See on the daily bar chart for July soybean meal futures that prices are in a steep nearly three-month-old uptrend and this week hit a 22-month high. The meal bulls have the strong near-term technical advantage.
However, the meal market is now overextended, big-time, and due for a good downside correction. When the soybean meal futures market bull move begins to fizzle, then the rest of the grain markets will also likely begin to
absorb significant selling pressure. My bias is that the grains can't see much more upside without a weather market scare in the U.S. Corn Belt.
The U.S. spring/summer planting and growing season is upon us, and that means higher volatility is likely for the grain futures markets in the coming several weeks--including weather market scares that crop up
nearly every year.
7:30 AM CDT - PCE Prices(Apr)
7:30 AM CDT - Personal Income & Spending(Apr)
8:00 AM CDT - Case Shiller 20-City Index(Mar)
8:45 AM CDT - Chicago PMI(May)
9:00 AM CDT - Consumer Confidence(May)
FN: Jun 2,5,10 Year Notes(CBT)
Jun Gold & Silver(CMX)
Jun Platinum & Palladium(NYM)
LT: May Fed Funds(CME)
Jun RBOB & ULSD(NYM)
May Fed Funds Options(CME)
Jun Lumber Options(CME)
6:00 AM CDT - MBA Mortgage Purchase Index
9:00 AM CDT - Construction Spending(Apr)
9:00 AM CDT - ISM Index(May)
1:00 PM CDT - Auto & Truck Sales(May)
1:00 PM CDT - Fed's Beige Book(Jun)
2:00 PM CDT - Fats & Oils
2:00 PM CDT - Grain Crushings
LT: May Butter(CME)
May Butter Options(CME)
May Milk Options(CME)
7:30 AM CDT - Challenger Job Cuts(May)
7:15 AM CDT - ADP Employment Change(May)
7:30 AM CDT - Initial Claims-Weekly
9:30 AM CDT - EIA Gas Storage
10:00 AM CDT - API & DOE Energy Stats
2:00 PM CDT - Dairy Products Sales
3:30 PM CDT - Money Supply
FN: Jun RBOB & ULSD(NYM)
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Ave Workweek & Hourly Earnings(May)
7:30 AM CDT - Nonfarm Payrolls(May)
7:30 AM CDT - Trade Balance(Apr)
7:30 AM CDT - Unemployment Rate(May)
9:00 AM CDT - Factory Orders(Apr)
9:00 AM CDT - ISM Services(May)
LT: Jun Canadian Dollar Options(CME)
Jun Currencies Options(CME)
Jun Live Cattle Options(CME)
Jun Mx Peso Options(CME)
Jun US Dollar Index Options(ICE)
Jul Cocoa Options(ICE)
* 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!
RISK DISCLOSURE: Past results are not necessarily indicative of future results. The risk of loss in futures trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.