Bullet Points, Highlights, Announcements
General:
We at Cannon Trading Co., wish you all a healthy, safe and prosperous new year.
Important:
For tomorrow, New Year’s Eve, all markets will be observing regular trading hours. There will be no early closing times.
For New Year’s day, all markets will open at their regular times and close at their regular times.
More general:
If the coming year looks anything like the last – or the year before it – volatility in the futures markets will remain ingrained and often extreme. Some markets set all-time highs for their trade price this year or in late 2024:
· Orange juice (Sept. 2024)
· Cattle (Aug. 2025)
· Cocoa (Dec. 2024)
· Coffee (Feb. 2025)
· Copper (July 2025)
· Bitcoin (Oct. 2025)
· Stock indexes: S&P 500, Nasdaq, Dow Jones, Russell 2000 (variably in Q-4 2025)
· Gold, silver and platinum: this week!
Others are near historic, seasonal or long-term lows:
· Natural gas
· Soybeans, corn and wheat
· Sugar
Japanese yen
On the last trading day of the year, futures markets often see a unique mix of light liquidity and sharp, order‑driven moves as traders square positions, roll contracts, or manage exposure ahead of expiration cycles. With many contracts approaching settlement windows and delivery considerations still in play, price action can become more technical and less fundamentally driven. It’s a day where disciplined risk management matters: thinner books can exaggerate moves, spreads may widen, and even routine hedging flows can create outsized volatility. For many traders, the focus shifts from seeking new opportunities to tightening risk, cleaning up books, and positioning smartly for the fresh trading year ahead.
Remembrance:
Back in May the trading community lost a gent with one of the most distinguished careers in commodities. Jerry Lee Toepke (tep-key) passed away on May 20, 2025, in Cottage Grove, Oregon. He was 75.
For over 40 years, Jerry’s expertise was widely recognized, leading him to speak at numerous conferences, seminars, and futures exchange functions. In recent years, he co-authored a book providing guidance on profitable spreads in the futures market and served as an editor for Moore Research Center‘s monthly report and various special publications. Jerry was a proud member of the Chicago Board of Trade and the National Futures Association.
Jerry graduated from Pekin High School, about an hour from Bloomington, Illinois, where he was born. He attended Northwestern University in the Chicago area, where he laid the groundwork for his remarkable career. Jerry’s kindness, warmth, wisdom, and unwavering dedication to his family and career will be deeply missed by all who knew him.
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