Nov. 9, 2012 - Issue #660
In This Issue
1. Trader's Resource Corner - USDA latest World Agricultural Supply
and Demand Estimates
2. Hot Market Review - The Continuous Commodity Index (CCI)
3. Economic Calendar
1. Traders Resource Corner - USDA latest World Agricultural Supply and Demand Estimates
The Bounty of the years harvest is celebrated through Thanksgiving just two weeks away, when we all give thanks for the seeds we have sown throughout the year. We give thanks for all that we have, our family and friends, our shelter and our country. This years harvest of Coarse Grains, Oilseeds and Wheat has been trying for many small and large farms as many had been decimated by the worst drought in over 80 years. The USDA has characterized the current Starting point for the demand side of the equation of price discovery to dominate the 2012-2013 carryout discussions. Read the full USDA latest World Agricultural Supply and Demand Estimates
2. Hot Market Review: The Continuous Commodity Index (CCI)
From our friend Jim Wyckoff
im has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at www.jimwyckoff.com
click on image below to enlarge
The Continuous Commodity Index (CCI) is a basket of 17 major raw commodity futures market prices rolled into one composite index price. The CCI is a very good barometer of the overall trend in the raw commodity sector. See on the daily chart for the CCI that recent price action has seen a bearish downside "breakout" from a bearish descending triangle pattern. Also, see that the trend of the CCI on the daily chart remains down. The commodity market bulls are presently struggling, overall. The crude oil market is the leader of the raw commodity sector, and it, too, is trending lower. For the raw commodity market bulls to begin to see better days ahead, the CCI will have to start to trend higher on the daily chart, and crude oil futures will have to lead the raw commodity sector in that endeavor.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 11/12 Mon |
VETERANS DAY(OBSERVED) | |
| 11/13 Tues |
1:00 PM CST - Treasury Budget(Oct) | LT: Dec Crude Lt Options(NYM) |
| 11/14 Wed |
6:00 AM CST - MBA Mortgage Index
7:30 AM CST - NOPA Crush 7:30 AM CST - Dairy Products Prices 7:30 AM CST - Core PPI & PPI(Oct) 7:30 AM CST - Retail Sales(Oct) 9:00 AM CST - Business Inventories(Sep) 1:00 PM CST - FOMC Minutes |
LT: Nov Rough Rice(CBT)
Nov Soybeans(CBT) |
| 11/15 Thurs |
7:30 AM CST - Initial Claims-Weekly
7:30 AM CST - Core CPI & CPI(Oct) 7:30 AM CST - Empire Manufacturing(Nov) 9:00 AM CST - Philadelphia Fed(Nov) 9:30 AM CST - EIA Gas Storage 11:00 AM CST - API & DOE Energy Stats 3:30 PM CST - Money Supply |
LT: Nov Lumber(CME)
Dec Sugar-11 Options(NYM) |
| 11/16 Fri |
7:30 AM CST - USDA Weekly Export Sales
8:00 AM CST - Net Long-Term TIC Flows(Sep) 8:15 AM CST - Capacity Util & Industrial Prod(Oct) 2:00 PM CST - Cattle On Feed |
FN: Nov Lumber(CME)
Dec Cocoa(ICE) LT: Dec Crude Lt(NYM) Nov DJIA Options(CME) Nov S&P 500 Options(CME) Nov E-Mini S&P 500 Options(CME) Nov NASDAQ Options(CME) Nov E-Mini NASDAQ Options(CME) Nov Eurodollar Options(CME) Nov Russell Options(CME) Dec Orange Juice Options(ICE) |
| 11/19 Mon |
9:00 AM CST - Existing Home Sales(Oct)
9:00 AM CST - NAHB Housing Market Index(Nov) 2:00 PM CST - Milk Production |
* 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!
