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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--Feb. 25

Feb 26, 2013

Monday Evening, February 25-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: April live cattle closed up $0.20 at $128.42
today. Prices closed near mid-range today and saw tepid
short covering in a bear market. The key “outside markets”
were bearish for cattle again today, as the U.S. dollar
index was higher and crude oil prices were weaker. Cattle
futures bears still have the solid overall near-term
technical advantage. Prices are in a two-month-old
downtrend on the daily bar chart. The bulls' next upside
price breakout objective is to push and close prices above
solid technical resistance at $130.55. The next downside
technical breakout objective for the bears is pushing and
closing prices below solid technical support at the
contract low of $125.90. First resistance is seen at
today’s high of $129.15 and then at $129.67. First support
is seen at $128.00 and then at last week’s low of $127.50.
Wyckoff's Market Rating: 2.0

April feeder cattle closed down $0.07 at $143.70 today.
Prices closed nearer the session low today and are hovering
near the recent contract low. The feeder bears have the
solid near-term technical advantage. The next upside price
breakout objective for the feeder bulls is to push and
close prices above solid technical resistance at $146.00.
The next downside price breakout objective for the bears is
to push and close prices below solid technical support at
$142.00. First resistance is seen at $144.00 and then at
today’s high of $144.80. First support is seen at the
contract low of $143.15 and then at 142.50. Wyckoff's
Market Rating: 1.0

April lean hogs closed up $0.25 at $81.90 today. Prices
closed nearer the session high today after hitting a fresh
8.5-month low early on. Tepid short covering in a bear
market was featured today. The key “outside markets” were
again bearish for hogs today—the U.S. dollar index was
higher and crude oil prices were weaker. The hog bears have
the solid overall near-term technical advantage. A choppy
three-month-old downtrend is in place 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 $84.00. The next downside price breakout
objective for the bears is pushing prices below solid
technical support at $80.00. First resistance is seen at
$82.50 and then at $83.00. First support is seen at today’s
low of $80.90 and then at $80.50. Wyckoff's Market Rating:
1.5

*. GRAINS: May corn futures last traded up 1/2 cent at
$6.84 3/4 today in late trading. Prices were near mid-range
and did hit a fresh seven-week low early on today. The key
“outside markets” were bearish for corn again today—the
U.S. dollar index was higher and crude oil prices were
weaker. Corn bears have the near-term technical advantage.
Prices are in a steep four-week-old downtrend on the daily
bar chart. Corn bulls' next upside price objective is to
push and close prices above solid technical resistance at
$7.00. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at the January low of $6.78 1/2. First resistance
for May corn is seen at today’s high of $6.88 and then at
$6.95. First support is seen at today’s low of $6.80 3/4
and then at $6.78 1/2. Wyckoff's Market Rating: 3.0

May soybeans were down 18 1/4 cents at $14.25 1/2 a bushel
in late trading today. Prices were nearer the session low.
Price action Friday scored a bearish “outside day” down and
a bearish weekly low close after prices failed just just of
major resistance at $15.00. Bears have gained downside
technical momentum. The key “outside markets” were bearish
for soybeans again today--the U.S. dollar index was higher
and crude oil prices were weaker. Bean bears have the
slight near-term technical advantage. The next near-term
upside technical breakout objective for the soybean bulls
is pushing and closing prices above psychological
resistance at $15.00 a bushel. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at the February low of
$13.93 1/2. First resistance is seen at $14.40 and then at
today’s high of $14.53. First support is seen at today’s
low of $14.21 1/2 and then at $14.10. Wyckoff's Market
Rating: 4.5.

May soybean meal was down $4.90 at $421.50 today in late
trading. Prices were nearer the daily low and have backed
off sharply after prices Friday hit a fresh two-month high.
Bears now have the slight near-term technical advantage.
The next upside price breakout objective for the bulls is
to produce a close above solid technical resistance at last
Friday’s high of $443.90. The next downside price breakout
objective for the bears is pushing and closing prices below
solid technical support at the February low of $402.10.
First resistance comes in at $425.00 and then at $427.50.
First support is seen at today’s low of $420.00 and then at
$417.50. Wyckoff's Market Rating: 4.5

May bean oil was down 47 points at 50.26 cents in late
trading today. Prices were near mid-range and hit a fresh
six-week low today. The key “outside markets” were again
bearish for bean oil today—the U.S. dollar index was higher
and crude oil prices were weaker. Bean oil bears have the
near-term technical advantage. Prices are in a four-week-
old downtrend on the daily bar chart. The next upside price
breakout objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 52.30
cents. Bean oil bears' next downside technical price
breakout objective is pushing and closing prices below
solid technical support at the January low of 49.51 cents.
First resistance is seen at today’s high of 50.75 cents and
then at 51.00 cents. First support is seen at 50.00 cents
and then at today’s low of 49.75 cents. Wyckoff's Market
Rating: 3.0

May Chicago SRW wheat was down 13 1/4 cents at $7.05 1/4 in
late trading today. Prices were near the session low and
hit another fresh eight-month low today. The key “outside
markets” were bearish for wheat again today—the U.S. dollar
index was higher and crude oil prices were weaker. Prices
are in a five-week-old downtrend on the daily bar chart.
Wheat bears have the solid overall near-term technical
advantage. Wheat bulls’ next upside breakout objective is
to push and close Chicago SRW prices above solid technical
resistance at last week’s high of $7.52 1/2 a bushel. The
next downside price breakout objective for the wheat
futures bears is pushing and closing prices below solid
technical support at $7.00. First resistance is seen at
$7.15 and then at today’s high of $7.22 1/4. First support
lies at today’s low of $7.04 3/4 and then at $7.00.
Wyckoff's Market Rating: 2.0.

May HRW wheat was down 17 cents at $7.42 1/2 in late
trading today. Prices were near the session low and hit
another fresh eight-month low today. HRW bears have the
solid overall near-term technical advantage. Bulls’ next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $7.90. The
bears' next downside breakout objective is pushing and
closing prices below solid technical support at $7.25.
First resistance is seen at $7.50 and then at today’s high
of $7.62. First support is seen at today’s low of $7.42 1/2
and then at $7.35. Wyckoff's Market Rating: 2.0

May oats were down 11 1/2 cents at $3.73 3/4 in late
trading today. Prices were nearer the session low and saw
heavy profit taking. Oats bulls still have the overall
near-term technical advantage but did fade today. Bears'
next downside price breakout objective is pushing and
closing prices below solid technical support at the
February low of $3.62 1/2. Bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at last week’s high of $3.93
1/2. First support lies at today’s low of $3.69 1/4 and
then at $3.65. First resistance is seen at $3.79 and then
at $3.81. Wyckoff's Market Rating: 6.0

*. SOFTS: May sugar closed down 10 points at 18.05 cents
today. Prices closed near the session low today. The key
“outside markets” were bearish for sugar again today—the
U.S. dollar index was higher and crude oil prices were
weaker lower. The sugar bears have the solid overall 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 push and close prices above solid
technical resistance at the February high of 19.02 cents.
Bears' next downside price breakout objective is to push
and close prices below solid technical support at 17.50
cents. First resistance is seen at 18.23 cents and then at
today’s high of 18.46 cents. First support is seen at 18.00
cents and then at 17.80 cents. Wyckoff's Market Rating:
2.0.

May coffee closed down 145 points at 142.35 cents today.
Prices closed near mid-range today as prices hover just
above the recent contract low. The key “outside markets”
were bearish for coffee again today--the U.S. dollar index
was higher and crude oil prices were weaker. The coffee
bears have the solid overall near-term technical advantage.
The next upside breakout objective for the bulls is to
close prices above solid technical resistance at 150.00
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
130.00 cents a pound. First resistance is seen at today’s
high of 144.45 cents and then at 147.50 cents. First
support is seen at today’s low of 140.55 cents and then at
the contract low of 137.60 cents. Wyckoff's Market Rating:
2.0.

May cocoa closed up $3 at $2,142 a ton. Prices closed near
mid-range today and saw tepid short covering in a bear
market. Prices last week hit an 8.5-month low. The cocoa
bears have the solid overall near-term technical advantage.
Prices are in a three-month-old downtrend on the daily bar
chart. The next upside price breakout objective for the
cocoa bulls is to push and close prices above solid
technical resistance at the February high of $2,260. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$2,100. First resistance is seen at today’s high of $2,156
and then at $2,175. First support is seen at today’s low of
$2,129 and then at last week’s low of $2,102. Wyckoff's
Market Rating: 1.5

May cotton closed down 143 points at 81.71 cents today.
Prices closed near the session low today and saw heavy
profit-taking pressure. The key “outside markets” were
bearish for cotton again today—the U.S. dollar index was
higher and crude oil prices were weaker. The cotton bulls
still have the slight overall near-term technical
advantage, but have faded recently and the bulls need to
show fresh power soon. The next upside price breakout
objective for the bulls is to produce a close above solid
technical resistance at last week’s high of 85.24 cents.
The next downside price breakout objective for the cotton
bears is to push and close prices below solid technical
support at the February low of 81.35 cents. First
resistance is seen 82.00 cents and then at 82.50 cents.
First support is seen at 81.35 cents and then at 81.00
cents. Wyckoff's Market Rating: 5.5.

May orange juice closed up 75 points at $1.3000 today.
Prices closed nearer the session low today. FCOJ bulls have
the overall near-term technical advantage. A six-week-old
uptrend is in place on the daily bar chart. The next upside
price breakout objective for the FCOJ bulls is pushing and
closing prices above technical resistance at the February
high of $1.3200. The next downside technical breakout
objective for the FCOJ bears is to produce a close below
solid technical support at last week’s low of $1.2400.
First resistance is seen at today’s high of $1.3125 and
then at $1.3200. First support is seen at $1.2800 and then
at $1.2700. Wyckoff's Market Rating: 6.5.

March lumber futures closed down $7.40 at $369.00 today.
Prices hit a fresh three-week low today on more heavy
profit taking. Bulls have lost their near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $357.50. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $380.00. First
resistance is seen at $370.00 and then at $375.00. First
support is seen at $367.50 and then at $365.00. Wyckoff's
Market Rating: 5.0

*. METALS: April gold futures closed up $13.30 an ounce at
$1,586.10 today. Prices closed near mid-range today on
short covering and bargain hunting after last week’s
shellacking. Prices last Thursday hit an 8.5-month low.
Serious near-term technical damage has been inflicted
recently. Gold prices are still in a six-week-old downtrend
on the daily bar chart. The gold bulls’ next upside near-
term price breakout objective is to produce a close above
solid technical resistance at last week’s high of
$1,618.80. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at last week’s low of $1,554.40. First resistance is seen
at today’s high of $1,594.00 and then at $1,600.00. First
support is seen at today’s low of $1,574.70 and then at
Friday’s low of $1,569.30. Wyckoff’s Market Rating: 3.0

May silver futures closed up $0.50 an ounce at $29.02
today. Prices closed near mid-range today and saw short
covering and bargain hunting following recent strong
selling pressure. Serious near-term technical damage has
been inflicted in silver recently. Prices last week hit a
six-month low. May silver bears have the near-term technical
advantage. Prices are in a six-week-old downtrend on the
daily bar chart. Bulls’ next upside price breakout
objective is closing prices above solid technical
resistance at $30.00 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at last week’s low of $28.315.
First resistance is seen at today’s high of $29.275 and
then at $29.67. Next support is seen at today’s low of
$28.60 and then at $28.315. Wyckoff's Market Rating: 3.0.

May N.Y. copper closed up 85 points at 355.90 cents today.
Prices closed nearer the session low again today. Prices
Friday hit a two-month low as the bulls have faded badly
recently. Serious near-term chart damage was inflicted last
week. Copper bears have the overall near-term technical
advantage. Copper bulls' next upside breakout objective is
pushing and closing prices above solid technical resistance
at 365.00 cents. The next downside price breakout objective
for the bears is closing prices below solid technical
support at the December low of 353.40 cents. First
resistance is seen at today’s high of 359.05 cents and then
at 360.60 cents. First support is seen at last week’s low
of 354.20 cents and then at 353.40 cents. Wyckoff's Market
Rating: 3.5.

*. ENERGIES: April crude oil closed down $0.08 a barrel at
$93.05 today. Prices closed nearer the session low again
today. Prices Friday hit a fresh six-week low. The crude
oil market has been pressured by a sharply higher U.S.
dollar index recently. The crude bulls have faded badly and
the bears have the slight near-term technical advantage.
The next near-term upside price breakout objective for the
crude oil bulls is producing a close solid chart resistance
at last week’s high of $97.49 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
$92.00. First resistance is seen at $94.00 and then at
today’s high of $94.46. First support is seen at last
week’s low of $92.44 and then at $92.00. Wyckoff's Market
Rating: 4.0

April heating oil closed down 56 points at $3.0962 today.
Prices closed nearer the session low today. Bulls are
fading. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at $3.1750.
Bears' next downside price breakout objective is producing
a close below solid technical support at $3.0000. First
resistance lies at $3.1200 and then at today’s high of
$3.1484. First support is seen at last week’s low of
$3.0874 and then at $3.0500. Wyckoff's Market Rating: 5.5.

April (RBOB) unleaded gasoline closed down 286 points at
$3.0510 today. Prices closed near the session low today.
The gasoline bulls still have the overall near-term
technical advantage. However, the higher daily price
volatility at higher price levels is one early warning
signal that a market top is in place. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the contract high of $3.1691.
Bears' next downside price breakout objective is closing
prices below solid support at $2.9000. First resistance is
seen at $3.0800 and then at $3.1000. First support is seen
at $3.0250 and then at $3.0000. Wyckoff's Market Rating:
6.5.

April natural gas closed up 11.9 cents at $3.468 today.
Prices closed near the session high today and scored a
fresh three-week high. Nat gas bears 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 the February high of $3.505.
The next downside price breakout objective for the bears is
closing prices below solid technical support at $3.25.
First resistance is seen at today’s high of $3.476 and then
at $3.505. First support is seen at today’s low of $3.385
and then at $3.35. Wyckoff's Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 93 points at 1.3097 today. Prices closed near
the session low today, hit a fresh seven-week low and
scored a big and bearish “outside day” down on the daily
bar chart. The Euro bears have the overall near-term
technical advantage. A four-week-old downtrend is in place
on the daily bar chart. Euro bulls' next upside price
breakout objective is pushing and closing prices above
solid technical resistance at last week’s high of 1.3444.
The next downside price breakout objective for the bears is
closing prices below solid chart support at 1.3000. First
resistance for the Euro lies at 1.3200 and then at 1.3250.
Next support is seen at today’s low of 1.3089 and then at
the January low of 1.3017. Wyckoff's Market Rating: 4.0

The June Japanese yen closed up 243 points at 1.0958 today.
Prices closed near the session high today, hit a fresh
four-week high and scored a big and bullish “outside day”
up on the daily bar chart. The bulls gained some upside
momentum today to begin to suggest that a market bottom is
finally in place. Heavy short covering was featured. Bears
still have the overall near-term technical advantage.
However, a five-month-old downtrend on the daily bar chart
was negated today. Bulls' next upside price breakout
objective is closing prices above solid resistance at
1.1200. Bears' next downside breakout objective is closing
prices below solid technical support at the contract low of
1.0600. First resistance is seen at 1.1075 and then at
1.1100. First support is seen at 1.0900 and then at 1.0800.
Wyckoff's Market Rating: 3.0.

The June Swiss franc closed up 6 points at 1.0767 today.
Prices closed nearer the session low today. Prices are in a
four-week-old downtrend on the daily bar chart. The Swissy
bears have the near-term technical advantage. 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 the January low of 1.0697.
First resistance is seen at 1.0800 and then at today’s high
of 1.0832. First support is seen at last week’s low of
1.0737 and then at 1.0700. Wyckoff's Market Rating: 4.0.

The June Australian dollar closed down 25 points at 1.0211
today. Prices closed near mid-range today. Bulls and bears
are on a level near-term technical playing field. Bulls'
next upside price breakout objective is closing prices
above solid chart resistance at the February high of
1.0377. The next downside breakout objective for the bears
is to produce a close below solid technical support at the
February low of 1.0136. First resistance is seen at today’s
high of 1.0236 and then at 1.0254. Next support is seen at
today’s low of 1.0180 and then at 1.0136. Wyckoff's Market
Rating: 5.0

The June Canadian dollar closed down 26 points at .9724
today. Prices closed nearer the session low today and hit a
fresh eight-month low. Prices are in a steep seven-week-old
downtrend on the daily bar chart. Bears have the solid
near-term technical advantage. Bulls' next upside price
breakout objective is producing a close above chart
resistance at .9870. The next downside price breakout
objective for the bears is closing prices below solid
technical support at .9600. First resistance is seen at
today’s high of .9759 and then at .9800. First support is
seen at today’s low of .9707 and then at .9700. Wyckoff's
Market Rating: 3.0.

The June British pound closed down 48 points at 1.5184
today. Prices closed near the session high today and did
hit a fresh contract low early on. Bears still have the
solid overall near-term technical advantage. Prices are in
a steep two-month-old downtrend on the daily bar chart. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.5500.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.5000. First
resistance is seen at 1.5250 and then at 1.5311. First
support is seen at 1.5100 and then at today’s contract low
of 1.5061. Wyckoff's Market Rating: 1.0.

The June U.S. dollar index closed up 20 points at 82.01
today. Prices closed nearer the session high again today
and hit a fresh six-month high. Prices also scored a big
and bullish “outside day” up on the daily bar chart today.
The bulls have upside near-term technical momentum and have
the near-term technical advantage. Prices are in a four-
week-old uptrend on the daily bar chart. Bulls' next upside
price breakout objective is to close prices above solid
technical resistance at 83.00. The next downside price
breakout objective for the bears is to produce a close
below solid technical support at 80.50. Next resistance
lies at today’s high of 82.19 and then at 82.50. First
support is seen at today’s low of 81.37 and then at 81.12.
Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed up 1 27/32 at 144 11/32 today.
Prices closed nearer the session high today and hit a fresh
five-week high on heavy short covering and on fresh safe-
haven demand amid the uncertainty regarding the Italian
elections. Price action today also saw a bullish upside
“breakout” from the sideways trading range at lower price
levels. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at the February low of 140 23/32. The next upside
technical objective for the bulls is to produce a close
above solid technical resistance at 145 even. First
resistance is seen at today’s high of 144 13/32 and then at
the January high of 144 30/32. First support is seen at 144
even and then at 143 16/32. Wyckoff's Market Rating: 5.0.

June U.S. T Notes closed up 27.0 (32nds) at 131.18.5 today.
Prices closed near the session high today and hit a fresh
two-month high on heavy short covering and fresh safe-haven
demand. Bulls now have the overall near-term technical
advantage. The next upside price breakout objective for the
bulls is closing prices above solid resistance at 132.00.0.
The next downside price breakout objective for the bears is
producing a close below solid technical support at
130.08.0. First resistance is seen at today’s high of
131.19.5 and then at 131.24.0. First support is seen at
131.14.0 and then at 131.08.0. Wyckoff's Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
sharply lower today on heavy profit taking and some risk-
aversion. The bulls are fading. In Europe, traders are
awaiting the outcome of elections in Italy that began over
the weekend, and which could be a harbinger of further
progress, or lack thereof, on stabilizing the European
Union sovereign debt crisis. As of this writing there was
no clear result in those elections, but they were perceived
as possibly not turning out in favor of the investing
market place in Europe. That prompted some keen investor
unease Monday. Late Friday Moody’s credit rating agency
downgraded Great Britain’s credit rating. That news further
pressured the British pound. The uncertainty regarding the
U.K. credit downgrade may have also added a bit of investor
anxiety Monday. In China, the HSBC China manufacturing
purchasing managers’ index fell to 50.4 in February from
52.3 in January, it was reported Monday. A reading above
50.0 indicates a growing economy. More key economic data
from China is due out Friday. The market place is awaiting
the Tuesday and Wednesday testimony on the U.S. economy to
Congress from Federal Reserve Chairman Ben Bernanke.
Traders and investors will be looking for fresh clues on
the direction of U.S. monetary policy in the coming weeks
and months.

The Nasdaq stock futures index closed down 33.75 at
2,702.00 today. Prices closed near the session low and
closed at a fresh seven-week low close today. Prices also
scored a bearish “outside day” down on the daily bar chart
today. Bulls still have the slight 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 2,786.50. The bears' next downside price
breakout objective is closing prices below solid technical
support at 2,650.00. First resistance is seen at 2,725.00
and then at 2,741.00. First support is seen at last week’s
low of 2,699.50 and then at 2,675.00. Wyckoff's Market
Rating: 5.5

The S&P 500 futures index closed down 28.40 at 1,486.20.
Prices closed near the session low today and hit a fresh
five-week low. Prices also scored a big and bearish
“outside day” down on the daily bar chart today. But the
bulls still have the slight overall near-term technical
advantage. Bulls' next upside price breakout objective is
closing prices above solid resistance at last week’s high
of 1,530.00. The next downside price breakout objective for
the bears is closing prices below solid support at the
January low of 1,439.30. First resistance is seen at
1,500.00 and then at 1,515.00. First support is seen at
today’s low of 1,485.00 and then at 1,475.00. Wyckoff's
Market Rating: 5.5.

The Dow futures closed down 193 points at 13,788. Prices
closed near the session low today and hit a fresh five-year
high early on. Today’s price action saw another bearish
“key reversal” down on the daily bar chart. That is one
early technical clue that a market top is in place. But
right now the bulls still have the overall near-term
technical advantage. The next upside price objective for
the bulls is closing prices above solid technical
resistance at the all-time high of 14,270, basis nearby
futures. The next downside price objective for the bears is
closing prices below solid technical support at 13,600.
First resistance in the Dow lies at 13,800 and then at
13,850. First support is seen at today’s low of 13,770 and
then at 13,700. 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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