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December 2011 Archive for Hedging Corn and Soybeans

RSS By: Howard Tyllas, AgWeb.com

Howard Tyllas is currently a member of the Chicago Board of Trade and registered with the Commodity Futures Trading Commission as a floor broker and as a Commodity Trading Advisor.

WASDE Report for 12/9/11

Dec 09, 2011

WASDE Report for 12/9/11

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OILSEEDS: Total U.S. oilseed production for 2011/12 is projected at 91.0 million tons, down slightly due to a small reduction in cottonseed. Soybean exports are reduced 25 million bushels to 1.3 billion reflecting the slow pace of shipments and outstanding sales through November, and strong export competition from South America. Projected soybean crush is reduced 10 million bushels to 1.625 billion due to reduced domestic soybean meal consumption and a higher meal extraction rate. Soybean ending stocks for 2011/12 are projected at 230 million bushels, up 35 million from last month.

Prices for soybeans and products are all projected lower this month. The U.S. season-average soybean price range for 2011/12 is projected at $10.70 to $12.70 per bushel, down 90 cents on both ends of the range. The soybean meal price is projected at $280 to $310 per short ton, down 30 dollars on both ends of the range. The soybean oil price range is projected at 50.5 to 54.5 cents per pound, down 2.5 cents on both ends of the range.

Global oilseed production for 2011/12 is projected at 457.6 million tons, up 2.8 million tons from last month. Foreign oilseed production accounts for most of the change with increases projected for soybeans, rapeseed, sunflowerseed, and peanuts. Global soybean production is projected at 259.2 million tons, up 0.3 million. Increased production for Canada and India is only partly offset by a lower projection for China. Global rapeseed production is projected higher this month mainly due to gains for Canada. Canada rapeseed production is raised 1.3 million tons to 14.2 million based on the latest survey results from Statistics Canada. Higher yields account for most of the change. Rapeseed production for China is reduced 0.3 million tons due to lower yields in line with the latest indications from the China National Grain and Oils Information Center. Other changes include increased sunflowerseed production for Ukraine and increased peanut production for China and India.

Global oilseed trade is projected at 114 million tons, up 0.7 million from last month. Increased soybean exports from Brazil, increased rapeseed and soybean exports from Canada, and increased peanut exports from China and India account for most of the gains. Global oilseed ending stocks are projected at 75.5 million tons, up 1.6 million from last month mainly reflecting increased soybean stocks in the United States and increased rapeseed stocks in Canada.


WHEAT: U.S. wheat ending stocks for 2011/12 are projected 50 million bushels higher with reduced prospects for exports this month. Exports are lowered 50 million bushels with reductions projected for Hard Red Winter, Soft Red Winter, and White wheat. Larger supplies in several major exporting countries and relatively strong domestic prices, supported by the tight domestic corn supply and use situation, are expected to limit opportunities for U.S. wheat in world trade. Ending stocks for 2011/12, at 878 million bushels, are projected to be up 16 million from last year, but down 98 million from the recent high in 2009/10. The 2011/12 season-average farm price is lowered slightly to $7.05 to $7.55 per bushel compared with $7.05 to $7.75 last month.

Global wheat supplies for 2011/12 are projected 9.3 million tons higher with larger beginning stocks in Australia and Argentina and a 5.7-million-ton increase in foreign production. Beginning stocks for Australia are raised for 2011/12 with a 1.9-million-ton increase in 2010/11 production based on recently released data from the Australian Bureau of Statistics. Argentina beginning stocks for 2010/11 and 2011/12 are raised with revisions to 2009/10 and 2010/11 production based on the latest indications of available supplies and usage.

Global wheat production for 2011/12 is projected at a record 689.0 million tons, up 37.4 million from 2010/11, and 3.5 million higher than the previous record in 2009/10. Australia production for 2011/12 is raised 2.3 million tons in line with the latest government estimate. Another year of adequate to abundant precipitation across the country's southern and eastern growing areas and a recovery in production in Western Australia pushes production to a record 28.3 million tons. Argentina production is raised 1.5 million tons with higher expected harvested area and yields with recent improvements in late-season growing conditions. Production for Canada is raised 1.1 million tons based on the latest estimate from Statistics Canada. Production is raised 0.9 million tons for China based on the recently released estimate from China's National Bureau of Statistics. Other 2011/12 production changes this month are smaller and mostly offsetting.

Larger world supplies of wheat and competitive prices relative to corn boost prospects for 2011/12 world wheat trade. Global imports are raised 1.4 million tons with increases for several Asian countries where wheat feeding is expected to be higher including South Korea, Japan, the Philippines, Thailand, and Vietnam. Wheat imports are also raised for Mexico where tight domestic corn supplies are boosting demand for imported feed quality wheat. Partly offsetting is a reduction for Syria. Exports are raised 2.5 million tons for Australia and 1.0 million tons for Argentina with larger supplies and indications that exports from both countries remain very competitive with Black Sea and North American supplies. Exports are lowered 1.0 million tons for Ukraine and 1.4 million tons for the United States.

Global wheat consumption for 2011/12 is raised 3.4 million tons on higher expected foreign wheat feeding. In addition to the countries mentioned above, wheat feeding is also increased for Australia, China, Kazakhstan, and Ukraine. Global ending stocks are projected 5.9 million tons higher with the largest increases in Argentina, the United States, Canada, Australia, Ukraine, and China. At the projected 208.5 million tons, global wheat stocks would be the largest in 12 years.

COARSE GRAINS: U.S. feed grain ending stocks for 2011/12 are projected slightly higher with a small decrease in domestic corn use and a small increase in oats imports. Corn food, seed, and industrial use is lowered 5 million bushels with early marketing-year corn use for sweeteners down slightly year on year. Projected corn ending stocks rise 5 million bushels to 848 million. Oats imports are increased 5 million bushels with the strong pace reported in recent months and larger production in Canada. Ending stocks for oats are raised the same amount. Sorghum exports are reduced 20 million bushels reflecting the continued slow pace of sales and shipments and increased buying of feed quality wheat by Mexico. Feed and residual use for sorghum is raised an offsetting 20 million bushels.

The 2011/12 season-average farm price for corn is projected 30 cents lower on each end of the range to $5.90 to $6.90 per bushel. Corn prices received by producers have been reported 40 to 50 cents per bushel below prevailing cash market bids reflecting apparent deliveries of grain that was forward priced below $6 per bushel ahead of planting this past spring. Declines in futures prices since early November have also tempered the outlook for seasonal price gains over the coming months. The sorghum farm price is lowered 30 cents on each end of the range to $5.70 to $6.70 per bushel. The barley farm price is lowered to $5.20 to $5.80 per bushel compared with $5.35 to $6.05 last month as reported prices for malting barley continue to fall short of earlier expectations. The oats farm price range is narrowed 5 cents on each end to $3.20 to $3.60 per bushel.

Global coarse grain supplies for 2011/12 are projected 7.4 million tons higher as lower beginning stocks for corn and barley are more than offset by an 8.5-million-ton increase in corn production, mostly reflecting higher output from China. Global corn beginning stocks for 2011/12 are reduced 0.8 million tons with a downward revision to 2010/11 production for South Africa. Global barley beginning stocks for 2011/12 are lowered 0.8 million tons mostly reflecting the lower 2010/11 Australia barley production estimate recently released by the Australian Bureau of Statistics.

Global corn production for 2011/12 is projected at a new record high of 867.5 million tons, despite a 3.5-million-ton decline year-to-year in the United States. Foreign corn production is expected to be up 43.4 million tons from 2010/11. China 2011/12 production is raised 7.3 million tons this month based on the recently released estimate from the National Bureau of Statistics. Slightly higher area and a 3 percent increase in yields from the previous forecast boost this year's crop to a record 191.8 million tons. This year's yield estimate is up 3 percent (3 bushels per acre) from the previous record in 2008/09 and up 9 percent (8 bushels per acre) from the recent low in 2009/10. Weather was generally favorable for this year's crop; record yields were reported despite summer conditions in the northeast growing areas that were somewhat warmer and drier than in 2008/09. Corn production is also raised 1.0 million tons for EU-27 and 0.7 million tons for Canada based on the latest government reports.

World coarse grain trade for 2011/12 is mostly unchanged this month with corn and sorghum imports and exports down slightly, but partly offset by small increases for barley. Corn imports are lowered 0.5 million tons for EU-27 with the larger crop and lower expected shipments from Serbia. Lower sorghum imports for Mexico and an increase in exports for Australia mostly offset the reduction in expected U.S. shipments. Barley exports are raised for Russia and Argentina countering a reduction for Australia and higher imports for Algeria. Global corn consumption is raised mostly reflecting a 2.0-million-ton increase in China corn feeding. Global corn ending stocks are projected 5.6 million tons higher, mostly on increased stocks in China. At the projected 127.2 million tons, world ending stocks remain at a 5-year low.


SUGAR: Projected U.S. sugar supply for fiscal year 2011/12 is decreased 15,000 tons, raw value, from last month, to reflect revised 2010/11 carryover stocks in Sweetener Market Data.

LIVESTOCK, POULTRY, AND DAIRY: The 2012 forecast of total red meat and poultry production is reduced from last month as lower forecast broiler production more than offsets a higher pork production forecast. Beef and turkey production forecasts are unchanged. Broiler production is forecast lower, largely due to slower expected growth in average bird weights in the first part of the year. Pork production is forecast higher as slightly higher carcass weights are expected. USDA will release its Quarterly Hogs and Pigs report on December 23 which will provide an indication of producer farrowing intentions into the first part of 2012. For 2011, beef and broiler production forecasts are lowered, but the pork production forecast is raised. Egg production is forecast higher in the last quarter of 2011 and for 2012.

The beef import forecast is raised for 2011 based on higher-than-expected third-quarter data, but is unchanged for 2012. Pork imports are lowered for 2011 and 2012. Beef, pork, and poultry exports are raised for 2011 and pork, broiler, and turkey exports are raised for 2012.

Cattle prices are forecast higher for the remainder of 2011 and through 2012 as demand strength is expected to carry into 2012 in the face of tight cattle supplies. Hog prices are unchanged for 2012. Broiler prices are raised for 2011 and 2012 because of lower production.

Milk production forecasts for 2011 and 2012 are raised slightly, reflecting higher growth in milk per cow and slightly more cows in 2011. Fat basis imports are raised for 2011 and skim-solids basis imports are forecast slightly higher in 2012. Exports are forecast higher for 2011.

For 2011, cheese and whey prices are unchanged, but butter and nonfat dry milk (NDM) price forecasts are reduced. Thus, the Class III price forecast is unchanged but the Class IV price is reduced. Cheese and butter prices for 2012 are lowered from last month but the whey price is raised. The range of the NDM price is narrowed. As a result of the higher whey price, the Class III price is raised, and the lower butter price results in a reduction in the Class IV price forecast. The all milk price forecast is forecast at $20.05 to $20.15 per cwt for 2011, and $18.10 to $18.90 per cwt for 2012.

COTTON: The 2011/12 U.S. cotton supply and demand estimates include lower production, domestic mill use, and ending stocks compared with last month. Production is reduced 473,000 bales due to decreases in all regions except the far West. Domestic mill use is reduced 200,000 bales based on lower-than-expected use in recent months. The export estimate remains at 11.3 million bales. Ending stocks are now forecast at 3.5 million bales, or 23.5 percent of total use. The forecast marketing year average price received by producers of 85-95 cents per pound is narrowed 1 cent on each end of the range.

Lower consumption is boosting forecast 2011/12 world ending stocks by 2.7 million bales this month. Beginning stocks are raised nearly 300,000 bales and world production is forecast nearly 500,000 bales lower, due mainly to the reduced forecast for the U.S. crop. World consumption is reduced sharply, reflecting continued weak mill demand owing to an uncertain world economic outlook and a loss of fiber share to polyester. Consumption is lowered for most major world cotton spinners and includes a 1.0-million-bale reduction for India and reductions of 0.5 million bales for both China and Turkey. World trade is revised up slightly, despite lower world consumption, due to strong import demand by China, which is supported by purchases for the national reserve. World ending stocks are now forecast at 57.7 million bales, an increase of 27 percent from 2010/11, and accounting for 52 percent of world consumption.

RICE: No changes are made to the U.S. 2011/12 all rice and rice-by-type supply and use projections. The 2011/12 long-grain, season-average farm price range is projected at $13.50 to $14.50 per cwt, unchanged from last month. The combined medium- and short-grain farm price range is projected at $15.50 to $16.50 per cwt, unchanged from a month ago. The all rice season-average farm price is forecast at $14.00 to $15.00 per cwt, unchanged from last month.

World 2011/12 rice supply and use projections are lowered from a month ago. Global rice production is projected at a record 460.8 million tons, but down slightly due primarily to lower forecasts for Brazil and China, which is partially offset by an increase for Vietnam. The China rice crop is projected at a record 140.5 million tons, down 0.5 million from last month, based on China's National Bureau of Statistics (NBS) report published on December 2. NBS reported harvested area at 29.9 million hectares, slightly above the previous year, and a record yield at 6.70 metric tons per hectare, up 2 percent from 2010/11. The Brazil crop is lowered due to a reduction in harvested area based on government indications. The Vietnam crop is raised due to both an increase in forecast area and yield, mostly resulting from a forecast larger autumn crop. Slight decreases are made to both global consumption and trade. Global 2011/12 ending stocks are projected at 99.5 million tons, down 1.1 million from last month, but up 2.8 million from 2010/11. The change in ending stocks is due primarily to lower stocks projected for Indonesia. Indonesia's 2010/11 rice crop is lowered 1.6 million tons based largely on lower area in a report received from the Agricultural Counselor in Jakarta. The smaller crop led to a decrease in estimated 2010/11 ending stocks which is carried into 2011/12.

Want to know what I think for tomorrow and going forward?

The 6 markets now covered daily are Soybeans,Corn, Crude oil, S&P, 30 yr TBond and Gold

My numbers usually are sent at least 12 hours (via your email) in advance of the next day open outcry session. Subscribers use them as best suited to their own needs and sometimes that involves the overnight trade.

Find out why my subscribers from Canada, China, Czech Republic, Germany, India, Switzerland, South Korea ,Turkey and the UK keep renewing this service.

HowardTyllas Daily Numbers & Trade Ideas cover 6 markets for less than $10 a day.

HowardTyllas Daily Numbers & Trade Ideas is designed to help you plan your trading strategies for the coming day.

 

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Howard Tyllas

Put yourself in a position to make money, use the daily numbers service!

Email: dailynumbers@futuresflight.com
http://www.futuresflight.com/

Tel.1-312-573-2699, 1-312-823-9189

Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are tempted. Futures trading involve risk.In no event should the content of this be construed as an express or implied romise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.


 

January Soybeans & December Corn Daily Numbers & Trade ideas for 12/5/11

Dec 06, 2011

This report was sent to subscribers on 12/2/11 7:30 p.m. Chicago time to be used for trading on 12/5/11. 

January Soybeans 

After the close recap on 12/5/11: My resistance was 11.46, .02 1/2 from the actual high, and my support was 11.28, .06 from the actual low. 

December Corn 

After the close recap on 12/5/11: My pivot acted as resistance and was 5.90 1/4, .03 1/4 from the actual high, and my support was 5.80 1/2, .00 1/2 from the actual low. 

Subscribe now! Do yourself a favor and get your numbers after the market is closed to be used for the next session trading. Ask yourself how much would it have been worth to read my comments and get my numbers 14 hours before today's open outcry?  

Sign up: Free 1 Day Trail of Daily Numbers & Trade Ideas 

Sign up: Free Learn a better way to hedge for farmers After you learn (No costs or fees) I will execute your hedges with you on the phone with a floor broker on the grain floor inside the pit trading. You will hear bids and offers and can direct or change your order.

January Soybeans


11.58 ½
11.46
--------------11.37 Pivot
11.28 FG
11.11 ½

5 day chart... Up from last week same day
Daily chart .... Down
Weekly chart ... Down
Monthly chart Up $13.22 ¾ is the 200 DMA
Average Trading Range 24 ¾ Balanced 46%

Jan beans 12 5 11

For 12/5/11: I continue to say "Bracket line is now support, Wednesday's high resists, and last week's low supports. 

Notice how the bracket line was perfect support on Wednesday.

In my daily soybean numbers on Friday; my resistance was .01 ½ from the actual high; my pivot acted as support and was .01 ½ from the actual low.             

December Corn

6.09 ¾
5.98
-----------5.90 ¼ Pivot
5.82 ½ FG
5.80 ½ XX

ADD $.08 ¼ to these numbers to get the March #'s
5 day chart.... Up from last week same day
Daily chart ...... Down
Weekly chart .......Sideways
Monthly chart .... Sideways 6.55 ¼ is the 200 DMA
ATR 16 Oversold 19%

december corn 12 5 11

For 12/5/11: Last week's high of $6.09 ¾ is resistance and then the downtrend line, bracket line supports.      

In my daily corn numbers on Friday; my pivot acted as resistance and was .02 from the actual high; my support was .00 ¾ from the actual low.
 

12/5/11:

Grains: Spot on numbers! I think exactly the same as I did on Friday, it could have been written for this weekend edition. Since the fundamentals are not in play, it makes it easy to trade the numbers without bias except the bias the charts give me. Soybeans since 8/31/11 have taken a $3.70+ beating for a reason; there are more sellers than buyers. Bracket line once again provided support while without it you would have little to go on to find what could stop the market from going down. The trend is down but the action last week sets up more follow through buying early in this week. Another failure at $11.46 will quickly warrant another retest of the bracket line. If the market can hurdle $11.46 it will face strong resistance at $11.58 ½ where I would be a willing seller. 

If December corn can hold the $5.72 ¼ level, it would be a quadruple bottom on the weekly and monthly charts, and that what be the same as a giant "line in the sand" for bulls and bears alike. No matter if I am bearish I would still take buy signals for day and swing trades, but only look for the same $.27 bounce that was produced last week. I said last weekend "December corn posted its lowest close since March, and is not far from $5.72 ¼ now. We could start the week higher and test $6 before testing the low, but unless the market recaptures $6.30 the bears are in total control. How good are the fundamentals of supply and demand doing for the bulls now"? Unlike the soybean market, corn has established a sideways trade since 10/3/11 between $5.72 ¼ and $6.66 ¼ with $6.19 ¼ the pivot which happens to be where the downtrend line starts this week. 

Soybeans can support corn, or corn could help drag it down, and certainly the bigger picture world economic situation on any given significant move will influence commodities prices. Nobody can tell you what the market will do, but I know what I want to do because of the price parameters derived from my charts.

Last Friday December 2012 corn left a gap at $5.35 ½ which is now key support. Key downtrend line resistance starts the week at $6. $5.61 capped the rally last week, and will be good resistance this week too. I think the most supportive thing is that 2012 is being bought and selling March corn against it. The spread came in (narrowed) $.05 ¼ on Friday alone. When the spreading is done the December will more likely go down in lockstep with March for the most part. Producers should be hedging one way or the other to protect the downside, my strategy allows for the upside you want to be built in on entry. Below $5.35 the market is in big trouble, $6 would be a gift, $5.67 ½ pivot was not reached last week. 

I want to continue to trade the market without bias and risk $.05 in corn and $.07 in soybeans using a stop to protect any idea.         

 

12/2/11:

Grains: Spot on corn numbers, and accurate soybean numbers. More of the same action, market finds sellers when market is at a resistance and turns the market down on the day. Market continues to find sellers, and at the same time the market has rejected last Friday's closing price which acts as a gap support. New subscribers should know that I stress the importance of gaps and have found them most helpful in price discovery (another way of saying how to discover where support and resistance will be) since I considered myself a "chartist". 

After the open on Thursday, it only took about 10 minutes for option premium to take another hit in premium even though the market was near the highs; this makes me a more than willing seller against the resistance. It makes it a harder sell if premium was going up, but I ALWAYS take my cues strictly from the numbers and chart location, but might do more or fewer contracts when I consider the implication from what option premium is doing as well as outside markets.

The January soybean downtrend line is now near $11.60, and the gap at $11.06 ½ near the low proved this week to be support, would make the middle or "pivot" around $11.33. I am thinking that after the unemployment report today unless the "sky is falling", risk taking could bring some "bottom picking", but now that I know the EU meets next Friday, that would still put a lid on any rally until then. I can make a case for both the bears (sellers are there every day evidenced by the poor closes off the day's high) and the bulls (that the gap support was tested daily and held). 

Same chart for corn as soybeans. $6.20 is the downtrend line, and $5.82 ½ gap support. $6.01 ½ is the pivot. Same thoughts as before for both soybeans and corn, so I want to continue to trade the market without bias and risk $.05 in corn and $.07 in soybeans using a stop to protect any idea.         

Lastly, I want to remind new producers that the reason to hedge is to market your grain, which means to eventually sell it. When you sell it, you should not want to "buy your grain back" because it is not "your grain". This reminds me about a racehorse that was the greatest horse I ever owned who was royally bred and acted as such, and when I lost him in a claiming race I wanted him "back" so bad. The trouble with the horse was he had a problem that could cause him to go lame and could need 6 month layoffs to heal, and the horse had been well known going down the ladder. I had to decide if I wanted a pet that could make money but would eventually "breakdown" before I would get the value out of him in earnings that he was worth while still a winning racehorse. If I buy him back and move him up in company so nobody else would claim (buy) him, he would need to race hard just to get a check let alone win. In the company I raced against and lost him, he could fall down and get up and still win, so as long as nobody claimed him, I stood near the winners circle so I would not have to hurry to get my picture taken. Pet or Business? Business was how I conducted my 2 horse stable, and so I did not claim him back. He was not MY horse; it is not YOUR grain.

I do not care how you hedge or not, when you sell your grain there should not be one thought of getting back ownership in your mind. Businesses that manufacture or produce a product and sell for a profit, is not concerned with buying it back to sell at even a higher price. They are concerned about producing more products and trying to sell that at a higher price.

I have no problem with a producer who wants to get long the grain market after selling all his grain risking a small amount, but I will not allow that gamble to be masked and associate it in any way to hedging or marketing of any kind. The fact is my producers are "bored" so to speak, and have nothing to be emotional about. They have nothing to do no matter bullish or bearish because it is already reflected in their strategy, making them long and at the same time protecting them with some protection they bought in case it goes down. This strategy is unemotional and has indeed done what it is supposed to do, take the stress out of marketing, be able to reflect a bullish or bearish stance, and allow you to be able to "manage" your potential income.

My producers are constantly getting offers and opinions from people whose end result purpose of such generous ideas and thoughts, is to generate commissions for them. It does not matter that you are assuming more risk using some of their strategies and could lose a lot of money even more than being totally un-hedged, because the end result is commissions which was the reason for the call or email. I make commissions too, and I earn every penny I make. I keep my producers from risking more money than they have to, keep them in reality, even talking them out of commissions more times that I like to admit now. But the reality is when I talk people out of giving me commissions that speaks louder than words. I always explain the reason why. They can still do whatever they want, they are in total control of their own account, but I as they understand this is a learning experience for them. I know what insures failure, and I know what helps a person to succeed, and I do not waiver in my advice. Bottom line is these "brokers", elevators, and such, are promoting trading not hedging! Buying grain back after selling it is really trading, there is no hedge when you assume ownership again, and the purpose of a hedge is to take risk OFF the table.

 

Want to know what I think for tomorrow and going forward?

The 6 markets now covered daily are Soybeans,Corn, Crude oil, S&P, 30 yr TBond and Gold

My numbers usually are sent at least 12 hours (via your email) in advance of the next day open outcry session. Subscribers use them as best suited to their own needs and sometimes that involves the overnight trade.

Find out why my subscribers from Canada, China, Czech Republic, Germany, India, Switzerland, South Korea ,Turkey and the UK keep renewing this service.

HowardTyllas Daily Numbers & Trade Ideas cover 6 markets for less than $10 a day,

HowardTyllas Daily Numbers & Trade Ideas is designed to help you plan your trading strategies for the coming day.

 

$199.00 USD for each month, renewable monthly

HowardTyllasDaily Numbers & Trade Ideas $ 199.00

If clicking on the above link does not work please copy and paste the following in your browser:

https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=D5MG7VPCUWW2N

 

Howard Tyllas

Put yourself in a position to make money, use the daily numbers service!

 

Email: dailynumbers@futuresflight.com
http://www.futuresflight.com/

 

Tel.1-312-573-2699, 1-312-823-9189

 

Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are tempted. Futures trading involve risk.In no event should the content of this be construed as an express or implied romise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.

 

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