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RSS By: Jim Wyckoff, Pro Farmer

Pro Farmer technical analyst Jim Wyckoff's daily thoughts.

Jim's Afternoon Markets Report--May 3

May 04, 2012

Thursday Evening, May 3-Jim Wyckoff's Daily Markets Update

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

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

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

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

*. LIVESTOCK: June live cattle closed up the $3.00 limit at
$115.87 today. Prices hit a fresh two-week high today and
rallied on expectations that the cattle market has bottomed
out and that cash cattle fundamentals will now start
improving. The bulls gained fresh upside near-term
technical momentum today. Follow-through buying and a
bullish weekly high close on Friday would strongly suggest
a market bottom is in place. Cattle bears presently still
have the overall near-term technical advantage. The bulls'
next upside price breakout objective is to push and close
prices above solid technical resistance at $117.70. The
next downside technical breakout objective for the bears is
pushing and closing prices below solid technical support at
today’s low of $112.80. First resistance is seen at $116.50
and then at $117.00. First support is seen at $115.00 and
then at $114.35. Wyckoff's Market Rating: 3.0

May feeder cattle closed up $2.65 at $152.62 today. Prices
closed near the session high and hit a fresh two-week high
today. While bears still have the overall near-term
technical advantage, the bulls gained fresh upside momentum
today and would gain more by producing a bullish weekly
high close on Friday. The next upside price objective for
the feeder bulls is to push and close prices above solid
technical resistance at the April high of $153.50. The next
downside price breakout objective for the bears is to push
and close prices below solid technical support at this
week’s low of $148.40. First resistance is seen at $153.00
and then at $153.50. First support is seen at $152.00 and
then at $151.50. Wyckoff's Market Rating: 4.5

June lean hogs closed up $0.47 at $84.92 today. Prices
closed nearer the session low and saw tepid short covering
in a bear market today. Hog bears still have the solid
overall near-term technical advantage. Prices are in a
steep nine-week-old downtrend on the daily bar chart. The
next upside price breakout objective for the hog bulls is
to push and close prices above solid chart resistance at
$87.50. The next downside price breakout objective for the
bears is pushing prices below solid technical support at
$82.50. First resistance is seen at today’s high of $85.90
and then at this week’s high of $86.55. First support is
seen at the contract low of $84.30 and then at $84.00.
Wyckoff's Market Rating: 1.5

*. GRAINS: July corn futures closed up 3 cents at $6.14 1/2
today. Prices closed nearer the session high today and saw
a corrective bounce from strong selling pressure Wednesday.
It was another “risk off” trading day today and the key
“outside markets” were in a bearish posture for corn as the
U.S. dollar index was firmer and crude oil prices were
sharply lower. This did limit buying interest in corn
today. Corn bulls' next upside price breakout objective is
to push and close prices above solid technical resistance
at this week’s high of $6.34 3/4. The next downside price
breakout objective for the bears is pushing and closing
prices below solid technical support at $6.00. First
resistance for July corn is seen at today’s high of $6.16
3/4 and then at $6.20. First support is seen at $6.10 and
then at today’s low of $6.07 1/2. Wyckoff's Market Rating:
5.0

July soybeans closed down 11 1/2 cents at $14.73 1/2 a
bushel today. Prices closed nearer the session low again
today and saw more profit taking after scoring a contract
high and four-year high on Wednesday. It was also a “risk
off” trading day today and the key “outside markets” were
in a bearish posture for beans as the U.S. dollar index was
higher and crude oil prices were sharply lower. Soybean
prices did see follow-through selling pressure today, and a
bearish “key reversal” down on the daily bar chart was
confirmed. That is an early technical clue that a near-term
market top is in place. Bulls do still have the overall
near-term technical advantage. Bean prices are still in a
four-month-old uptrend on the daily bar chart. The next
near-term upside technical breakout objective for the
soybean bulls is pushing and closing prices above solid
technical resistance at the contract high of $15.12 1/2 a
bushel. The next downside price breakout objective for the
bears is pushing and closing prices below solid technical
support at $14.40. First resistance is seen at today’s high
of $14.88 3/4 and then at $15.00. First support is seen at
today’s low of $14.65 1/2 and then at $14.50. Wyckoff's
Market Rating: 7.5.

July soybean meal closed down $3.30 at $426.40 today.
Prices closed nearer the session low today. Meal prices
also confirmed a bearish “key reversal” down on the daily
bar chart today. That is an early technical clue that a
near-term market top is in place. Meal bulls do still have
the overall near-term technical advantage. Prices are in a
four-month-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is to produce
a close above solid technical resistance at $440.00. The
next downside price breakout objective for the bears is
pushing and closing prices below solid technical support at
$415.00. First resistance comes in at today’s high of
$431.10 and then at $435.00. First support is seen at
today’s low of $424.40 and then at $420.00. Wyckoff's
Market Rating: 7.5

July bean oil closed down 55 points at 54.16 cents today.
Prices closed nearer the session low today and hit a fresh
five-week low. It was another “risk off” trading day today
and the key “outside markets” were in a bearish posture for
bean oil as the U.S. dollar index was higher and crude oil
prices were sharply lower. Bean oil bulls and bears are on
a level near-term technical playing field, but the bulls
are fading and prices have been trending lower for four
weeks. The next upside price breakout objective for the
bean oil bulls is pushing and closing prices above solid
technical resistance at this week’s high of 55.66 cents.
Bean oil bears' next downside technical price breakout
objective is pushing and closing prices below solid
technical support at the March low of 53.30 cents. First
resistance is seen at 54.50 cents and then at today’s high
of 54.86 cents. First support is seen at today’s low of
54.02 cents and then at 53.75 cents. Wyckoff's Market
Rating: 5.0

July Chicago SRW wheat closed up 1 cent at $6.15 1/2 today.
Prices closed nearer the session low again today. It was
another “risk off” trading day today and the key “outside
markets” were in a bearish posture for wheat as the U.S.
dollar index was higher and crude oil prices were sharply
lower. Wheat bears have the solid overall near-term
technical advantage. Bulls’ next upside breakout objective
is to push and close Chicago SRW prices above solid
technical resistance at $6.50 a bushel. The next downside
price breakout objective for the wheat futures bears is
pushing and closing prices below solid technical support at
$6.00. First resistance is seen at today’s high of $6.21
3/4 and then at $6.25. First support lies at the April low
of $6.09 1/4 and then at $6.00. Wyckoff's Market Rating:
1.0.

July K.C. HRW wheat closed up 2 1/2 cents at $6.33 today.
Prices closed near mid-range today and saw tepid short
covering in a bear market. The bears still have the solid
overall near-term technical advantage. Bulls' next upside
price breakout objective is pushing and closing prices
above solid technical resistance at this week’s high of
$6.65 1/2. The bears' next downside breakout objective is
pushing and closing prices below solid technical support at
$6.00. First resistance is seen at $6.40 and then at $6.45.
First support is seen at this week’s low of $6.29 and then
at $6.25. Wyckoff's Market Rating: 1.0

July oats closed up 7 1/4 cents at $3.44 1/2 today. Prices
closed near the session high today and scored a bullish
“outside day” up on the daily bar chart. Bulls have the
near-term technical advantage and regained fresh upside
momentum today. Bears' next downside price breakout
objective is pushing and closing prices below solid
technical support at the April low of $3.22. Bulls' next
upside price breakout objective is pushing and closing
prices above solid technical resistance at $3.50. First
support lies at of $3.40 and then at $3.36 3/4. First
resistance is seen at today’s high of $3.47 and then at
$3.50. Wyckoff's Market Rating: 6.0

*. SOFTS: July sugar closed up 13 points at 20.68 cents
today. Prices closed nearer the session high today and saw
tepid short covering in a bear market. Prices Wednesday hit
a 12-month low. It was another “risk off” trading day today
and the key “outside markets” were in a bearish posture for
sugar as the U.S. dollar index was higher and crude oil
prices were sharply lower. That did limit the upside in
sugar today. Sugar bears still have the solid overall near-
term technical advantage. There are no early technical
clues to suggest a market low is in place. Prices are in a
six-week-old downtrend on the daily bar chart. Bulls' next
upside price breakout objective is to push and close prices
above solid technical resistance at this week’s high of
21.45 cents. Bears' next downside price breakout objective
is to push and close prices below solid technical support
at 20.00 cents. First resistance is seen at today’s high of
20.78 cents and then at 21.00 cents. First support is seen
at this week’s low of 20.50 cents and then at 20.25 cents.
Wyckoff's Market Rating: 1.5.

July coffee closed down 685 points at 175.90 cents. Prices
closed near the session low again today. It was another
“risk off” trading day today and the key “outside markets”
were in a bearish posture for coffee as the U.S. dollar
index was higher and crude oil prices were sharply lower.
Coffee prices are still in an eight-month-old downtrend on
the daily bar chart. The bears have the solid overall near-
term technical advantage. The coffee bulls' next upside
breakout objective is to close prices above solid technical
resistance at last week’s high of 185.70 cents. The next
downside price breakout objective for the bears is closing
prices below solid technical support at the April low of
173.90 cents a pound. First resistance is seen at 180.00
cents and then at 182.50 cents. First support is seen at
173.90 cents and then at 172.50 cents. Wyckoff's Market
Rating: 1.0

July cocoa closed down $35 at $2,307 a ton. Prices closed
near mid-range today, hit a fresh five-week high and also
scored a bearish “outside day” down on the daily bar chart.
It was another “risk off” trading day today and the key
“outside markets” were in a bearish posture for cocoa as
the U.S. dollar index was higher and crude oil prices were
sharply lower. Trading has been very choppy and cocoa bulls
and bears are on a level near-term technical playing field.
The next upside price breakout objective for the cocoa
bulls is to push and close prices above solid technical
resistance at the March high of $2,443. The next downside
price breakout objective for the bears is pushing and
closing prices below solid technical support at this week’s
low of $2,146. First resistance is seen at $2,330 and then
at today’s high of $2,360. First support is seen at today’s
low of $2,272 and then at $2,250. Wyckoff's Market Rating:
5.0

July cotton closed down 7 points at 89.44 cents today in
more quiet trading. Prices closed near mid-range today. It
was another “risk off” trading day today and the key
“outside markets” were in a bearish posture for cotton as
the U.S. dollar index was higher and crude oil prices were
sharply lower. The recent “collapse in volatility” in the
cotton market makes me suspect a bigger price move is on
the horizon. Cotton bears have the near-term technical
advantage. The next upside price breakout objective for the
bulls is to produce a close above solid technical
resistance at 93.00 cents. The next downside price breakout
objective for the cotton bears is to push and close prices
below solid technical support at the April low of 86.55
cents. First resistance is seen at 90.00 cents and then at
91.00 cents. First support is seen at 88.85 cents and then
at this week’s low of 87.87 cents. Wyckoff's Market Rating:
4.0

July orange juice closed down 200 points at $1.2880 today.
Prices closed near mid-range today and hit another fresh
contract low. It was another “risk off” trading day today
and the key “outside markets” were in a bearish posture for
FCOJ as the U.S. dollar index was higher and crude oil
prices were sharply lower. FCOJ bears have the solid
overall near-term technical advantage. There are no early
clues of a market low being close at hand. Prices are in a
two-month-old downtrend on the daily bar chart. The next
upside price breakout objective for the FCOJ bulls is
pushing and closing prices above technical resistance at
this week’s high of $1.4850. 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 $1.3000 and then at today’s high of $1.3305.
First support is seen at today’s contract low of $1.2480
and then at $1.2250. Wyckoff's Market Rating: 1.0.

July lumber futures closed up $3.00 at $287.50 today.
Prices hit a fresh seven-week high today. Bulls have the
near-term technical advantage and gained some fresh upside
momentum today. The next downside technical breakout
objective for the lumber bears is pushing and closing
prices below solid technical support at $275.00. The next
upside price breakout objective for the bulls is pushing
and closing prices above solid technical resistance at the
February high of $294.00. First resistance is seen at
$290.00 and then at $294.00. First support is seen at
$285.00 and then at $290.00. Wyckoff's Market Rating: 6.0

*. METALS: June gold futures closed down $21.00 an ounce at
$1,632.90 today. Prices closed near the session low today
as the bulls are fading again. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for gold as the U.S. dollar index was
firmer and crude oil prices were sharply lower. Gold bears
have gained the slight near-term technical advantage. The
gold bulls’ next upside price breakout objective is to
produce a close above solid technical resistance at this
week’s high of $1,672.30. Bears' next near-term downside
price objective is closing prices below technical support
at the April low of $1,613.00. First resistance is seen at
$1,640.00 and then at $1,650.00. First support is seen at
today’s low of $1,631.30 and then at $1,625.00. Wyckoff's
Market Rating: 4.5.

July silver futures closed down $0.575 an ounce at $30.07
today. Prices closed nearer the session low and hit a fresh
four-month low today. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for silver as the U.S. dollar index was firmer and
crude oil prices were sharply lower. The silver bears
gained fresh downside near-term technical momentum today.
Silver prices are in a two-month-old downtrend on the daily
bar chart. The silver bears have the near-term technical
advantage. Bulls’ next upside price breakout objective is
closing prices above solid technical resistance at this
week’s high of $31.445 an ounce. The next downside price
breakout objective for the bears is closing prices below
solid technical support at $29.00. First resistance is seen
at today’s high of $30.675 and then at $31.00. Next support
is seen at today’s low of $29.835 and then at $29.50.
Wyckoff's Market Rating: 3.5.

July N.Y. copper closed down 520 points 373.50 cents today.
Prices closed nearer the session low again today. It was a
“risk off” trading day again today and the key “outside
markets” were in a bearish posture for copper as the U.S.
dollar index was firmer and crude oil prices were sharply
lower. Copper bulls and bears are now back on a level near-
term technical playing field. Copper bulls' next upside
breakout objective is pushing and closing prices above
solid technical resistance at this week’s high of 386.15
cents. The next downside price breakout objective for the
bears is closing prices below solid technical support at
370.00 cents. First resistance is seen at 375.00 cents and
then at 377.50 cents. First support is seen at today’s low
of 372.70 cents and then at 370.00 cents. Wyckoff's Market
Rating: 5.0.

*. ENERGIES: June crude oil closed down $2.68 a barrel at
$102.54 today. Prices closed near the session low again
today and hit a fresh two-week low as the bulls faded badly
today. It was another “risk off” trading day today and as
the U.S. dollar index was higher—both bearish for crude.
Crude oil bulls and bears are back on a level near-term
technical playing field. The next near-term upside price
breakout objective for the crude oil bulls is producing a
close above solid technical resistance at this week’s high
of $106.43 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 the April low of
$101.22. First resistance is seen at $103.00 and then at
$103.50. First support is seen at today’s low of $102.36
and then at 102.00. Wyckoff's Market Rating: 5.0

June heating oil closed down 541 points at $3.0884 today.
Prices closed nearer the session low again today and hit a
fresh three-month low. Bulls and bears are on a level near-
term technical playing field, but the bulls are fading.
Prices are in a seven-week-old downtrend on the daily bar
chart. The bulls' next upside price breakout objective is
closing prices above solid technical resistance at last
week’s high of $3.2101. Bears' next downside price breakout
objective is producing a close below solid technical
support at $3.0000. First resistance lies at $3.1000 and
then at $3.1250. First support is seen at today’s low of
$3.0828 and then at $3.0500. Wyckoff's Market Rating: 5.0.

June (RBOB) unleaded gasoline closed down 275 points at
$3.0482 today. Prices closed near the session low and hit a
fresh three-month low today. Bulls and bears are on a level
near-term technical playing field. However, a six-week-old
downtrend line is still in place on the daily bar chart.
The next upside price breakout objective for the bulls is
closing prices above solid technical resistance at $3.1500.
Bears' next downside price breakout objective is closing
prices below solid support at $3.0000. First resistance is
seen at today’s high of $3.0983 and then at $3.1250. First
support is seen at today’s low of $3.0450 and then at
$3.0250. Wyckoff's Market Rating: 5.0.

June natural gas closed up 8.4 cents at $2.337 today.
Prices closed near mid-range today. The bears still have
the overall near-term technical advantage. However, the
bulls have some momentum to still suggest a market low is
close at hand or in place. The next upside price breakout
objective for the bulls is closing prices above solid
technical resistance at $2.50. The next downside price
breakout objective for the bears is closing prices below
solid technical support at the contract low of $1.982.
First resistance is seen at this week’s high of $2.385 and
then at $2.45. First support is seen at $2.236 and then at
$2.20. Wyckoff's Market Rating: 2.5.

*.STOCKS, FINANCIALS, CURRENCIES: The June Euro currency
closed down 10 points at 1.3154 today. Prices closed nearer
the session high today. Bulls and bears are on a level
near-term technical playing field as a bearish descending
triangle pattern has formed on the daily bar chart. Euro
bulls' next upside price breakout objective is pushing and
closing prices above solid technical resistance at the
March high of 1.3391. The next downside price breakout
objective for the bears is closing prices below solid chart
support at the April low of 1.3000. First resistance for
the Euro lies at 1.3200 and then at 1.3245. Next support is
seen at today’s low of 1.3097 and then at 1.3050. Wyckoff's
Market Rating: 5.0

The June Japanese yen closed down 4 points at 1.2476 today.
Prices closed nearer the session high again today. Bulls
have the slight near-term technical advantage. Prices are
in a six-week-old uptrend on the daily bar chart. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 1.2700. Bears' next downside
breakout objective is closing prices below solid technical
support at 1.2233. First resistance is seen at this week’s
high of 1.2561 and then at 1.2600. First support is seen at
this week’s low of 1.2409 and then at 1.2350. Wyckoff's
Market Rating: 5.5.

The June Swiss franc closed down 5 points at 1.0951 today.
Prices closed nearer the session high today and did hit a
fresh two-week low early on. The bulls and bears are on a
level near-term technical playing field. The next upside
price breakout objective for the bulls is closing prices
above solid resistance at the April high of 1.1119. The
next downside price breakout objective for the bears is
closing prices below solid technical support at the April
low of 1.0817. First resistance is seen at today’s high of
1.0977 and then at 1.1026. First support is seen at today’s
low of 1.0904 and then at 1.0850. Wyckoff's Market Rating:
5.0.

The June Australian dollar closed down 66 points at 1.0212
today. Prices closed nearer the session low today. Bulls
and bears are on a level near-term technical playing field,
but the bulls are fading this week. Bulls' next upside
price breakout objective is closing prices above solid
chart resistance at last week’s high of 1.0422. The next
downside breakout objective for the bears is to produce a
close below solid technical support at the April low of
1.0150. First resistance is seen at today’s high of 1.0282
and then at 1.0325. Next support is seen at today’s low of
1.0194 and then at 1.0182. Wyckoff's Market Rating: 5.0

The June Canadian dollar closed down 22 points at 1.0104
today. Prices closed near the session low today on profit
taking. The bulls still have the solid overall near-term
technical advantage. Bulls' next upside price breakout
objective is producing a close above chart resistance at
1.0250. The next downside price breakout objective for the
bears is closing prices below solid technical support at
1.0000. First resistance is seen at 1.0142 and then at
today’s high of 1.0165. First support is seen at this
week’s low of 1.0085 and then at 1.0059. Wyckoff's Market
Rating: 7.0.

The June British pound closed down 16 points at 1.6177
today. Prices closed near mid-range on more profit taking
after hitting an eight-month high on Monday. Bulls still
have the solid overall near-term technical advantage. The
next upside price breakout objective for the bulls is
closing prices above solid technical resistance at 1.6400.
Bears' next downside technical breakout objective is
closing prices below solid support at 1.6000. First
resistance is seen at today’s high of 1.6212 and then at
1.6244. First support is seen at today’s low of 1.6155 and
then at 1.6100. Wyckoff's Market Rating: 7.0.

The June U.S. dollar index closed up 7 points at 79.27
today. Prices closed nearer the session low today and saw
more short covering and some safe-haven buying. Bears still
have the slight near-term technical advantage. Bulls' next
upside price breakout objective is to close prices above
solid technical resistance at the April high of 80.38. The
next downside price breakout objective for the bears is to
produce a close below solid technical support at the
February low of 78.42. Next resistance lies at today’s high
of 79.53 and then at 79.75. First support is seen at
today’s low of 79.15 and then at 78.90. Wyckoff's Market
Rating: 4.5.

June U.S. T-Bonds closed up 1/32 at 142 28/32 today. Prices
closed nearer the session high again today and saw mild
safe-haven demand amid a “risk off” trading day today.
Bulls have the solid overall near-term technical advantage.
Prices are in a six-week-old uptrend on the daily bar
chart. The next downside price breakout objective for the
T-Bond bears is closing prices below solid technical
support at 141 even. The next upside technical objective
for the bulls is to produce a close above solid technical
resistance at 144 even. First resistance is seen at this
week’s high of 143 6/32 and then at last week’s high of 143
18/32. First support is seen at today’s low of 142 9/32 and
then at this week’s low of 141 30/32. Wyckoff's Market
Rating: 7.0.

June U.S. T Notes closed steady at 132.06.0 today. Prices
closed nearer the session high today. Bulls still have the
solid overall near-term technical advantage. Prices are in
a six-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid resistance at 133.00.0. The next
downside price breakout objective for the bears is
producing a close below solid technical support at last
week’s low of 131.06.0. First resistance is seen at today’s
high of 132.09.5 and then at the contract high of 132.17.0.
First support is seen at this week’s low of 131.27.5 and
then at 131.19.0. Wyckoff's Market Rating: 8.0

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
weaker today on a “risk off” trading day. Another weak U.S.
economic report today helped to pressure the stock indexes.
While the stock index bulls maintain the overall near-term
technical advantage, traders are now awaiting Friday
morning’s key U.S. jobs report. The bulls are worried that
report will show just tepid U.S. jobs growth, which would
be bearish for the stock indexes.

The Nasdaq stock futures index closed down 33.25 at
2,693.50. Prices closed near the session low today. Bulls'
next upside price breakout objective is closing prices
above solid resistance at 2,800.00. The bears' next
downside price breakout objective is closing prices below
solid technical support at the March low of 2,575.00. First
resistance is seen at 2,725.00 and then at today’s high of
2,738.25. First support is seen at 2,675.00 and then at
2,654.25. Wyckoff's Market Rating: 6.0

The S&P 500 futures index closed down 11.50 at 1,386.00.
Prices closed near the session low today. Bulls' next
upside price breakout objective is closing prices above
solid resistance at the March high of 1,419.60. The next
downside price breakout objective for the bears is closing
prices below solid support at the April low of 1,352.50.
First resistance is seen at today’s high of 1,402.50 and
then at this week’s high of 1,411.50. First support is seen
at 1,371.00 and then at 1,350.00. Wyckoff's Market Rating:
6.5.

The Dow futures closed down 61 points at 13,143 today.
Prices closed nearer the session low today. The next upside
price objective for the bulls is closing prices above solid
technical resistance at 13,500. The next downside price
objective for the bears is closing prices below solid
technical support at last week’s low of 12,790. First
resistance in the Dow lies at 13,200 and then at today’s
high of 13,220. First support is seen at today’s low of
13,120 and then at 13,070. Wyckoff's Market Rating: 7.0.

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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