Tag: corn

CORN (March)

Last Weeks Close: March corn futures finished Fridays trade just 1 ½ cents lower, trading in a range of 4 ½ cents on the day. Funds were estimated sellers of 13,000 contracts (larger volume due to USDA report). For the week March corn futures finished the week down 4 cents, trading in a range of 6 cents. Fridays Commitment of Trader’s report showed funds have a net short position of 222,516 futures and options. Keep in mind that the CoT data is compiled, and funds have likely exceeded their previous record short of 230,556 futures and options.

Fundamentals: Last week’s USDA report had a bearish tilt to it but managed to stabilize relatively well. Quarterly stocks came in at 12.516 billion bushels and ending stocks at 2.437 billion bushels, both of which were above the average estimate. Yield and total production was also increased. The market has found stable ground in the Monday night/Tuesday morning trade as weekend rains were disappointing in parts of Brazil and Argentina.

Technicals: March corn futures made new lows following the release of Fridays USDA report but managed to close above technical support which we have outlined as 345-346 ½ for some time now. Some of that momentum has carried over into the early trade here Tuesday morning. Though we have been range bound for the better part of the last 5 months, the bears have the edge as lower highs and lower lows have been the trend. If we see a break and close below 345, we would expect to see a continuation towards 334-335 ¼. The only silver lining for the bulls is that the funds could spark a rally from short covering. If you’ve been banking on this for a while you’ve been disappointed. The funds previous record short position was reduced by 70k contracts and the market only rallied roughly 4 cents off of contract lows. If funds start reducing, it doesn’t mean the flip. The trend is your friend, and right now that is sideways. We continue to feel that there is opportunity 2-5 cents on either side of 350 until we get a breakout or breakdown; not the most exciting trade but you have to take advantage of the market you have not the one you want. First technical resistance comes in at 353, this represents the 50-day moving average. A very simple indicator but one we have not closed above since July.

Bias: Neutral

Resistance: 353-355***, 359 ¼-359 ½***, 367-369 ¼****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Last Weeks Close: March soybean futures finished Fridays session up 13 ½ cents, trading in a range of 18 ¼ cents; funds were estimated buyers of 11,000 contracts on the session. For the week, March soybean futures finished the week down 7 ¼ cents, trading in a range of 27 cents. Fridays Commitment of Traders report showed that funds have a net short position of 92,835 futures and options, this is their 5th largest short position on record and the most since June when we bottomed. Keep in mind that the CoT data is compiled through Tuesday.

Fundamentals: Last week’s USDA report was moderately friendly with quarterly stocks coming in at 3.157 billion bushels, this vs the average analyst estimate of 3.181 billion bushels. Ending stocks came in at 470 million bushels, this vs the average analyst estimates of 472 million bushels. Production and yields were also lowered slightly. Some of the strength in the overnight and early morning trade is coming from follow through USDA buying along with disappointing weather in South America over the long weekend. Drier conditions persist in areas of Argentina and Brazil. If rain makes its way back into the forecast, expect that premium to come out of the market.

Technicals: The chart has been ugly, there’s no way to sugar coat that, but we have continued to suggest there is value at these levels. We know that funds have a rather large net short position, it often seems funds don’t hold that large of a short position in beans as opposed to corn and wheat. We recommended using cheap call options last week and to start looking at futures from 950-952 ¼. Fridays report could be the spark that gets the market going in the right direction. If we see a close back above 971 ¼, we expect to see additional momentum press prices towards our next resistance pocket from 986-986 ½. This very narrow pocket contains the 50 and 100 day moving average, along with the 50% Fibonacci retracement (middle of the range) from the June lows to the July highs. If the market fails to hold Fridays rally in the first half of the week, we expect to see 937. So often market participants only plan for an exit if the market goes their way, you must also prepare an exit for if they don’t.

Bias: Bullish

Resistance: 971 ¾**, 979**, 986-988 ¼***, 999-1004**

Support: 950-952 ¼***, 937 ½***, 922 ¼****

 

WHEAT (March)

Last Weeks Close: March wheat futures closed 13 ¼ cents lower on Friday, trading in a range of 17 ¼ cents. Funds were estimated to have been sellers of 10,500 contracts on the day. Expanded ranges and increased volumes were on the back of the USDA report. For the week, wheat finished down 10 ½ cents, trading in a range of 17 ¼ cents. Fridays Commitment of Traders report showed funds short 129,000 contracts, this was an increase of 1,000 contracts; keep in mind that this data is compiled through Tuesday and is likely much larger now.

Fundamentals: Wheat futures took a hit on Friday and are continuing their slide in the early morning trade as Fridays USDA report confirms the continued bearish bias from traders. Quarterly stocks came in at 1.874 billion bushels, above the average analyst estimate of 1.849 billion bushels. Ending stocks came in at .989 billion bushels, above the average analyst estimate of .959 billion bushels. Winter wheat seedlings came in at 32.608 million acres, vs estimates of 31.107 million acres. Ample global supplies and dismal demand continues to be the story that is keeping a lid on any significant rally.

Technicals: Wheat futures failed to get above our first resistance pocket this week from 434-437 ½. The bearish report opened the door to our three star support that comes in from 416 ½-420 ¾. A close below here opens the door to contract lows at 410 ½ and a possible test to the $3 handle. If the bulls are able to hold support, perhaps we consolidate; but this is a market we have been very adamant about selling on rallies. We continue to believe that is the case until we get a new fundamental catalyst to change the technical backdrop.

Bias:Bearish

Resistance: 425 ¼**, 435-437 ½**, 443-448 ¼ ***

Support: 416 ½-420 ¾***, 410 ½**, 399-402 ¾**** 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

CORN (March)

Last Weeks Close: Corn futures finished the first week of the year up ¼ of a cent, trading in a range of 4 ½ cents. Fridays Commitment of Traders report showed funds reduced their net short position by 8,957 contracts, putting their net short at 189,536 futures.

Fundamentals: This week’s focus will be on Fridays USDA report which has the potential to give us new direction. We will continue to compile estimates and have those for you in the coming days. Weather and crop development in South America continues to be a big catalyst for the market. Corn used for ethanol production has been a nice silver lining for the market, but the strong trend took a step back last week. Corn use for ethanol dropped from 112.4 million bushels down to 106.5mb. Weekly exports were also dismal last week with a read of 101,200 metric tons, this compares to the expected range from 600,000-900,000 metric tons and the previous weeks read of 1,245,500 metric tons.

Technicals: On the technical side of things, the market has been in a narrow range for several months. We have been in the camp of playing a nickel on either side of 350 until we get a new fundamental catalyst to give us a breakout or breakdown. First technical resistance for Mondays trade will come in at 354 ½. Until we see consecutive closes above, bullish expectations should be tempered. If the market can achieve a conviction close above, we could see short covering from funds to 359 ¼-360 ½. This pocket represents a key Fibonacci retracement, the December 4th highs, and the 100-day moving average.

Bias: Neutral/Bearish

Resistance: 354 ¼-355 ¼***, 360-361 ¾***, 375****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Last Weeks Close: March soybean futures finished the week up 7 ¼ cents, trading in a range of 18 ¼ cents. Fridays Commitment of Traders report showed funds extended their net short position to -87,834, an increase of 16,457 futures from the previous week.

Fundamentals: Soymeal and oil helped offer support to soybeans last week, but this week’s focus will be on the USDA report which will be released on Friday at 11 am cst. We will continue to compile estimates and have those for you in the coming days. Weather and crop development in South America will also continue to be a key catalyst; there is not much new news on that front to report this morning. Weekly export sales last week came in at 554,000 metric tons, this was a hair below the low end of expectations.

Technicals: The market has managed to stabilize well following a dramatic uninterrupted 68 cent meltdown in December. Significant resistance comes in from 985 ½-990. This pocket represents the 50 and 100 day moving average, as well as the 50% retracement from the June lows to July highs. If the market can achieve consecutive closes above this pocket, we expect to see short covering from the funds get us back above the $10 handle.

Bias: Neutral

Resistance: 985 ¼-986 ½***, 999-1004**

Pivot: 971 ¾

Support: 950-952 ¼***, 937 ½***, 922 ¼****

 

WHEAT (March)

Last Weeks Close: March wheat futures finished last week up 7 cents, trading in a range of 9 ½ cents. Fridays Commitment of Traders report showed that funds reduced their net short by 16,537 which puts their net short at 135,523.

Fundamentals: Colder and dryer temperatures have offered support to the market, but seasonal weakness continues to reign supreme. If you had sold March wheat on January 3rd and bought in back on the 16th, you would have been profitable for 12 of the last 15 years with the average gain being roughly 17 cents. Fridays USDA report will be the highlight of the week, we would not be surprised to see some position squaring ahead of that.

Technicals: We have been referencing the 50-day moving average for months now as key resistance. The market is lingering right around it as we were not able to see a convincing trade above it yet. If we start to see consecutive closes above, we could see short covering towards 447 ¼. We are tempering the expectations and siding with the seasonal trend and looking at the sell side at these levels. First support comes in from 416 ½-420 ¾. If you were able to sell against resistance last week, this is the area you want to look at reducing.

Bias: Bearish

Resistance: 435-437 ½ ***, 443-448 ¼ ***, 459-461 ¼**

Support: 416 ½-420 ¾**, 410 ½**, 399-402 ¾****

 

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

BrokersEDGE Grain recap 1-5-18

CORN (March)

March corn futures finished the first week of the year up ¼ of a cent, trading in a range of 4 ½ cents over the four sessions. Fridays Commitment of Traders report showed that funds bought back 8,957 contracts, reducing their net short position to 189,536. This was the second consecutive week that funds reduced; three is a trend. The focus this week will be on Fridays USDA report, we will be compiling estimates and making those available by midweek. On the technical side of things, the market has been in a narrow range for several months. We have been in the camp of playing a nickel on either side o f 350 until we get a new fundamental catalyst to give us a breakout or breakdown. First technical resistance for Mondays trade will come in at 354 ½. Until we see consecutive closes above, bullish expectations should be tempered. If the market can achieve a conviction close above, we could see short covering from funds to 359 ¼-360 ½. This pocket represents a key Fibonacci retracement, the December 4th highs, and the 100-day moving average.

SOYBEANS (March)

March soybeans finished last week’s session up 7 ¼ cents, trading in a range of 18 ¼. Fridays Commitment of Traders report showed funds sold 16,457 futures, extending their net short position to 87,834 futures. This is the most bearish they have been sine June/July (where we bottomed). As with the other grain markets, the focus this week will be on Fridays USDA report which will be released at 11am cst. We will continue to compile estimates and have those for you by midweek. Technically speaking, the market has stabilize well following a dramatic uninterrupted 68 cent meltdown in December. Significant resistance comes in from 985 ½-990. This pocket represents the 50 and 100 day moving average, as well as the 50% retracement from the June lows to July highs. If the market can achieve consecutive closes above this pocket, we expect to see short covering from the funds get us back above the $10 handle.

WHEAT (March)

March wheat futures finished last week’s trade up 7 cents, trading in a range of 9 ½. Fridays Commitment of Traders report showed funds bought back 16,537 futures, reducing their net short to 135,523 contracts. Cold and dry weather have helped support prices, but it will still be a while longer before we see the true effects of that. Seasonally, this is a weak time of the year for wheat futures; we sent out a 15-year seasonal statistic in last week’s report referencing that. We have been referencing the 50-day moving average for months now as key resistance. The market is lingering right around it as we were not able to see a convincing trade above it yet. If we start to see consecutive closes above, we could see short covering towards 447 ¼. We are tempering the expectations and siding with the seasonal trend and looking at the sell side at these levels.

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

CORN (March)

Yesterdays Close: March corn futures closed down 2 cents, trading in a range of 3 ¼ cents on the day. Funds were estimated sellers of 5,000 contracts on the session.

Fundamentals: Export sales this morning came in at a dismal 101,200 metric tons, this compares with the expected range form 600,000-900,000 metric tons and last week’s 1,245,500 metric tons. Yesterday’s weekly EIA inventory data showed that ethanol production was down from 1.090 million barrels a day to 1.032 million barrels per day. Ethanol has been a silver lining for the corn market, the overall trend has been stronger so this week’s read is more of an outlier, if weakness becomes a new trend then we will have some issues. Market participants are continuing to watch weather and developments in South America, there is nothing new to report on that front this morning. Next week’s USDA report is arguably the most important fundamental catalyst on the horizon as we will get a good deal of updates. We will start compiling estimates and have them in next week’s reports.

Technicals: We saw a lot of folks get excited about corn earlier in the week while we were waving the caution flag suggesting you trade the market you have not the one you want. The market failed at the 50-day moving average which will continue to be first resistance, we have not seen a conviction close above this technical since July; this comes in at 354 ½ today. We continue to believe a nickel on either side of 350 represents opportunity, until we get a fundamental catalyst to give us a breakout or a breakdown. Volatility has been extremely light which gives a tremendous opportunity in the options market.

Bias: Neutral/Bearish

Resistance: 354 ¼-355 ¼***, 360-361 ¾***, 375****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Yesterdays Close: Soybean futures closed 1 ¾ cents lower yesterday, trading in a range of 9 ¾ cents on the day. Funds were estimated sellers of 3,000 contracts on the session.

Fundamentals: Export sales this morning came in at 554,000 metric tons, this compares with the expected range from 600,000-900,000 metric tons; last week’s export sales came in at 974,696 metric tons. Soymeal and soy oil are trading higher this morning which are offering support to futures, we will want to see volume confirm price on the floor open. Weather in South America will continue to be important going forward as they round out planting and get into crop development. There are no new updates this morning on that front. Next week’s USDA report will be a major catalyst for setting the tone to start the year, that is on the 12th and we will start providing estimates towards the middle of next week.

Technicals: Soybeans have been more or less consolidating between 960-970 after a bloodbath in the back half of December. The bulls still have a lot of work to do on the chart to get in good graces. A close above 971 ¾ opens the door to 985 ½-986 ½. This pocket represents the middle of the 100-day moving average and the 50% retracement from the June lows to the July highs. This will be a significant pocket before and after the USDA report. The chart remains bearish, but for those who want to be long into the report we have been recommending shopping for cheap call options over the week as it gives great exposure with limited risk.

Bias: Neutral

Resistance: 985 ¼-986 ½***, 999-1004**

Pivot: 971 ¾

Support: 950-952 ¼***, 937 ½***, 922 ¼****

 

WHEAT (March)

Yesterdays Close: Wheat futures closed 1 ½ cents lower yesterday, trading in a range of 5 on the day. Funds were estimated to have been sellers of 2,000 contracts for the session.

Fundamentals: Export sales this morning came in at 131,000 metric tons, this compares with the expected range from 225,000-500,000 metric tons and last weeks 487,352 metric tons. Colder and drier weather has been offering some support, but the damage may not be known until winter wheat comes out of dormancy. Keep in mind that we are also in a seasonally weak time of year. If you had sold March Chicago wheat on January 3rd and bought back on the 16th, you would have been profitable for 12 of the last 15 years with the average gain being nearly 18 cents. Some of that seasonality is likely due to weather premium coming in ahead of time and then going out.

Technicals: Wheat futures closed above the 50-day moving average for the first time in a long time earlier in the week, but it is not what we consider a “conviction close” as it more or less lingers right alongside it. If the market can achieve a conviction close above, we could see short covering come into the market to 447 ¼. We still like the bear side of the market but have been more than nimble with our first recommendation in weeks coming in this week to sell from 433-437. We have since reduced and would be looking to step back in on a confirmation of a failure here.

Bias: Bearish

Resistance: 435-437 ½ ***, 443-448 ¼ ***, 459-461 ¼**

Support: 429**, 416 ½-420 ¾**, 410 ½**, 399-402 ¾****

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

CORN (March)

Yesterdays Close: March corn futures finished the day down ¼ of a cent, trading in a range of 2 ½ cents on the day. Funds were estimated sellers of 3,500 contracts.

Fundamentals: Corn futures continue to trade in a tight range thanks to the lack of new news coming across the wires. Export sales to start the week were within expectations at 683,898 metric tons. The bulls in the market will want to see better than expected exports on a consistent basis to get the market headed north. Due to the New Years holiday, we will have export sales out tomorrow morning. Ethanol numbers will be out later this morning, we have been seeing strong numbers in production over the last several weeks.

Technicals: Trade the market you have, not the one you want. March corn futures tested the 50-day moving average yesterday but ran out of gas to get out above which led to some light selling pressure in the back half of the day. This has been a key indicator for us as we have been able to see the market close above since July. If the market does achieve a close above resistance, we could see funds cover to 360 ¾. With that said, we are trusting the technical with tight risk measures and using this as an opportunity to sell. We continue to believe that there is an opportunity to trade a nickel on either side of 350 until we get a fundamental catalyst to give us a directional move other than sideways.

Bias: Bearish

Resistance: 354 ¼-355 ¼***, 360-361 ¾***, 375****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

SOYBEANS (March)

Yesterdays Close: March soybean futures finished yesterdays session up 3 ½ cents, trading in a range of 6 ½ cents on the day. Funds were estimated buyers of 3,000 contracts.

Fundamentals: The market has managed to stabilize from chatter of weather concerns in South America, particularly in Argentina as the next 7-10 days looks dry. Wet weather is expected to move in after that, but the market is waiting for confirmation as we get closer. Many market participants will be waiting for next weeks USDA report on the 12th for nod on direction for the start of the year.

Technicals: The market has stabilized, but don’t think that the chart has instantly turned friendly. The selloff in December has left a lot of technical damage on the chart. Our first pocket of technical resistance remains intact from 967 ¾-971 ¾. If the bulls can chew through and close above, we could see a run back towards 985 ½-986 ½ before next weeks USDA report on the 12th. A failure to close will likely lead to funds extending their net short position. First technical support comes in from 950-952 ¼, a break and close below opens the door to a more significant 937 ½.

Bias: Neutral/Bearish

Resistance: 967 ¾-971 ¾**, 985 ¼-986 ½***, 999-1004**

Support: 950-952 ¼***, 937 ½***, 922 ¼****

WHEAT (March)

Yesterdays Close: March wheat futures closed up ¾ of a cent yesterday, trading in a range of 5 cents for the session. Funds were estimated buyers of 2,500 contracts.

Fundamentals: Concerns over winter kill have helped revive the wheat bulls, but those expectations should be tempered as we will not see the full affect until the crop comes out of dormancy in the spring. Kansas City wheat will be the contract you will want to keep a close eye on for that. Crop progress conditions showed a big drop in the December good/excellent ratings in Kansas (14%), Oklahoma (15%), Nebraska (13%), Colorado (12%).

Technicals: Wheat managed to close above the 50-day moving average, but failed to close above technical resistance at 437. The lack of conviction and follow through yesterday has some sellers stepping back into the market in the early morning session. We are looking for the market to retreat from here, the first line in the sand is 429, but the more significant support pocket comes in from 416 ½-420 ¾. Keep in mind that yesterday was the start of the seasonal; if you had sold March Chicago wheat on January 3rd and bought back on January 15th, you would have been profitable for 12 out of the last 15 years with the average gain being roughly 17 ¾ cents.

Bias: Bearish

Resistance: 435-437 ½ ***, 443-448 ¼ ***, 459-461 ¼**

Support: 429**, 416 ½-420 ¾**, 410 ½**, 399-402 ¾****

BrokersEDGE News and research 1-3-18 Grains

*Wheat seasonal starts today

CORN (March)

Yesterdays Close: March corn futures finished the first trading day of the year up 2 ¼ cents, trading in a range of 3 ½ cents on the day. Funds were estimated buyers of 5,500 contracts.

Fundamentals: Export sales yesterday morning came in at 683,898 metric tons, this was within the expected range from 575,000-800,000 metric tons. Cold weather sparked some concern and put some premium into the wheat market which likely spilled over to support corn in the first trading day of the year. The overhang of ample supplies could keep a lid on any significant rally until we get updated news on that front, that could come in the January 12th USDA report. This report holds a lot of information, so it could set the tone for the first half of the year. There is not much new news to report this morning on the weather and crop development in South America.

Technicals: The market has worked its way back to the 50-day moving average, an indicator we have been referencing as resistance for months. We have tested this indicator a handful of times in the last two months but have not been able to see a conviction close above to encourage fund short covering. We have been suggesting there is opportunity to trade a nickel on either side of 350 and here we are. 350 has been a magnet for front month futures over the past several months and we see that continuing until we get a fundamental catalyst to give us new direction (other than sideways).

Bias: Bearish

Resistance: 354 ¼-355 ¼***, 360-361 ¾***, 375****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Yesterdays Close: March soybean futures closed up 3 cents to start the year, trading in a range of 11 ¼ cents. Funds were estimated buyers of 2,500 contracts.

Fundamentals: Export inspections yesterday morning came in at 1,139,436 metric tons, this was within the expected range from 1,100,000-1,300,000 metric tons. Bulls need to see better than expected export sales on a consistent basis to really get the market going in 2018. Weather and crop development in South America will continue to be a key catalyst in the intermediate term, there is not much new news to report on that front today. Many market participants will be looking forward to the January 12th USDA report, this is typically a big one and could set the tone for the first half of the year. We will start compiling estimates over the next week.

Technicals: Soybeans gaped higher to start the year and had a choppy first session of the year. First technical resistance remains intact, that comes in from 967 ¾-971 ¼. This is being tested in the early morning session but will need to see more volume for confirmation. If the bulls can achieve a close above this pocket, we could see a continuation towards 985 ¼-986 ½. This pocket represents the 50% retracement form the June lows to the July highs, it also contains the 100-day moving average and was the breakdown point on December 14th. On the support side of things, 950-952 ¼ is the first area; a break and close below opens the door to another leg lower towards 937 ½.

Bias: Neutral/Bearish

Resistance: 967 ¾-971 ¾**, 985 ¼-986 ½***, 999-1004**

Support: 950-952 ¼***, 937 ½***, 922 ¼****

 

WHEAT (March)

Yesterdays Close: Wheat futures closed up 7 cents to start the year, trading in a range of 8. Funds were estimated to have been buyers of 5,000 contracts on the session.

Fundamentals: A seasonal wheat trade starts today; if you had sold March wheat on January 3rd and bought back on January 16th, you would have been profitable for 12 of the last 15 years with the average gain being roughly 17 ¾ cents. This brutal cold has been supportive of wheat futures as concerns of winter kill add some premium to the market. Weather patterns are “warming” up so it will be interesting to see if this premium comes back out of the market ahead of the January 12th USDA report. Yesterday’s export inspections came in at 274,506 metric tons, this was below the expected range from 300,000-600,000 metric tons. The bulls really need to see better exports in the first half of the year to really get something going. Ample global supplies continue to keep a lid on any significant rallies of the last six months.

Technicals: The market has works its way back to the 50-day moving average which has been an indicator we have been referencing for several months now as the market has not been able to get a conviction close above here for many months. We view this as an opportunity to sell on the first test. Consecutive closes above here opens the door to some additional short covering into the USDA report on the 12th. The next resistance pocket comes in from 443-448 ¼ which represents previous resistance and the 100-day moving average. If the market fails to breakout we will be looking for a retreat back to 416 ½-420 ¾.

Bias: Bearish

Resistance: 435-437 ½ ***, 443-448 ¼ ***, 459-461 ¼**

Support: 416 ½-420 ¾**, 410 ½**, 399-402 ¾****

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

BrokersEDGE Futures News and Research 1-2-18

E-mini S&P (March)

Last year’s close: Settled at 2676, the lowest level in two weeks

Fundamentals: We finished 2017 on a high note, the S&P not so much. Friday’s close marked the ninth year in a row that the S&P failed to finish the last week of the year in the green. It has averaged a loss of 1% in that time. Price action has stabilized into this morning and we are hesitant to form an immediate bias at this point. Equity markets in Europe have decided to play catch up to the U.S action late in the last session of the year, rather than following China higher. The Shanghai Composite is up 1.25% while the Hang Seng is up 2%. Manufacturing PMI data out of China over the weekend was in line with expectations while last night’s Caixin read came in much stronger. Manufacturing data out of Europe confirmed strong flash reads two weeks ago. There is no data out of the U.S today but we look to ISM Manufacturing tomorrow morning and FOMC Minutes in the afternoon. Of course, Friday brings Nonfarm Payroll.

Technicals: Price action traded above and Pac-Manned the 2698 all-time high early in Friday’s session by a quarter point before paring gains and seeing strong waves of selling in the last hour. With the tape stable since the open last night, we see no value going short down here. Remember we have been very Bullish equites and as of now are waiting to see how the first hour of the intraday session opens before shifting our Bias from Neutral. Price action traded into our third level of support on Friday but is now back above what was first support; it will be important to watch how the 2679.50 level (what was 2679-2680.75) is treated on the open. If price action can regain 2683, the bulls will regain an upper hand through the session and must achieve a close above 2686.50 in order to maintain it into tomorrow. A move below 2674.50 and new lows on the session will open the door to 2651.75-2652.50 major three-star support.

Bias: Neutral

Resistance – 2683**, 2686.50**, 2691*, 2698.25-2700**, 2715.25***

Pivot – 2679.50

Support – 2674.50**, 2667.25-2667.75**, 2651.75-2652.50***, 2641.50**

 

Crude Oil (February)

Last year’s close: Settled at 60.42

Fundamentals: Crude traded to a new swing high of 60.74 to start the year. Protests and clashes with police in Iran have sparked some supply concerns. However, the Forties pipeline is back to normal flows and the Libyan pipeline that exploded last week is also back online. Inventory data will be delayed a day due to the New Year holiday which means API will be out tomorrow late afternoon. In the midst of pipeline outages and now the Iran situation, let’s not forget that China was also a major catalyst in the rise of Crude late in the year. After raising import quotas by 55% for 2018 in November they issued their first batch last week. Also, last night’s read on Caixin Manufacturing was better than expected.

Technicals: Price action remains elevated and our Bias remains Neutral. The bulls will have the clear upper hand as long as price action stays above 59.96. If prices dip back below here and close below here, the door will then open for a move to back and fill at 58.97-58.99. On Sunday’s ‘Tradable Events this Week’ we discussed the expanding net long position and similarities to this current run with price action in November 2016 to January and February 2017. The driving idea here is that if everyone has already bought, who is left to buy.

Bias: Neutral

Resistance – 60.74*, 62.58**

Pivot – 60.32-60.42

Support – 59.96**, 58.97-58.99***

 

Gold (February)

Last year’s close: Settled at 1309.8, the highest since September 25th

Fundamentals: Gold continues its melt up and has reached the highest level since September 26th. After getting squashed ahead of the Fed rate hike and tax-reform, the metal has come back with a vengeance, just as we predicted. The New Year kicks off with a big week, one that could solidify Gold above the $1300 mark for weeks to come. Though there is no data today, tomorrow brings ISM Manufacturing and FOMC Minutes. Thursday begins Fed speak. Nonfarm Payroll is due Friday, ISM Non-Manufacturing and more Fed speak. Though the new Fed dissenter, Chicago’s Evans, is not scheduled this week it will be very interesting to see what many have to say after tax-reform was signed and if their tones change at all. The U.S Dollar has been whacked and started 2018 how it went out in 2017, lower. It is now at the lowest level since September and has lost 2.3% since the day the Fed hiked rates. We believe there is at least another 4% to the downside which would be a key catalyst to sending Gold to $1400 in 2018.

Technicals: The bears have gone into hibernation and no one wants to stand in the way of this rally. We remain very price action finished 2017 out above our rare major four-star resistance and this has sparked the next bull leg higher. We have the next key resistance at 1317 but one thing we like about the potential for higher prices is that the buyers are just coming to the party. Though this data is as of Tuesday December 26th, Gold’s net long position was only at 127,715 contracts, a far cry from the 200,000 mark that can sometimes become a hurdle. However, in rallies similar to September, the long position could double from here. Don’t miss our #1 Tradable Event this Week, Hi-Ho Silver! We believe that Gold and Silver are most bullish when working together, now consider that Silver has not even broken out yet and might be just about ready to take the reins.

Bias: Bullish

Resistance – 1317**, 1335.8**

Pivot – 1312.7

Support – 1302-1303.4***, 1292.9**, 1279.5***

 

 

Natural Gas (February)

Last year’s close: Settled at 2.953

Fundamentals: We discussed exactly this on Friday. The pattern of strong starts to the week before price action dissipates. We hope to see this trend begin to change as the market turns bullish. However, this is still the trend and bulls are taking something off table after a heck of a bailout package last week. The Polar Vortex is real and early estimates of the stock report this week are for a draw of over 200 bcf. Next week’s potential record continues to expand with expectations well above -300 bcf (our figures show the current record at -287 for the week ending January 10, 2014).

Technicals: After gaining 11% last week, price action extended above major three-star resistance to start the year and reached a high of 3.097. Resistance comes in at 3.108-3.142 and the tape has peeled off pretty quickly into this morning covering last night’s gap and then some. Friday’s settlement fell short of closing into and trading above the 2.96-3.01 major three-star level that includes a trend line. It will be key for it to hold this level into today’s settlement to avoid further profit taking. More specifically, we are now watching 3.00-3.01 on a closing basis to keep the momentum north. Regardless, it is key to capitalize in some way off this run.

Bias: Bullish

Resistance – 3.00-3.01***, 3.108-3.145**

Pivot – 2.953

Support – 2.893-2.92**, 2.83**, 2.734-2.7664**, 2.562***, 2.486-2.522****

 

10-year (March)

Last year’s close: Settle at 124’015

Fundamentals: The treasury market stayed bid into the long New Year’s weekend and saw support from equity profit taking ahead of the bell. We believe this bottoming process has begun since the Fed hiked rates and tax-reform legislation was signed. Recent data has been solid, but this week will be key. Though today is quiet, tomorrow brings ISM Manufacturing and FOMC. Fed speak begins with Bullard on Thursday and lasts through Friday. As we discussed above, it will be important to see how their tone might have changed after tax-reform was signed. Friday also brings Nonfarm Payroll which could really set the stage for Q1 expectations as we will be watching wage growth. ISM Non-Manufacturing is also due Friday.

Technicals: Despite the close out above major three-star resistance at 123’27-123’285, the level remains sticky and as does minor resistance at 124’01. We will continue to watch the three-star level and though prices are not accelerating through it, a continued close above will be very constructive in a beat down market. If the shorts start covering ahead of Fed Minutes tomorrow, there is a key trend line that aligns with the 124’125-124’135 level.

Bias: Bullish/Neutral

Resistance – 124’01*, 124’06-124’07**, 124’125-124’135**, 124’295-125’00***

Pivot- 123’27-123’285***

Support – 123’20-123’225**, 123’10-123’135**, 122’29****

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

CORN (March)

Last Weeks Close: March corn futures finished the last trading day of the year down a penny, trading in a whopper of a range at 1 ¼ cents. Fridays Commitment of Traders report showed funds have a net short of 206,624 contracts, this was a reduction of 15,529 from the previous weeks short of 222,153. Although they did cover a small portion, this is still one of the most bearish positions they’ve had for this time of the year. For the year, front month futures were unchanged. Literally; March ‘17 corn finished last December 30th at 351.

Fundamentals: Corn needs some new news to start 2018 off on a good foot, that may not come until the January 12th USDA report which gives us a look at final numbers. Exports have been less than exciting which has kept a lid on any significant buying interest. Ethanol production has certainly been a sliver lining to the market but has come short of sparking a move. Weather and crop development in South America will continue to be watched very closely. It appears that producers have been able to close the gap with their average progress pace for this time of year.

Technicals: The market has been posting lower highs and lower lows over the course of the back half of 2017 but seems to have found a magnet for front month futures near 350. We continue to believe that there is opportunity to trade a nickel on either side of this level. First technical resistance comes in from 354 ¼-355 ¼. This pocket represents the recent highs as well as the 50-day moving average, an indicator the market has struggled to close above since July. If the bulls can achieve consecutive closes above, perhaps we could see additional short covering from the funds press prices towards 361 ¾. On the support side of things, 345-346 ½ is the pocket to keep an eye on. If we do break and close below, we could see the market slide another 10 cents in a relatively short amount of time.

Bias: Neutral

Resistance: 354 ¼-355 ¼***, 360-361 ¾***, 375****

Support: 345-346 ½**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Last Weeks Close: March soybean futures managed to squeeze out a 1 ¾ cent gain in last weeks shortened trade, thanks to a strong rally on Friday. The weeks range was 21 ¼ cents. In the weekly Commitment of Traders report we see that funds are now net short 69,091 contracts, this compares to the previous week where we saw them short 40,771 (keep in mind data is only compiled through Tuesday).

Fundamentals: As with corn, soybean exports have been decent, but not good enough to get the bulls excited. If this can change to start the year we could see buyers step back in. Again, we need better than expected exports, not within range or even top end of the range. Many market participants are looking forward to the January 12th USDA report where we will get a final read on US production numbers. Recent weather in South America has given producers the opportunity to close the gap in their planting delays. Their weather will continue to be one of the key catalysts. There are some concerns, but if those dissipate we could see additional pressure on prices as they will likely be on pace to produce another record crop.

Technicals: There has been a lot of technical damage done to the chart over the last month as we have seen funds flip from net long to net short. First technical support for the market comes in from 950-952 ¼. If the Bears achieve a close below, there is not a whole lot of significant support until 937 ½. On the resistance side, 967 ¾-971 ¼ is the first pocket, but the more significant hurdles come in from 980 ¼-986 ½. As mentioned last week, the chart looks ugly but if you wanted some upside exposure there are some appealing options that get you through the January 12th report.

Bias: Neutral/Bearish

Resistance: 967 ¾**, 980 ¼-985 ½***, 999-1004**

Support: 950-952 ¼***, 937 ½***, 922 ¼****

 

WHEAT (March)

Last Weeks Close: March wheat futures closed up 2 ¼ cents last week, trading in a range of 8 cents on what was light holiday volume. Fridays Commitment of Traders report showed that funds reduced a small portion of their short position, leaving them net short 145,735 (Keep in mind that this data is compiled through Tuesday only).

Fundamentals: Wheat fundamentals have been less than impressive over the last 6 months, bulls are hoping for that to change this month with the January 12th USDA report. We have seen poor exports really keep a lid on things and we are going to continue using that trend. The bulls need to see consistently better than expected exports to really get things going. The silver lining for wheat could be the weaker dollar. If you have been reading our Morning Express, we have been looking for the dollar to continue softening which could be supportive to wheat.

Technicals: Wheat futures have managed to consolidate nearly 20 cents off of the lows, but the bulls should temper their expectations at these prices. The bears remain in control as we have been marking lower highs and lower lows over the past several months. Low volume rallies in a bear market typically leads to false hope Key technical resistance comes in at 435, this represents the 50-day moving average, an indicator we have not closed above since July. If the bulls can achieve consecutive closes above, perhaps we could see some additional short covering towards 449 ¾; until then, we look at this as an opportunity to sell.

Bias: Bearish

Resistance: 435-437 ½ ***, 443-445¾ **, 450-452 ¾****

Support: 416 ½-420 ¾**, 410 ½**, 399-402 ¾****

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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CORN (March)

Last Weeks Close: March corn futures finished up 5 cents last week, trading in a range of 6 cents. Funds were estimated to have been sellers of 24,485 contracts which puts their net short position at 223,405; this is just a stones throw from their record short position posted roughly a month ago.

Fundamentals: Weekly ethanol numbers have been an ongoing silver lining for the market recently, but it is far from what is needed to get this market headed further north. Export sales have been spotty at best. The bulls will want to see better than expected weekly export numbers consistently to build a price floor. Weather and crop development in South America continue to be a key talking point and will be until we get new news from the states, that may not come until the January USDA report. There are some forecasts suggesting that parts of Argentina could be drying up over the next week to week and a half which could help put a near term premium in the market.

Technicals: The market made new lows to start last week but managed to rally from there to finish the week on the highs. As with any rallies we have seen over the last few months, we are recommending tempering the expectations. We continue to see the opportunity to trade a nickel on either side of 350 until we get a new fundamental catalyst to give us that next directional move (other than sideways). We see first resistance coming in at 356 ¼, this represents the 50-day moving average. The 50-day moving average is a very basic indicator, but is one we have been talking about for the last six months as it is something the market has struggled to close above since July. If the bulls can achieve consecutive closes above, perhaps then we could see some short covering from the funds; but the first test represents a sell opportunity.

Bias: Neutral

Resistance: 355-356 ½****, 369 ¼-370 ½***, 375****

Support: 345-348**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (March)

Last Weeks Close: March soybeans finished down 18 ¼ cents last week, this after trading in a range of 24 cents on the week. Funds were heavy sellers, selling 64,933 contracts which flipped them to a net short of 52,478 contracts.

Fundamentals: Exports have been one of the key points of focus for market participants as the news wires have been relatively quiet. Last weeks export sales numbers came in at the top end of expectations, but we continue to believe that the market will need to see consistency better than expected numbers in order to put an end to the bleed lower in prices. As with corn, we will be monitoring weather in South America as their crop starts progressing at a more rapid pace.

Technicals: The market has been in sell off mode for the last three weeks. Fridays option expiration helped offer some support to the market but that could change with those options off the board. The RSI is sill near that oversold level with a reading of 31 this morning. 950-956 ½ will be first support for this March contract, that was the spike low from September. A break and close below opens the door to additional pressure on the back of funds extending their net short position, the next line in the sand for support comes in at 937 ½. On the flip side, the bulls have a lot of work to do as the chart looks like a technical graveyard. 972 ½ is the first level of resistance they want to see a close above to at the very least encourage some consolidation.

Bias: Neutral

Resistance: 972 ½-975 ½***, 984 ¾-989**, 999-1004**

Support: 950-956 ½***, 937 ½***, 922-929 ¼**, 915 ¼****

 

WHEAT (March)

Last Weeks Close: March wheat futures managed to finish last weeks trade up 6 ½ cents, trading in a range of 13 cents. Fridays Commitment of Traders report showed that funds were buyers of 1,314 contracts, putting their net short position at 164,098.

Fundamentals: Wheat is no different than corn and beans in terms of the export situation. Wheat had great exports last week, but we need to see a string of better than expected numbers as opposed to a great one followed by three subpar reports. Low prices often cure low prices, but ample global supplies will continue to keep a lid on the market for the intermediate term.

Technicals: The market has been grinding higher over the past two weeks after marking new contract lows at 410 ½. We continue to view rallies like this as an opportunity to sell. We see major technical resistance at 437. This represents the 50-day moving average, as with corn this is a simple indicator but one the market has struggled to get out above on a closing basis since July. Consecutive closes above will encourage short covering but will likely set up for another opportunity to sell.

Bias: Bearish

Resistance: 437 ½ ***, 443-445¾ ****, 452 ¾****

Support: 415-418**, 410 ½**, 399-402 ¾****

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/ 

 

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

 

CORN (March)

Yesterdays Close: March corn futures closed 1 ¾ cents higher yesterday, trading in a range of 2 ½ cents. Funds were estimated buyers of 4,500 contracts.

Fundamentals: Yesterdays ethanol report showed production at 1.077 million barrels per day, this was down 12,000 from the previous week but still marks the third highest production level on record; the only two higher weeks were the past two weeks. Ethanol stocks came in at 22.3 million barrels, this was down a modest .1 million barrels from the previous week. Export sales this morning came in at 1,558,300 metric tons, this compares to the estimated range from 800,000-1,100,000 metric tons. This is up 80% from the previous and a nice sliver lining going into the Christmas weekend. The bulls really want to start seeing a trend of better than expected exports to help support this market as we look towards 2018; a great number once a month will not do the trick. Weather will continue to be monitored closely in South America as well.

Technicals: January option expiration is tomorrow which could help intensify the magnet towards 350. The open interest on the 350 puts 11,402, there are 6,000 350 calls; there are 22,183 open at 360. January expiration is not as significant as other months (December), but should still be noted. In terms of chart technical, not much has changed as we continue to trade in tight ranges. We would be looking to trade a nickel on either side of 350 with tight stops. If we do get a technical breakdown with consecutive closes below 345, that would open the door to additional pressure towards the December contract lows of 335 ¼. On the flip side, the bulls want to see a conviction close above the 50-day moving average at 356 ½. This is a very simple indicator but is one we have not seen the market close above since July.

Bias: Neutral

Resistance: 355-356 ½****, 369 ¼-370 ½***, 375****

Support: 345-348**, 334-335 ¼***, 323-325 ¼**

 

SOYBEANS (January)

Yesterdays Close: January soybeans closed 2 ¾ cents lower yesterday, trading in a range of 7 ¼ cents on the session. Funds were estimated sellers of 5,000 contracts on the day.

Fundamentals: Export sales this morning came in at 1,742,900 metric tons, this is up 20% from the previous week. This compares with the expected range from 1,300,000-1,800,000 metric tons. As with corn, the market really wants to see better than expected exports become a trend to really offer some support to the market. Within expectations just doesn’t get the job done. Weather concerns in South America have seemingly evaporated for some areas. We will continue to keep a close eye on this as forecasts are consistently changing. If they do get better than expected weather, they could be set for another record crop.

Technicals: The sell off over the last two weeks has left a technical graveyard on the chart. The bulls need to see the market reclaim 967-968 ¼ in order to START repairing damage. This was previous support which was defined by the bottom end of the range along with a key Fibonacci retracement level from the June lows to the July highs. 950 is a psychologically significant level, just below that is a spike low at 947 ½ from the September 12th USDA report. The market is the most oversold since the end of May, this could encourage some consolidation as we head into the Christmas weekend. We are assuming that funds have not only been reducing, but have likely flipped net short at this point. The fear for the bull camp is that the funds will start accumulating a large net short position.

Bias: Neutral

Resistance: 967-968 ¼****, 975 ½ -977 ¾***, 984 ¾-989**, 999-1004**

Support: 947 ½-949 ¾***, 922-929 ¼**, 915 ¼****

 

WHEAT (March)

Yesterdays Close: March wheat futures closed 5 ¼ cents higher yesterday, trading in a range of 8 ¼ cents on the day. Funds were estimated buyers of 2,500 contracts on the day.

Fundamentals: Export sales this morning came in at 796,300 metric tons, up 35% from the previous week. This compares with the expected range from 300,000-600,000 metric tons. Wheat is no different than corn and beans in the sense that the bulls must start seeing better than expected exports to help put a floor in the market. Arguably this premise is most important for wheat with nearly every continent but Antarctica growing wheat. The bulls are hoping that low prices cure low prices, but we feel ample global demand will keep a lid on any significant attempt at a rally.

Technicals: 424 ¼ has been an important line in the sand for us recently, but we are trying to remain patient for 437 ½ to start selling again. This represents the 50-day moving average, a very simple technical indicator, but one we have not seen the market close above since July. If the bulls can achieve consecutive closes above here, we could see short covering from the funds; until then the bears remain in total control. A failure to break out above technical resistance will lead to continued pressure and a possible run towards the $3 handle.

Bias: Bearish

Resistance: 424 ¼**, 437 ½ ***, 443-445¾ ****

Support: 399-402 ¾****, 392-394**, 381-383 ¾***

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

 

 

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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