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2. Hot Market Report: Will USDA WASDE change the Bean Oil Trend?
3. Economic Calendar
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This week’s highlighted Market is Bean Oil futures. Bean Oil is part of the grains sector along with "it's" brothers soybeans, corn, oats, soymeal, wheat, Kansas City Wheat. Most traded on the CBOT exchange.
About 5 weeks ago I highlighted the ZLZ20 December CBOT Soybean Oil markets bullish trend with ”the Guiding Hands” reference “lifting” the trend. Today , on the precipice of the Monthly USDA WASDE report I thought it would be fun to see where this market is now and where it may likely be headed. Last month, I mentioned some fundamental truths that may be impacting this trend as those are still in place. China can also fulfill it’s phase one trade deal obligations/food security needs of soybean purchase through the by products as well, such as edible bean oil and bean meal in addition to bulk Soybean purchases. A weaker U.S. Dollar relative to the Brazilian Real equates to higher demand for a dollar denominated Soybean oil supply. What I read from Todd Hultman an analyst at DTN today was “ With FOB soybean prices in Brazil now 53 cents above those at the U.S. Gulf, more U.S. soybean sales are likely.. but it is difficult to know how far China will go with its purchases”
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 09/11 Fri |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Core CPI & CPI(Aug) 11:00 AM CDT - WADSE Report & Crop Production 1:00 PM CDT - Treasury Budget(Aug) |
LT: Oct Cotton Options(NYM)
Oct Coffee Options(ICE) |
| 09/14 Mon |
3:00 PM CDT - Crop Progress
|
LT: Sep Wheat(CBT)
Sep Corn(CBT) Sep Oats(CBT) Sep Rough Rice(CBT) Sep Soybeans,Soymeal,Soyoil(CBT) Sep Currencies(CME) Sep Eurodollar(CME) Sep Mx Peso(CME) Sep US Dollar Index(ICE) Sep Eurodollar Options(CME) |
| 09/15 Tue |
7:30 AM CDT - Empire State Manufacturing(Sep)
7:30 AM CDT - Export(ex-ag) & Price(ex-oil)(Aug) 8:15 AM CDT - Capacity Util & Industrial Prod(Aug) 11:00 AM CDT - NOPA Crush 3:30 PM CDT - API Energy Stocks |
LT: Sep Canadian Dollar(CME)
Sep Cocoa(ICE) Sep Lumber(CME) Oct Sugar-11 Options(ICE) |
| 09/16 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Retail Sales(Aug) 7:30 AM CDT - Retail Sales Ex-Auto(Aug) 9:00 AM CDT - Business Inventories(Jul) 9:00 AM CDT - NAHB Housing Market Index(Sep) 9:30 AM CDT - EIA Petroleum Status Report 1:00 PM CDT - FOMC Rate Decision(Sep) 2:00 PM CDT - Dairy Products Sales 3:00 PM CDT - Net Long-Term TIC Flows(Jul) |
FN: Sep Lumber(CME)
LT: Oct Platinum & Palladium Options(NYM) |
| 09/17 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Housing Starts & Building Permits(Aug) 7:30 AM CDT - Philadelphia Fed Index(Sep) 9:30 AM CDT - EIA Natural Gas Report 2:00 PM CDT - Milk Production 3:30 PM CDT - Money Supply |
LT: Sep S&P 500(CME)
Sep S&P 500 Options(CME) Oct Crude Lt Options(NYM) |
| 09/18 Fri |
7:30 AM CDT - Current Account Balance(Q2)
9:00 AM CDT - Univ of Mich Consumer Sent-Prelim(Sep) |
LT: Sep E-Mini Dow(CME)
Sep E-Mini S&P 500(CME) Sep E-Mini NASDAQ(CME) Sep Russell(CME) Sep Coffee(ICE) Sep E-Mini Dow Options(CME) Sep E-Mini S&P 500 Options(CME) Sep E-Mini NASDAQ Options(CME) Sep Russell Options(CME) Oct Orange Juice Options(ICE) |
| 09/21 Mon |
3:00 PM CDT - Crop Progress
|
LT: Sep 10 Year Notes(CBT)
Sep Bonds(CBT) |
| 09/22 Tue |
9:00 AM CDT - Existing Home Sales(Aug)
2:00 PM CDT - Cold Storage 3:30 PM CDT - API Energy Stocks |
LT: Oct Crude Lt(NYM)
|
| 09/23 Wed |
6:00 AM CDT - MBA Mortgage Index
8:00 AM CDT - FHFA Housing Price Index(Sep) 9:30 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Product Sales |
|
| 09/24 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - New Home Sales(Aug) 9:30 AM CDT - EIA Natural Gas Report 2:00 PM CDT - Hogs & Pigs 3:30 PM CDT - Money Supply |
FN: Oct Cotton(NYM)
Oct Crude Lt(NYM) LT: Sep Feeder Cattle(CME) Sep Feeder Cattle Options(CME) Oct Copper Options(CMX) Oct Gold Options(CMX) Oct Silver Options(CMX) |
| FN=First Notice, OE=Option Expiration, LT=Last Trade | ||
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
