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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--September 18

Sep 19, 2012

Tuesday Evening, September 18-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: December live cattle closed up $0.57 at
$128.87 today. Prices closed near the session high today on
a corrective bounce from strong selling pressure Monday.
Prices did hit a fresh three-week low early on today.
Cattle bulls have the slight overall near-term technical
advantage.  Prices are in a choppy, nearly three-month-old
uptrend on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at last week’s high of $131.15.
The next downside technical breakout objective for the
bears is pushing and closing prices below solid technical
support at the August low of $126.72. First resistance is
seen at $129.00 and then at $129.50. First support is seen
at today’s low of $128.17 and then at $127.50. Wyckoff's
Market Rating: 5.5

November feeder cattle closed up $0.15 at $148.82 today.
Prices closed near the session high. Feeder cattle bulls
have the overall near-term technical advantage. Prices are
in a two-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the feeder bulls is to
push and close prices above solid technical resistance at
150.00. The next downside price breakout objective for the
bears is to push and close prices below solid technical
support at $146.00. First resistance is seen at this week’s
high of $149.52 and then at $150.00. First support is seen
at today’s low of $148.00 and then at $147.50. Wyckoff's
Market Rating: 6.0

December lean hogs closed up $0.80 at $74.15 today. Prices
closed near the session high and hit a fresh four-week high
today. Hog market bears still have the overall near-term
technical advantage. However, recent price action does hint
that a market bottom is in place. The next upside price
breakout objective for the hog bulls is to push and close
prices above solid chart resistance at $75.15. The next
downside price breakout objective for the bears is pushing
prices below solid technical support at the contract low of
$70.10. First resistance is seen at $74.50 and then at
$75.00. First support is seen at today’s low of $73.50 and
then at this week’s low of $72.90. Wyckoff's Market Rating:
3.5

*. GRAINS: December corn futures were down 5 1/4 cents at
7.42 3/4 in late trading today. Prices were nearer the
session low and hit a fresh two-month low today. Harvest
pressure and profit taking were featured again today as the
corn bulls have faded badly. The key outside markets were
in a bearish posture for corn again today as the U.S.
dollar index was higher and crude oil prices were lower.
The corn bulls still have the slight overall near-term
technical advantage but need to show fresh power soon to
keep it. Prices have been trending lower for the past five
weeks. Corn bulls' next upside price objective is to push
and close prices above solid technical resistance at $7.89
1/2. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $7.25. First resistance for December corn is
seen at $7.50 and then at today’s high of $7.54. First
support is seen at today’s low of $7.40 1/2 and then at
$7.35. Wyckoff's Market Rating: 5.5

November soybeans were down 17 1/2 cents at $16.51 1/2 a
bushel in late trading today. Prices were near mid-range
and hit another fresh four-week low and were pressured on
more profit-taking and harvest-related selling. The key
outside markets were in a bearish posture for soybeans
again today as the U.S. dollar index was higher and crude
oil prices were lower. Soybean bulls still have the overall
near-term technical advantage but have faded this week. The
next near-term upside technical breakout objective for the
soybean bulls is pushing and closing November prices above
psychological resistance at $17.00 a bushel. The next
downside price breakout objective for the bears is pushing
and closing prices below psychological support at $16.00.
First resistance is seen at today’s high of $16.69 and then
at $16.85. First support is seen at today’s low of $16.30
1/2 and then at $16.20. Wyckoff's Market Rating: 6.5.

December soybean meal was down $8.30 at $497.10 in late
trading today. Prices were near mid-range and hit another
fresh four-week low as the bulls have faded badly this
week. More profit taking was seen today. Meal bulls still
have the overall near-term technical advantage. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at this week’s
high of $524.50. The next downside price breakout objective
for the bears is pushing and closing prices below solid
technical support at $480.00. First resistance comes in at
$500.00 and then at today’s high of $504.60. First support
is seen at $495.00 and then at $492.50. Wyckoff's Market
Rating: 6.5

December bean oil was down 30 points at 55.09 cents in late
trading today. Prices were nearer the session low and hit
another fresh four-week low today. The key outside markets
were in a bearish posture for bean oil again today as the
U.S. dollar index was higher and crude oil prices were
lower. Bean oil bulls have faded badly. The next upside
price breakout objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at last
week’s high of 57.80 cents. Bean oil bears' next downside
technical price breakout objective is pushing and closing
prices below solid technical support at 54.00 cents. First
resistance is seen at today’s high of 55.72 cents and then
at 56.00 cents. First support is seen at today’s low of
54.72 cents and then at 54.50 cents. Wyckoff's Market
Rating: 5.0

December Chicago SRW wheat was down 12 3/4 cents at $8.65
1/4 in late trading today. Prices were nearer the session
low and hit a fresh four-week low today. Bulls are fading
again. More profit taking was featured today. The key
outside markets were in a bearish posture for wheat again
today as the U.S. dollar index was higher and crude oil
prices were lower. Trading remains choppy and sideways at
higher price levels. Wheat bulls still have the overall
near-term technical advantage. Wheat bulls’ next upside
breakout objective is to push and close Chicago SRW prices
above psychological resistance at $9.00 a bushel. The next
downside price breakout objective for the wheat futures
bears is pushing and closing prices below solid technical
support at the August low of $8.57 1/4. First resistance is
seen at $8.80 and then at today’s high of $8.88. First
support lies at today’s low of $8.62 and then at $8.57 1/4.
Wyckoff's Market Rating: 6.0.

December K.C. HRW wheat was down 12 1/4 cents at $8.89 in
late trading today. Prices were nearer the session low and
hit a fresh four-week low today. More profit taking was
featured. The bulls still have the overall near-term
technical advantage, but are fading. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at $9.25. The bears' next
downside breakout objective is pushing and closing prices
below solid technical support at the August low of $8.74
1/4. First resistance is seen at $9.00 and then at today’s
high of $9.11 3/4. First support is seen at today’s low of
$8.84 and then at $8.74. Wyckoff's Market Rating: 6.0

December oats were down 12 cents at $3.72 1/2 today in late
trading. Prices were near the session low and hit a fresh
four-week low today. Prices today also saw a bearish
downside “breakout” from a choppy and sideways trading
range at higher price levels. Oats bulls still have the
overall near-term technical advantage, but have faded badly
this week. Bears' next downside price breakout objective is
pushing and closing prices below solid technical support at
$3.57 3/4. Bulls' next upside price breakout objective is
pushing and closing prices above solid technical resistance
at this week’s high of $3.95 3/4. First support lies at
today’s low of $3.71 and then at $3.65. First resistance is
seen at $3.75 and then at $3.80. Wyckoff's Market Rating:
6.0

*. SOFTS: October sugar closed down 70 points at 19.33
cents today. Prices closed near the session low today. The
key outside markets were in a bearish posture for sugar
again today as the U.S. dollar index was higher and crude
oil prices were lower. Sugar bears have the solid overall
near-term technical advantage and gained some fresh
downside momentum today. Bulls' next upside price breakout
objective is to push and close prices above solid technical
resistance at 20.39 cents. Bears' next downside price
breakout objective is to push and close prices below solid
technical support at the September low of 18.81 cents.
First resistance is seen at 19.50 cents and then at 19.75
cents. First support is seen at today’s low of 19.30 cents
and then at 19.00 cents. Wyckoff's Market Rating: 2.0.

December coffee closed up 190 points at 177.55 cents.
Prices closed near the session high today. Bulls today
regained the slight near-term technical advantage. The next
upside breakout objective for the bulls is to close prices
above solid technical resistance at last week’s high of
183.70 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at 169.10 cents a pound. First resistance is seen
at today’s high of 178.45 cents and then at 180.00 cents.
First support is seen at 175.00 cents and then at 174.10
cents. Wyckoff's Market Rating: 5.5

December cocoa closed down $34 at $2,550 a ton. Prices
closed near mid-range today and hit a fresh three-week low
on more profit taking. The key outside markets were in a
bearish posture for cocoa again today as the U.S. dollar
index was higher and crude oil prices were lower. Cocoa
bulls still have the overall near-term technical advantage
but are fading this week. The next upside price breakout
objective for the cocoa bulls is to push and close prices
above solid technical resistance at the September high of
$2,707. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $2,500. First resistance is seen at today’s high
of $2,572 and then at $2,600. First support is seen at
today’s low of $2,519 and then at $2,500. Wyckoff's Market
Rating: 6.5

December cotton closed up 32 points at 75.65 cents today.
Prices closed near mid-range today. The key outside markets
were in a bearish posture for cotton again today as the
U.S. dollar index was higher and crude oil prices were
lower. That did limit the upside in cotton. Cotton bulls
and bears are on a level near-term technical playing field.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at the
August high of 77.49 cents. The next downside price
breakout objective for the cotton bears is to push and
close prices below solid technical support at 71.59 cents.
First resistance is seen at this week’s high of 76.77 cents
and then at 77.49 cents. First support is seen at 75.00
cents and then at 74.00 cents. Wyckoff's Market Rating: 5.0

November orange juice closed down 285 points at $1.2625
today. Prices closed nearer the session low today and saw
more profit taking. The key outside markets were in a
bearish posture for FCOJ again today as the U.S. dollar
index was higher and crude oil prices were lower. FCOJ
bulls still have the overall near-term technical advantage.
Traders will continue to watch for any fresh storms brewing
in the Atlantic. The next upside price breakout objective
for the FCOJ bulls is pushing and closing prices above
technical resistance at $1.3500. The next downside
technical breakout objective for the FCOJ bears is to
produce a close below solid technical support at $1.2000.
First resistance is seen at today’s high of $1.2890 and
then at $1.3030. First support is seen at today’s low of
$1.2580 and then at $1.2400. Wyckoff's Market Rating: 6.0.

November lumber futures closed down $2.90 at $273.10 today.
Prices closed nearer the session low. Bears have the near-
term technical advantage. Prices are in a steep five-week-
old downtrend on the daily bar chart. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$260.00. The next upside price breakout objective for the
bulls is pushing and closing prices above solid technical
resistance at $287.50. First resistance is seen at today’s
high of $274.50 and then at $277.50. First support is seen
at today’s low of $272.60 and then at last week’s low of
$270.60. Wyckoff's Market Rating: 3.0

*. METALS: December gold futures closed down $0.50 an ounce
at $1,770.20 today. Prices closed nearer the session high
and saw some more profit taking and chart consolidation
after prices last week hit a six-month high. The key
“outside markets” were again bit bearish for gold as the
day wore on, as the U.S. dollar index was higher and crude
oil prices were lower. The gold market bulls still have the
solid overall near-term technical advantage. The gold
bulls’ next upside price breakout objective is to produce a
close above solid technical resistance at the 2012 high of
$1,800.90. Bears' next near-term downside price objective
is closing prices below solid technical support at last
week’s low of $1,720.00. First resistance is seen at
today’s high of $1,775.90 and then at last week’s high of
$1,780.20. First support is seen at $1,760.00 and then at
today’s low of $1,753.20. Wyckoff’s Market Rating: 8.0

December silver futures closed up $0.303 an ounce at
$34.675 today. Prices closed near mid-range today and hit a
fresh six-month high of $35.10. The key “outside markets”
were bearish for silver late today, as the U.S. dollar
index was higher and crude oil prices were lower. Yet,
silver rallied anyway, which is a bullish clue. Silver
bulls are in strong near-term technical command. Prices are
in a six-week-old uptrend on the daily bar chart. Bulls’
next upside price breakout objective is closing prices
above solid technical resistance at $36.00 an ounce. The
next downside price breakout objective for the bears is
closing prices below solid technical support at last week’s
low of $32.51. First resistance is seen at today’s high of
$35.10 and then at $35.50. Next support is seen at $34.50
and then at $34.00. Wyckoff's Market Rating: 8.5.

December N.Y. copper closed down 70 points at 378.50 cents
today. Prices closed nearer the session high today. More
profit taking was seen today after prices last Friday hit a
4.5-month high. The key “outside markets” were bearish for
copper late today, as the U.S. dollar index was higher and
crude oil prices were lower. Copper bulls still have the
near-term technical advantage. Prices are in a six-week-old
uptrend on the daily bar chart. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at 386.45 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at 364.00 cents. First
resistance is seen at 380.00 cents and then at last week’s
high of 383.80 cents. First support is seen at 375.00 cents
and then at 373.00 cents. Wyckoff's Market Rating: 7.0.

*. ENERGIES: October crude oil closed down $1.46 a barrel
at $95.16 today. Prices closed near the session low again
today and saw follow-through selling pressure from Monday’s
strong losses. Profit taking and technical selling were
featured after prices last Friday hit a fresh four-month
high above $100.00. Crude oil bulls still have the overall
near-term technical advantage, but are fading. A two-month-
old price uptrend is still in place on the daily bar chart,
but now just barely. 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 $94.00. First resistance
is seen at $96.00 and then at $97.00. First support is seen
at this week’s low of $94.65 and then at $94.00. Wyckoff's
Market Rating: 6.0

October heating oil closed down 421 points at $3.1213
today. Prices closed near the session low today. Bulls have
the overall near-term technical advantage but are fading
this week. A 10-week-old uptrend on the daily bar chart was
negated Monday. The bulls' next upside price breakout
objective is closing prices above solid technical
resistance at last week’s high of $3.2633. Bears' next
downside price breakout objective is producing a close
below solid technical support at $3.0000. First resistance
lies at $3.1500 and then at today’s high of $3.1748. First
support is seen at today’s low of $3.1204 and then at this
week’s low of $3.0923. Wyckoff's Market Rating: 6.0.

October (RBOB) unleaded gasoline closed down 478 points at
$2.8955 today. Prices closed near the session low today and
closed at a fresh four-week low close. A bearish “key
reversal” down on the daily bar chart was confirmed last
week, which is an early technical clue that a market top is
in place. The bulls do still have the overall near-term
technical advantage. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at last week’s contract high of
$3.0796. Bears' next downside price breakout objective is
closing prices below solid support at $2.8000. First
resistance is seen at $2.9250 and then at $2.9500. First
support is seen at this week’s low of $2.8609 and then at
$2.8500. Wyckoff's Market Rating: 6.0.

October natural gas closed down 9.9 cents at $2.766 today.
Prices closed nearer the session low today and saw more
profit taking. Bulls have faded and are now back on a level
near-term technical playing field with the bears. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.135. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the August low of
$2.61. First resistance is seen at $2.80 and then at $2.85.
First support is seen at today’s low of $2.755 and then at
$2.70. Wyckoff's Market Rating: 5.0.

*.STOCKS, FINANCIALS, CURRENCIES: The December Euro
currency closed down 65 points at 1.3051 today. Prices
closed nearer the session low again today. Profit taking
was featured. The Euro bulls still have the solid overall
near-term technical advantage. Prices are in a two-month-
old uptrend on the daily bar chart. Euro bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at the May high of 1.3300.
The next downside price breakout objective for the bears is
closing prices below solid chart support at last week’s low
of 1.2768. First resistance for the Euro lies at today’s
high of 1.3130 and then at this week’s high of 1.3183. Next
support is seen at today’s low of 1.3041 and then at
1.3000. Wyckoff's Market Rating: 7.0

The December Japanese yen closed down 17 points at 1.2691
today. Prices closed nearer the session low today on more
profit taking after prices last week and hit a seven-month
high. Bulls still have the slight overall near-term
technical advantage but are fading. Bulls' next upside
price breakout objective is closing prices above solid
resistance at last week’s high of 1.2977. Bears' next
downside breakout objective is closing prices below solid
technical support at the September low of 1.2664. First
resistance is seen at today’s high of 1.2750 and then at
this week’s high of 1.2802. First support is seen at this
week’s low of 1.2676 and then at 1.2664. Wyckoff's Market
Rating: 5.5.

The December Swiss franc closed down 13 points at 1.0778
today. Prices closed nearer the session low again today and
saw more mild profit taking. Prices Friday hit a three-
month high. The Swissy bulls have the solid overall near-
term technical advantage. Prices are in a two-month-old
uptrend on the daily bar chart. The next upside price
breakout objective for the bulls is closing prices above
solid resistance at 1.0900. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0500. First resistance is seen
at last week’s high of 1.0838 and then at 1.0850. First
support is seen at this week’s low of 1.0770 and then at
1.0720. Wyckoff's Market Rating: 7.5.

The December Australian dollar closed down 14 points at
1.0361 today. Prices closed near mid-range today on more
profit taking. Prices Friday hit a contract high. Bulls
still have the solid near-term technical advantage. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at 1.0600. The next downside
breakout objective for the bears is to produce a close
below solid technical support at last week’s low of 1.0234.
First resistance is seen at today’s high of 1.0403 and then
at this week’s high of 1.0474. Next support is seen at
today’s low of 1.0328 and then at 1.0300. Wyckoff's Market
Rating: 7.0

The December Canadian dollar closed up 10 points at 1.0237
today. Prices closed near mid-range today. Bulls have the
solid overall near-term technical advantage. Prices are in
a three-month-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is producing a close
above chart resistance at 1.0400. The next downside price
breakout objective for the bears is closing prices below
solid technical support at 1.0140. First resistance is seen
at today’s high of 1.0256 and then at this week’s high of
1.0294. First support is seen at today’s low of 1.0218 and
then at 1.0200. Wyckoff's Market Rating: 8.0.

The December British pound closed up 3 points at 1.6237
today. Prices closed near mid-range again today. Prices
Monday hit a 13-month high. Bulls have the solid overall
near-term technical advantage. Prices are in a nine-week-
old uptrend on the daily chart. 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 Monday’s
high of 1.6268 and then at 1.6300. First support is seen at
1.6200 and then at 1.6138. Wyckoff's Market Rating: 8.0.

The December U.S. dollar index closed up 20 points at 79.31
today. Prices closed nearer the session high again today
and saw more short covering after prices hit a 4.5-month
low last Friday. The bears still have the solid near-term
technical advantage. Prices are in a two-month-old
downtrend on the daily bar chart. Bulls' next upside price
breakout objective is to close prices above solid technical
resistance at 80.60. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 78.00. Next resistance lies at 79.41
and then at 79.64. First support is seen at today’s low of
79.03 and then at last week’s low of 78.72. Wyckoff's
Market Rating: 2.5.

December U.S. T-Bonds closed up 14/32 at 146 1/32 today.
Prices closed near mid-range today on more short covering
after hitting a fresh four-month low on Monday. Bulls have
faded recently. Prices are in a choppy two-month-old
downtrend on the daily bar chart. The next downside price
breakout objective for the T-Bond bears is closing prices
below solid technical support at 143 even. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 148 even. First
resistance is seen at today’s high of 146 16/32 and then at
147 even. First support is seen at today’s low of 145 14/32
and then at 145 even. Wyckoff's Market Rating: 5.0.

December U.S. T Notes closed up 7.0 (32nds) at 132.08.0
today. Prices closed near mid-range again today. More short
covering was featured. Prices hit a three-week low last
Friday. Bulls have the slight overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 133.26.5.
The next downside price breakout objective for the bears is
producing a close below solid technical support at the
August low of 131.02.5. First resistance is seen at today’s
high of 132.16.5 and then at 132.24.0. First support is
seen at 132.00.0 and then at last week’s low of 131.23.5.
Wyckoff's Market Rating: 5.5

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
narrowly mixed today on mild profit taking after last week
hitting multi-year highs. Stock index bulls still have the
solid overall near-term technical advantage. It was a bit
of a “risk off” trading day in the market place Tuesday,
which limited buying interest in the stock indexes. In
overnight news, European stock markets declined amid an
apparent reluctance of Spain to ask for more financial
bailout assistance from the European Union. There was a
successful auction of Spanish short-term debt overnight,
with yields lower and demand decent. A Spanish auction of
longer-term debt later this week will be a bigger test,
however. There was a positive economic report coming out of
Germany, as the ZEW economic expectations reading was the
strongest in five months. Asian stock markets were weaker
on position evening ahead of important economic data coming
out of China on Thursday. There were also anti-Japanese
demonstrations in China that unsettled the market place in
Asia. The Bank of Japan started a two-day meeting, at which
the BOJ may introduce some fresh monetary stimulus.

The Nasdaq stock futures index closed up 5.75 at 2,851.75.
Prices closed nearer the session high again today and are
near last week’s 11-year high. Bulls' next upside price
breakout objective is closing prices above solid resistance
at 2,900.00. The bears' next downside price breakout
objective is closing prices below solid technical support
at 2,700.00. First resistance is seen at last week’s high
of 2,859.25 and then at 2,875.00. First support is seen at
today’s low of 2,838.25 and then at 2,825.00. Wyckoff's
Market Rating: 8.0

The S&P 500 futures index closed down 1.30 at 1,452.70.
Prices closed near mid-range today in quieter trading.
Bulls' next upside price breakout objective is closing
prices above solid resistance at 1,500.00. The next
downside price breakout objective for the bears is closing
prices below solid support at 1,395.40. First resistance is
seen at last week’s high of 1,467.50 and then at 1,475.00.
First support is seen at 1,440.00 and then at 1,428.50.
Wyckoff's Market Rating: 8.0.

The Dow futures closed up 5 points at 13,475. Prices closed
near mid-range. The next upside price objective for the
bulls is closing prices above solid technical resistance at
13,750. The next downside price objective for the bears is
closing prices below solid technical support at the
September low of 12,965. First resistance in the Dow lies
at this week’s high of 13,515 and then at last week’s high
of 13,570. First support is seen at today’s low of 13,450
and then at 13,400. Wyckoff's Market Rating: 8.0.

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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