May 11, 2012 - Issue #635
In This Issue
1. NEW EXPANDED GRAINS TRADING HOURS
2. Corn Hammered Down; Bears in Command
3. Economic Calendar
Featured Articles This Week
a. U.S. Financial System: Is It Finally Stable?
b. Portugal's Bailout, One Year Later: Were You Prepared in Advance?
c. European Central Bank: "Great White Fear" Takes A Bite Out of Recovery
1. NEW EXPANDED GRAINS TRADING HOURS
Beginning May 21, 2012, customers around the world will have more access to the deep, liquid CBOT Grain and Oilseed contracts when CME Globex trading hours for these products are extended to 22 hours per day. With the growth in electronic volume in CBOT Corn, Wheat, Soybean, Soybean Oil, Soybean Meal, Oats and Rough Rice futures and options, market participants have expressed interest in having greater access to these key agricultural markets. Current CME Globex hours for Grains and Oilseeds are 6:00 p.m. - 7:15 a.m. and 9:30 a.m. - 1:15 pm. CT, Sunday through Friday.
New CME Globex Trading Hours for Grains and Oilseeds:
Sunday to Monday, 5:00 p.m. to 4:00 p.m. CT
Monday to Friday, 6:00 p.m. to 4:00 p.m. CT
These expanded electronic trading hours will provide additional time to manage risk in grains and oilseeds, and offer access to our open and transparent markets during important economic events.
Key Facts:
- New hours also apply to Mini-sized Grain futures contracts
- Also includes Calendar Spread Options (CSOs), Wheat-Corn Spread Options, Soybean-Corn Price Ratio Options
- Although markets trade until 4:00 p.m. CT, daily settlements will continue to be based on the 1:15 p.m. CT close each day
- Futures and option contract expiration times will not change
2. Corn Hammered Down; Bears in Command
By Jim Wyckoff
The corn futures market was pounded lower Thursday by a bearish USDA report, which comes on top of generally good planting weather to start the U.S. corn-growing season. July corn slumped to a fresh 14-month low Thursday as prices are in a choppy downtrend on the daily chart and the bears have the solid near-term technical advantage. Despite a still-tight overall world supply and demand balance sheet for corn, it's very likely going to take a serious weather market scare in the U.S. Corn Belt this summer to jump-start any solid and sustainable price rally in the corn market.
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations 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 futures 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!
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 05/14 Mon |
7:30 AM CDT - NOPA Crush | LT: May Corn(CBT)
May Wheat(CBT) May Oats(CBT) May Rough Rice(CBT) May Soybeans(CBT) May Soybean Oil(CBT) May Soymeal(CBT) May Eurodollar(CME) May Lean Hogs(CME) May Lean Hogs Options(CME) |
| 05/15 Tue |
7:30 AM CDT - Core CPI & CPI(Apr)
7:30 AM CDT - Empire Manufacturing(May) 7:30 AM CDT - Retail Sales(Apr) 8:00 AM CDT - Net Long-Term TIC Flows(Mar) 9:00 AM CDT - Business Inventories(Mar) 9:00 AM CDT - NAHB Housing Market Index(May) |
LT: May Lumber(CME)
May Cocoa(ICE) Jun Sugar-11 Options(NYM) |
| 05/16 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Dairy Products Prices 7:30 AM CDT - Building Permits & Housing Starts(Apr) 8:15 AM CDT - Capacity Util & Industrial Prod(Apr) 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - FOMC Minutes |
FN: May Lumber(CME)
LT: Jun Platinum Options(NYM) Jun Palladium Options(NYM) |
| 05/17 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Apr) 9:00 AM CDT - Philadephia Fed(May) | LT: Jun Crude Lt Options(NYM) |
| 05/18 Fri |
2:00 PM CDT - Cattle On Feed
2:00 PM CDT - Milk Production |
LT: May Coffee(ICE)
May Nikkei Options(CME) May DJIA Options(CME) May S&P 500 Options(CME) May E-Mini S&P 500 Options(CME) May NASDAQ Options(CME) May E-Mini NASDAQ Options(CME) May Russell Options(CME) Jun Orange Juice Options(ICE) |
| 05/21 Mon |
||
| 05/22 Tue |
9:00 AM CDT - Exisiting Home Sales(Apr)
2:00 PM CDT - Cold Storage |
LT: Jun Crude Lt(NYM) |
| 05/23 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - Dairy Products Prices 9:00 AM CDT - FHFA Housing Price Index(Mar) 9:00 AM CDT - New Home Sales(Apr) 9:30 AM CDT - API & DOE Energy Stats |
|
| 05/24 Thur |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Durable Orders(Apr) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply | FN: Jun Crude Lt(NYM)
LT: May Feeder Cattle(CME) May Feeder Cattl Options(CME) Jun Copper Options(CMX) Jun Gold Options(CMX) Jun Silver Options(CMX) |
* 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!
