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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. 26

Feb 27, 2013

Tuesday Evening, February 26-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 $0.92 at $129.35
today. Prices closed nearer the session high today and saw
more short covering in a bear market. Cattle futures bears
still have the overall near-term technical advantage.
Prices are still 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 $129.67 and then at $130.00.
First support is seen at $128.50 and then at today’s low of
$128.05. Wyckoff's Market Rating: 2.5

April feeder cattle closed up $0.32 at $144.02 today.
Prices closed near the session high today and hit a fresh
contract low early on. Tepid short covering in a bear
market was featured today. 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 this week’s high of
$144.80 and then at $145.00. First support is seen at
$143.15 and then at today’s contract low of 142.35.
Wyckoff's Market Rating: 1.0

April lean hogs closed down $0.30 at $81.60 today. Prices
closed near mid-range today and closed at a fresh 8.5-month
low close. 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 today’s high of $82.15 and then at
$82.50. First support is seen at today’s low of $81.32 and
then at this week’s low of $80.90. Wyckoff's Market Rating:
1.5

*. GRAINS: May corn futures last traded up 7 3/4 cents at
$6.93 1/4 today in late trading. Prices were nearer the
session high and saw short covering and bargain hunting
today after prices on Monday hit a seven-week low. Corn
bears still have the overall near-term technical advantage.
Prices are in a 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 $6.95 1/4 and then at $7.00.
First support is seen at $6.90 and then at today’s low of
$6.82 1/2. Wyckoff's Market Rating: 3.5

May soybeans were down 9 1/2 cents at $14.25 3/4 a bushel
in late trading today. Prices were nearer the session low.
The key outside markets were bearish for soybeans today as
crude oil prices were lower and the U.S. dollar index was
higher. Bears have have gained downside technical momentum
recently. Bean bears have the 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
today’s high of $14.42 1/2 and then at this week’s high of
$14.53. First support is seen at today’s low of $14.20 1/2
and then at $14.10. Wyckoff's Market Rating: 4.0.

May soybean meal was up $0.20 at $424.30 today in late
trading. Prices were near mid-range. Bears 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 week’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 $426.00 and then at today’s high of $429.30.
First support is seen at this week’s low of $420.00 and
then at $417.50. Wyckoff's Market Rating: 4.5

May bean oil was down 96 points at 49.48 cents in late
trading today. Prices were nearer the session low and hit a
fresh two-month 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 51.00 cents. Bean oil bears' next downside technical
price breakout objective is pushing and closing prices
below solid technical support at the December low of 48.40
cents. First resistance is seen at 50.00 cents and then at
today’s high of 50.50 cents. First support is seen at
today’s low of 49.32 cents and then at 49.00 cents.
Wyckoff's Market Rating: 2.5

May Chicago SRW wheat was up 2 1/4 cents at $7.07 1/2 in
late trading today. Prices were nearer the session high on
tepid short covering after hitting another fresh eight-
month low early on today. The key “outside markets” were
again 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 today’s high
of $7.11 and then at this week’s high of $7.22 1/4. First
support lies at today’s low of $6.97 3/4 and then at $6.90.
Wyckoff's Market Rating: 2.0.

May HRW wheat was down 1/4 cent at $7.39 3/4 in late
trading today. Prices were nearer the session high and hit
another fresh eight-month low early on 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 this week’s
high of $7.62. First support is seen at today’s low of
$7.32 3/4 and then at $7.25. Wyckoff's Market Rating: 2.0

May oats were down 5 1/4 cents at $3.67 1/2 in late trading
today. Prices were near mid-range today, hit a fresh five-
week low, and saw profit taking and weak long liquidation.
Oats bulls and bears are now back on a level near-term
technical playing field as the bulls have faded recently.
Bears' next downside price breakout objective is pushing
and closing prices below solid technical support at today’s
low of $3.58 1/4. Bulls' next upside price breakout
objective is pushing and closing prices above solid
technical resistance at $3.85. First support lies at $3.65
and then at $3.62 1/2. First resistance is seen at $3.70
and then at $3.73. Wyckoff's Market Rating: 5.0

*. SOFTS: May sugar closed down 3 points at 18.06 cents
today. Prices closed nearer the session high today. The key
“outside markets” were again bearish for sugar 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
this week’s high of 18.46 cents. First support is seen at
18.00 cents and then at today’s low of 17.90 cents.
Wyckoff's Market Rating: 2.0.

May coffee closed down 50 points at 142.60 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 144.85 cents and then at 147.50 cents. First
support is seen at this week’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 down $27 at $2,116 a ton. Prices closed
nearer the session low today. The key “outside markets”
were bearish for cocoa today as the U.S. dollar index was
higher and crude oil prices were lower. Prices are hovering
near last week’s 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 $2,146 and then at
this week’s high of $2,156. First support is seen at
today’s low of $2,108 and then at last week’s low of
$2,102. Wyckoff's Market Rating: 1.5

May cotton closed up 11 points at 81.83 cents today. Prices
closed nearer the session low today. 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 today’s high of
82.64 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 down 145 points at $1.2830 today.
Prices closed near mid-range today and saw profit taking.
FCOJ bulls still have the overall near-term technical
advantage. A six-week-old uptrend is still 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
$1.3000 and then at this week’s high of $1.3125. First
support is seen at $1.2700 and then at today’s low of
$1.2575. Wyckoff's Market Rating: 6.0.

May lumber futures closed up $7.00 at $379.80 today. Prices
closed nearer the session high today on some positive U.S.
economic data. Bulls have regained the near-term technical
advantage. The next downside technical breakout objective
for the lumber bears is pushing and closing prices below
solid technical support at $365.00. The next upside price
breakout objective for the bulls is pushing and closing
prices above solid technical resistance at $390.00. First
resistance is seen at today’s high of $382.00 and then at
$385.00. First support is seen at $375.00 and then at this
week’s low of $372.50. Wyckoff's Market Rating: 6.0

*. METALS: April gold futures closed up $28.30 an ounce at
$1,615.00 today. Prices closed nearer the session high
today and saw heavy short covering, bargain hunting and
even some fresh safe-haven buying interest. Recent serious
chart damage is starting to be repaired but the bulls have
more heavy lifting to do in the near term to suggest a
price uptrend can be sustained. 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
$1,650.00. Bears' next near-term downside breakout price
objective is closing prices below solid technical support
at the February low of $1,554.40. First resistance is seen
at today’s high of $1,619.70 and then at the January low of
$1,627.90. First support is seen at $1,600.00 and then at
$1,590.00. Wyckoff’s Market Rating: 4.0

May silver futures closed up $0.383 an ounce at $29.34
today. Prices closed near the session high today and
and saw more short covering and bargain hunting following
recent strong selling pressure. Serious near-term technical
damage has been inflicted in silver recently. 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 the
February low of $28.315. First resistance is seen at
today’s high of $29.495 and then at $29.67. Next support is
seen at $29.00 and then at this week’s low of $28.60.
Wyckoff's Market Rating: 3.5.

May N.Y. copper closed up 235 points at 358.45 cents today.
Prices closed nearer the session high today on short
covering after hitting a fresh three-month low early on
today. 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 350.00 cents. First resistance is seen at 360.00
cents and then at 362.50 cents. First support is seen at
355.00 cents and then at today’s low of 353.35 cents.
Wyckoff's Market Rating: 4.0.

*. ENERGIES: April crude oil closed down $0.57 a barrel at
$92.54 today. Prices closed near mid-range today and hit a
fresh two-month 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 $90.00. First
resistance is seen at $93.00 and then at $94.00. First
support is seen at today’s low of $91.92 and then at
$91.50. Wyckoff's Market Rating: 4.0

April heating oil closed down 730 points at $3.0254 today.
Prices closed nearer the session low and hit a fresh five-
week low today. Bulls are fading badly. Bears now have the
slight near-term technical advantage. 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 $3.0000. First resistance lies at
$3.0500 and then at $3.0750. First support is seen at
today’s low of $3.0176 and then at $3.0000. Wyckoff's
Market Rating: 4.5.

April (RBOB) unleaded gasoline closed down 766 points at
$2.9858 today. Prices closed nearer the session low and hit
a fresh four-week low today. The gasoline bears now have
the slight near-term technical advantage. The higher daily
price volatility has produced a bearish broadening pattern
on the daily bar chart and is an 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 $3.0800. Bears' next downside price
breakout objective is closing prices below solid support at
$2.9000. First resistance is seen at $3.0000 and then at
today’s high of $3.0399. First support is seen at today’s
low of $2.9549 and then at $2.9250. Wyckoff's Market
Rating: 4.5.

April natural gas closed down 2.2 cents at $3.448 today.
Prices closed nearer the session low today and did hit a
fresh five-week high early on. 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 January high of
$3.67. 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 $3.517
and then at $3.577. First support is seen at today’s low of
$3.43 and then at this week’s low of $3.385. Wyckoff's
Market Rating: 4.0.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 65 points at 1.3066 today. Prices closed nearer
the session low today and hit another fresh seven-week low.
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 today’s high of 1.3140 and
then at 1.3200. Next support is seen at today’s low of
1.3030 and then at the January low of 1.3017. Wyckoff's
Market Rating: 4.0

The June Japanese yen closed up 80 points at 1.0886 today.
Prices closed near mid-range today and closed at a fresh
four-week high close. The bulls have gained some upside
momentum to begin to suggest that a market bottom is
finally in place. Heavy short covering was featured Monday
and today. Bears still have the overall near-term technical
advantage. However, a five-month-old downtrend on the daily
bar chart was negated Monday. 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 this
week’s high of 1.1014 and then at 1.1075. First support is
seen at today’s low of 1.0791 and then at 1.0700. Wyckoff's
Market Rating: 3.0.

The June Swiss franc closed down 16 points at 1.0744 today.
Prices closed nearer the session low today in quieter
trading. 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 today’s high of 1.0760 and then at
1.0800. First support is seen at last week’s low of 1.0737
and then at this week’s low of 1.0720. Wyckoff's Market
Rating: 4.0.

The June Australian dollar closed down 51 points at 1.0148
today. Prices closed nearer the session low today and hit a
fresh four-month low. Bears gained the slight near-term
technical advantage today. Prices are in a six-week-old
downtrend on the daily bar chart. 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 1.0000. First
resistance is seen at today’s high of 1.0203 and then at
this week’s high of 1.0236. Next support is seen at today’s
low of 1.0119 and then at 1.0100. Wyckoff's Market Rating:
4.5

The June Canadian dollar closed steady at .9720 today.
Prices closed nearer the session high today and hit a fresh
eight-month low early on. 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 .9738 and then at this week’s high of
.9759. First support is seen at today’s low of .9685 and
then at .9650. Wyckoff's Market Rating: 3.0.

The June British pound closed down 56 points at 1.5123
today. Prices closed nearer the session low today and
closed at a fresh contract low close. Bears 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 today’s high of 1.5209 and then at
1.5250. First support is seen at the contract low of 1.5061
and then at 1.5000. Wyckoff's Market Rating: 1.0.

The June U.S. dollar index closed up 168 points at 82.150
today. Prices closed nearer the session high again today
and hit another fresh six-month high. 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 83.000. The next downside price breakout
objective for the bears is to produce a close below solid
technical support at 80.500. Next resistance lies at
today’s high of 82.240 and then at 82.500. First support is
seen at today’s low of 81.930 and then at this week’s low
of 81.370. Wyckoff's Market Rating: 6.0.

June U.S. T-Bonds closed up 13/32 at 144 5/32 today. Prices
closed nearer the session low today but did hit a fresh
five-week high early on today. More short covering and
fresh safe-haven demand were seen today amid the
uncertainty regarding the Italian elections. Price action
this week has seen a bullish upside “breakout” from a
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 26/32 and then at the January high
of 144 30/32. First support is seen at today’s low of 143
28/32 and then at 143 16/32. Wyckoff's Market Rating: 5.0.

June U.S. T Notes closed up 6.0 (32nds) at 131.17.0 today.
Prices closed near mid-range today and hit another fresh
two-month high on more short covering and fresh safe-haven
demand. Bulls 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
131.26.0 and then at 132.00.0. First support is seen at
today’s low of 131.11.0 and then at 131.08.0. Wyckoff's
Market Rating: 6.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
higher today on a “Bernanke boost” for the stock market.
Some stronger-than-expected U.S. economic data was also
bullish for the stock market today. U.S. home sales rose
sharply in January, while the consumer confidence index
rose in February. The latest Richmond Fed business survey
also showed an upbeat reading. Bernanke’s prepared text for
delivery to the U.S. Senate was also released at the same
time the U.S. economic data came out. The stock market
rallied in the aftermath of his comments. While Bernanke's
remarks were pretty much what the market place expected,
they were nonetheless dovish on U.S. monetary policy, and
what the stock market bulls wanted to hear from the Fed
chief. He said the benefits of a very accommodative
monetary policy outweigh the potential risks of such,
helping calm worries the U.S. central bank could end its
quantitative easing of monetary policy sooner rather than
later. In questioning from senators, Bernanke also hinted
the Fed may not have to sell off all its asset purchases
over a period of time and may just keep them until they
expire. That was a bit of bullish surprise for the raw
commodity and stock markets, as there was some worry that
the Fed selling off those assets, even over time, could put
some downside pressure on many markets.

The Nasdaq stock futures index closed up 9.50 at 2,711.75
today. Prices closed nearer the session high today and hit
a fresh seven-week low early on today. Bulls have the
slight near-term technical advantage. 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 today’s low of 2,689.00 and then at 2,675.00.
Wyckoff's Market Rating: 5.5

The S&P 500 futures index closed up 7.80 at 1,495.00.
Prices closed nearer the session high today. Bulls 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 this week’s low of 1,482.00 and
then at 1,470.00. Wyckoff's Market Rating: 5.5.

The Dow futures closed up 97 points at 13,885. Prices
closed near the session high today. Monday’s price action
saw a 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 13,900 and then at
13,950. First support is seen at today’s low of 13,825 and
then at 13,800. 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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