quickly faded today. It was a “risk
off” trading day today and the key “outside markets” were
in a bearish posture for copper as the U.S. dollar index
was firmer and crude oil prices were lower. Copper bulls
and bears are still on a level near-term technical playing
field. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at last week’s high of 386.15 cents. The next downside
price breakout objective for the bears is closing prices
below solid technical support at the April low of 357.75
cents. First resistance is seen at 370.00 cents and then at
372.50 cents. First support is seen at today’s low of
365.65 cents and then at 362.50 cents. Wyckoff's Market
Rating: 5.0.

*. ENERGIES: June crude oil closed down $0.62 a barrel at
$97.32 today. Prices closed nearer the session high again
today. Prices Monday hit a 4.5-month low of $95.34. The
bears have the overall near-term technical advantage with
the recent price downdraft. It was another “risk off”
trading day today and as the U.S. dollar index was higher—
both bearish for crude. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above major psychological resistance at $100.00 a
barrel. The next near-term downside price breakout
objective for the crude oil bears is to produce a close
below solid technical support at this week’s low of $95.34.
First resistance is seen at today’s high of $98.12 and then
at $99.00. First support is seen at $96.00 and then at
$95.34. Wyckoff's Market Rating: 3.5

June heating oil closed up 75 points at $2.9889 today.
Prices closed near the session high today and did hit a
fresh 3.5-month low early on. Bears have the near-term
technical advantage as prices are in a two-month-old
downtrend on the daily bar chart. The bulls' next upside
price breakout objective is closing prices above solid
technical resistance at $3.1000. Bears' next downside price
breakout objective is producing a close below solid
technical support at $2.9000. First resistance lies at
$3.0000 and then at $3.0250. First support is seen at
$2.9540 and then at today’s low of $2.9380. Wyckoff's
Market Rating: 3.5.

June (RBOB) unleaded gasoline closed up 257 points at
$2.9998 today. Prices closed near the session high on short
covering. Prices Monday hit a 3.5-month low. Bears still
have the near-term technical advantage. A six-week-old
downtrend is still in place on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.1000.
Bears' next downside price breakout objective is closing
prices below solid support at $2.8500. First resistance is
seen at $3.02500 and then at $3.0500. First support is seen
at $2.9750 and then at today’s low of $2.9352. Wyckoff's
Market Rating: 4.0.

June natural gas closed up 9.4 cents at $2.43 today. Prices
closed nearer the session high today and hit a fresh six-
week high. The bulls gained fresh upside near-term
technical momentum today. The bears do still have the
overall near-term technical advantage, however. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $2.50. The next
downside price breakout objective for the bears is closing
prices below solid technical support at $2.20. First
resistance is seen at today’s high of $2.461 and then at
$2.50. First support is seen at $2.385 and then at $2.30.
Wyckoff's Market Rating: 3.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 28 points at 1.3026 today. Prices closed near
mid-range today and closed at a fresh two-month low close
today. Bears have the near-term technical advantage. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at the May
high of 1.3287. The next downside price breakout objective
for the bears is closing prices below solid chart support
at today’s low of 1.2957. First resistance for the Euro
lies at this week’s high of 1.3068 and then at 1.3100. Next
support is seen at 1.3000 and then at this week’s low of
1.2957. Wyckoff's Market Rating: 4.0

The June Japanese yen closed up 17 points at 1.2531 today.
Prices closed nearer the session high today. Bulls have the
slight near-term technical advantage. Prices are in a
seven-week-old uptrend on the daily bar chart. Bulls' next
upside price breakout objective is closing prices above
solid resistance at 1.2700. Bears' next downside breakout
objective is closing prices below solid technical support
at 1.2233. First resistance is seen at this week’s high of
1.2564 and then at 1.2600. First support is seen at today’s
low of 1.2491 and then at 1.2450. Wyckoff's Market Rating:
5.5.

The June Swiss franc closed down 22 points at 1.0847 today.
Prices closed near mid-range today and closed at a fresh
seven-week low close. The bears have the near-term
technical advantage in the Swissy. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at the May high of 1.1065. The next
downside price breakout objective for the bears is closing
prices below solid technical support at this week’s low of
1.0778. First resistance is seen at this week’s high of
1.0881 and then at 1.0900. First support is seen at today’s
low of 1.0813 and then at this week’s low of 1.0778.
Wyckoff's Market Rating: 4.0.

The June Australian dollar closed down 86 points at 1.0077
today. Prices closed nearer the session low today and hit
another fresh four-month low. Bears have the near-term
technical advantage. Prices are in a nine-week-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is closing prices above solid chart
resistance at 1.0300. The next downside breakout objective
for the bears is to produce a close below solid technical
support at 1.0000. First resistance is seen at this week’s
high of 1.0177 and then at 1.0225. Next support is seen at
today’s low of 1.0047 and then at 1.0000. Wyckoff's Market
Rating: 3.5

The June Canadian dollar closed down 48 points at 1.0009
today. Prices closed near mid-range today and hit a fresh
three-week low. Bulls are fading. The bulls do still have
the slight overall near-term technical advantage. Bulls'
next upside price breakout objective is producing a close
above chart resistance at the April high of 1.0192. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the April
low of .9933. First resistance is seen at today’s high of
1.0068 and then at 1.0100. First support is seen at today’s
low of .9968 and then at .9950. Wyckoff's Market Rating:
5.5.

The June British pound closed down 21 points at 1.6158
today. Prices closed near mid-range today. Bulls still have
the solid overall near-term technical advantage. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at 1.6400. Bears'
next downside technical breakout objective is closing
prices below solid support at 1.6000. First resistance is
seen at today’s high of 1.6195 and then at 1.6244. First
support is seen at this week’s low of 1.6110 and then at
1.6056. Wyckoff's Market Rating: 7.0.

The June U.S. dollar index closed up 19 points at 79.91
today. Prices closed nearer the session high today and
closed at a fresh three-week high close. Bulls have gained
some fresh upside near-term technical momentum recently and
are on a level near-term technical playing field with the
bears. Bulls' next upside price breakout objective is to
close prices above solid technical resistance at the April
high of 80.38. The next downside price breakout objective
for the bears is to produce a close below solid technical
support at the February low of 78.42. Next resistance lies
at this week’s high of 80.13 and then at 80.38. First
support is seen at this week’s low of 79.63 and then at
79.50. Wyckoff's Market Rating: 5.0.

June U.S. T-Bonds closed up 18/32 at 144 10/32 today.
Prices closed near mid-range today and hit another fresh
7.5-month high early on, and saw more safe-haven demand
amid a “risk off” trading day today. Bulls have the solid
overall near-term technical advantage. Prices are in a
seven-week-old uptrend on the daily bar chart. The next
downside price breakout objective for the T-Bond bears is
closing prices below solid technical support at 141 even.
The next upside technical objective for the bulls is to
produce a close above solid technical resistance at the
contract high of 145 even. First resistance is seen at
today’s high of 144 27/32 and then at 145 even. First
support is seen at today’s low of 143 21/32 and then at 143
even. Wyckoff's Market Rating: 8.0.

June U.S. T Notes closed up 7.5 (32nds) at 132.28.0 today.
Prices closed near mid-range today and did set another
fresh contract high early on. Bulls have the solid overall
near-term technical advantage. Prices are in a seven-week-
old uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 134.00.0. The next downside price
breakout objective for the bears is producing a close below
solid technical support at 131.06.0. First resistance is
seen at today’s contract high of 133.04.0 and then at
133.16.0. First support is seen at today’s low of 132.19.0
and then at 132.00.0. Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today but did close well up from their early-session
lows. It was another “risk off” trading day following some
fresh turmoil in the European Union, specifically Greece
elections last weekend that call into question that
country’s willingness to adhere to austerity measures.
While the stock index bulls maintain the slight overall
near-term technical advantage, they have faded and need to
show fresh power soon. The “sell in May and go away”
trading adage has come back into vogue.

The Nasdaq stock futures index closed down 13.75 at
2,622.75. Prices closed nearer the session high again today
after hitting another fresh two-month low early on. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 2,800.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at the March low of 2,575.00. First
resistance is seen at this week’s high of 2,648.25 and then
at 2,675.00. First support is seen at 2,600.00 and then at
today’s low of 2,583.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 7.30 at 1,358.50.
Prices closed nearer the session high again today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at the March high of 1,419.60. The
next downside price breakout objective for the bears is
closing prices below solid support at the March low of
1,338.00. First resistance is seen at this week’s high of
1,370.00 and then at 1,388.90. First support is seen at
this week low of 1,342.10 and then at 1,338.00. Wyckoff's
Market Rating: 6.0.

The Dow futures closed down 92 points at 12,867 today.
Prices closed nearer the session high today and did hit a
fresh three-week low early on. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the May high of 13,280. The next
downside price objective for the bears is closing prices
below solid technical support at the April low of 12,650.
First resistance in the Dow lies at 12,900 and then at this
week’s high of 12,988. First support is seen at 12,750 and
then at 12,700. Wyckoff's Market Rating: 6.0.

Click below for my welcome letter to all new customers and
for an explanation of my Market Rating System.

http://www.jimwyckoff.com/newsletter/WelcomeAboard/

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
 

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