Trading is not for everyone; however, with the availability of trading experts, one can think about taking up trading and experiencing how risk taking can be converted into a profitable deal. To trade; however, you need to understand at least the basics. Therefore the more you read, the better it is for you. For those who do not have the time to read and understand the details of trading, you will be required to hire a professional who can guide and advise you about trading.
We at Cannon Trading help you in understanding the techniques and tricks of trading. With the enormous pool of information that we have listed you can definitely learn about trading different commodities. This category archive on trading webinar, gives not just text based information, but also webinars that talk about the concept of trading in detail. We advise you to go through these and be more informed. Do feel free to share to help others understand the details of trading.
Join our private Facebook group for additional insight into trading and the futures markets!
In this issue:
Important Notices – 2024 World Cup Trading Championship
Trading Resource of the Week – Why Most Traders Lose?
Hot Market of the Week – March Feeder Cattle
Broker’s Trading System of the Week – MidCap Swing Trading System
Trading Levels for Next Week
Trading Reports for Next Week
Important Notices
The 2024 World Cup Trading Championships® are just around the corner.
You are invited to enter the ultimate trading challenge, where some of the world’s best Futures and Forex traders compete.
The World Cup Trading Championships have been held since 1983 and are the most prestigious trading competitions in the industry. The winners of each division will prove that they are the best of the best.
The top profitable Entrants will be eligible to receive a magnificent pewter Bull and Bear trophy or a beautiful crystal Bull and Bear Trophy.
Real-money competitions based on net returns – no entry fee required.
Take on traders from across the globe to compete for coveted Bull & Bear trophies, glory, and new career opportunities.
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
March feeder cattle stabilized their break last month after satisfying the fourth downside PriceCount objective. On the correction higher, the chart activated upside counts with the first objective projecting a run to the 238.53 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
Would you like to receive daily support & resistance levels?
First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com
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.
Good Trading!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Volume in the December contracts will begin to drop off until their expiration Friday, December 15th (8:30 A.M., Central Time). At that point, trading in these contracts halts. Stock index futures are CASH SETTLED contracts. If you hold any December futures contracts through 8:30 A.M., Central Time on Friday, Dec. 15th, they will be offset with the cash settlement price, as set by the exchange.
FRONT MONTH IS NOW MARCH , the symbol is H24, example for mini SP is ESH24
Monday, December 18th is Last Trading Day for December currency futures. It is of the utmost importance for currency traders to exit all December futures contracts by Friday, December 15th and to start trading the March futures. Currency futures are DELIVERABLE contracts.
The month code for March is ‘H.’ Please consider carefully how you place orders when changing over.
Watch the video below on how to rollover your market depth and charts!
Trading Resource of the Week
Get An Edge With the Trading Psychology Course
Many experienced traders say that the stiffest challenge you’ll face in becoming a futures trader is conquering your own psyche. Why? Because losing is part of trading, and people hate to lose.
In this “Trading Psychology” Course you will learn:
How to examine your patterns and behaviors and recognize when they are holding you back
Maintaining self-confidence as a trader even in the face of inexperience
The mathematical expectation model and how it can decrease your losses
Determining the trading plan that is right for your trading personality
Understanding and using Motivation – Risk – Reward to its full advantage
Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
The March Wheat – Corn spread accelerated to its third upside PriceCount objective to the $1.52 area and is consolidating its trade. At this point, IF the chart can resume its rally with new sustained highs, we are left with the low percentage fourth count to aim for around $2.27 which would be consistent with a challenge of the summer high.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
Would you like to receive daily support & resistance levels?
First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com
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.
Good Trading!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Webinar password: d2GPM8kZc42 (32476859 from phones and video systems)
Helpful Tips:
Please plan to join 10 minutes in advance to ensure no technical difficulties.
For optimal audio/video quality, disconnect from your company’s VPN.
We recommend using Google Chrome as your browser.
Please test audio prior to the start of the online event. Ensure that you are using headphones for optimal sound quality and that audio is not muted.
If your internet audio and/or video experience does not work, use the dial-in numbers to join by phone
Recording Disclaimer:
This online event will be recorded for the purposes of archived viewing for attendees unable to attend the live session. By participating in this online event, you are considered to have consented to the recording. All video and audio communications must remain professional and relevant to the topic and purpose of the online event. Personal views or opinions expressed during the online event are those of the participants and may not necessarily reflect the official policy or position of CME Group.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement in trading.
Webinar password: p5F3V6Jcnu2 (75338652 from phones and video systems)
Helpful Tips:
Please plan to join 10 minutes in advance to ensure no technical difficulties.
For optimal audio/video quality, disconnect from your company’s VPN.
We recommend using Google Chrome as your browser.
Please test audio prior to the start of the online event. Ensure that you are using headphones for optimal sound quality and that audio is not muted.
If your internet audio and/or video experience does not work, use the dial-in numbers to join by phone
Recording Disclaimer:
This online event will be recorded for the purposes of archived viewing for attendees unable to attend the live session. By participating in this online event, you are considered to have consented to the recording. All video and audio communications must remain professional and relevant to the topic and purpose of the online event. Personal views or opinions expressed during the online event are those of the participants and may not necessarily reflect the official policy or position of CME Group.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement in trading.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement in trading.
In this webinar, we’ll tour the platform and take a look at how to utilize Order Flow, Delta Filer bars and other innovative features while observing a variety of futures markets with a focus on some of the smaller Micro futures contracts.
Our host, Antonio Sartorello of Volumetrica will guide attendees as the markets trade in real time. Learn more about VolSys’s core features
• Order Flow and it’s pullback bar
• How to use Advances T&S
• How to use Advanced DOM
• Delta Filter Bars to identify Strength/weakness
• Where are the big traders/ orders?
Attendees will receive a FULLY functionable demo with live data!!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement in trading.
There will be few government reports released this week that will have much of an impact on equity prices.
This past Saturday we have entered the FOMC Blackout period which will last through the next FOMC Rate decision on Wednesday, June 14th and conclude at midnight on June 15th.
Since there is no significant data, we are certain Fed Policy makers will have been able to breathe a bit easier after the debt limit breach was averted.
Next week is going to be considerably different. Why? the Consumer Price Index will be released a day prior to the FED rate decision and may have an 11th hour impact on the policy makers decision to raise or stay firm at current short term fed fund rate. According to the CME’s FedWatch tool, the prospect for rate changes has been anything but sanguine. May 5th there was only an 8.5% chance of another .25 increase and as recently as a week ago there was an over 60% chance and as of todays date the tool is projecting less that a 22% increase by .25 to the .0525-.0550 area. . .
As I said about CPI at the moment the market is pricing in no change but a CPI figure reversing the slow downtrend in current price levels could immediately change the expectations for no change this go round.
Understanding expectations will allow you to trade with more confidence when there is a sudden change in policy directives!
In this webinar, we’ll tour the platform and take a look at how to utilize Order Flow, Delta Filer bars and other innovative features while observing a variety of futures markets with a focus on some of the smaller Micro futures contracts.
Our host, Antonio Sartorello of Volumetrica will guide attendees as the markets trade in real time. Learn more about VolSys’s core features
• Order Flow and it’s pullback bar
• How to use Advances T&S
• How to use Advanced DOM
• Delta Filter Bars to identify Strength/weakness
• Where are the big traders/ orders?
Attendees will receive a FULLY functionable demo with live data!!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement in trading.
You’ll have the opportunity to practice trading highly liquid Precious Metals products while competing against other traders for the chance to win the grand prize of a 1 oz. bar of gold*.
During the challenge, you’ll explore our suite of precious metals contracts and test-drive strategies in a simulated environment. We’ll send you exclusive, daily education materials on precious metals contracts in order for you to feel prepared to trade and confidently compete against your peers.
In this webinar, we’ll tour the platform and take a look at how to utilize Order Flow, Delta Filer bars and other innovative features while observing a variety of futures markets with a focus on some of the smaller Micro futures contracts.
Our host, Antonio Sartorello of Volumetrica will guide attendees as the markets trade in real time. Learn more about VolSys’s core features
• Order Flow and it’s pullback bar
• How to use Advances T&S
• How to use Advanced DOM
• Delta Filter Bars to identify Strength/weakness
• Where are the big traders/ orders?
Attendees will receive a FULLY functionable demo with live data!!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time
Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
The June dollar Index satisfied its second upside PriceCount objective and is correcting. At this point, if the chart can resume its rally with new sustained highs, the third count would project a run to the 106.50 area although the March highs would represent a significant near term resistance level to contend with.
PriceCounts – Not about where we’ve been , but where we might be going next!
The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
Hundreds of “Hands Free” Automated Systems to Choose from!
Are you too busy to trade? Perhaps you’re not confident enough and you’re trading. Maybe you’re looking to the diversify your own trading with algorithmic trading or what we call automated trading. Browse over 500 trading systems. Review back test results, live results, drawdowns, returns and much more!!
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
Trading Levels for Next Week
Daily Levels for June 5th, 2022
Would you like to receive daily support & resistance levels?
First Notice (FN), Last trading (LT) Days for the Week: www.mrci.com
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.
Good Trading!
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
Important Notices – Good Friday Schedule and NFP Report
Heads up traders. This coming Friday, April 7th will be somewhat of an irregularity. It is a trading holiday (Good Friday) and simultaneously the first Friday of the month, when the Labor Department will release its monthly Non-farm payrolls report.
While the major CME Group futures markets with 4:00 P.M. Central Time closings will finish the week’s trading at that regular time on Thursday, June 5th, at the regular 6:00 P.M. start of trading, energy, grains and metals will remain closed. Only interest rate, equities, currencies and cryptocurrencies will open and will close early Friday morning as follows:
Interest rate: 10:15 A.M. Central Time
Equities: 8:15 A.M.
Currencies: 10:15 A.M.
Cryptocurrencies: 10:15 A.M.
This will give some of the most actively traded and report-sensitive instruments only a limited amount of time to react to what is widely considered to be one of the most important and influential measures of the U.S. economy – on a day that will likely see reduced volume.
QT Market Center – Trading Terminal for Professional Traders & Hedgers (Grain, Livestock, Energies, Metals and More!)
When: Thursday April 6th at 2 PM Central Time
Mark Bucaro, an ex floor trader will share some of the features and tools QT offers and how you can possibly use it to help your TRADING and HEDGING.
In this webinar you will learn and see live examples:
• Pre-Opening Comments for Financials, Metals, Ags, and Softs.
• Cycle Timing Commentary for Grains
• David Hightower daily market analysis
• Market Calendar
• Web based Platform Access, Desktop (Smartphone & Tablet Access included Free) from virtually any computer anywhere there is an internet connection
• Easy to use Point and Click with Multi Screen Capability
• Profitability Cost Calculator – Input your costs and get your profitability results in seconds
• Realtime Live Streaming Agricultural & World Weather Audio Market Commentary Updates (accessible from Desktop, Tablet & Smartphone when out in the field)
• Access Current and 11+ years of Archived USDA Reports,
• Realtime Agricultural/Livestock/Ethanol-Energy News, Weather, Audio Charts, & Quotes and more all from one platform – Desktop, Tablet, Smartphone Accessible
• Daily Chart of the Day Subscription with Price Counts Price Forecasting Levels Included
• Proprietary Price Counts Price Forecasting Tool
• Chart Overlays
• Seasonal Charts
• Grain Bids Directory with approximately 16,000 bids
Hot market of the week is provided by QT Market Center, A swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
May silver has rallied back for a challenge of the winter highs. At this point breakout into new sustained highs would project a run to the third PriceCount objective of the 26.13 area.
PriceCounts – Not about where we’ve been , but where we might be going next!
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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com
Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data. Please read full disclaimer HERE.
Questions about the markets? trading? platforms? technology? trading systems? Get answers with a complimentary, confidential consultation with a Cannon Trading Company series 3 broker.
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
For the USDA prospective plantings report on Friday, the average trade expectation for US soybean plantings is
88.3 million acres, with a range of expectations from 87.4 to 89.6 million. This would be up from 87.5 million last
year. The USDA Outlook Forum had planted area at 87.5 million acres as well.
For the Quarterly Grain Stocks report, US March 1 soybean stocks are expected to come in around 1.728 billion bushels (range 1.600-1.910 billion) versus 1.932 billion last year. Brazil may need to supply up to half of the soybeans that Argentina will import after the worst drought in 100 years devastated its fields and cut 2023 output nearly in half.
Argentina may need to import up to 10 million tonnes of soybeans. For the weekly export sales report, traders see soybean sales near 100,000-600,000 tonnes for old crop and another 50,000-300,000 tonnes for new crop. Meal sales are expected near 75,000-250,000 tonnes and oil sales are expected near zero-20,000 tonnes.
TODAY’S MARKET IDEAS:
Look for support in November Soybeans at 1291 3/4, with 1316 and then 1337 1/2 as key resistance. July Soybean support is at 1443, with 1464 3/4 as next key resistance. July Soybean Meal support is at 447.30, with 459.10 and 465.70 as resistance.
For the USDA planted acreage report on Friday, traders see US corn plantings near 90.9 million acres, 87.7-92.1 range, as compared with 91 million acres from the USDA Outlook forum and from 88.6 million last year. We lean to the higher end of estimates.
Traders see March 1 corn stocks at 7.474 billion bushels which would be the lowest since 2014. The range of estimates is 7.240-7.830, as compared with 7.758 billion last year. For the weekly export sales report, traders see corn sales near 600,000-1.8 million tonnes for old crop and 50,000-300,000 tonnes for new crop.
For the USDA planted acreage report on Friday, traders see all wheat planted area at 48.9 million acres, 45.7-50.0 range, as compared with 49.5 million acres from the USDA Outlook Forum. Spring wheat planted area is expected near 10.9 million acres, 9.8-12.0 range, as compared with 10.8 million acres last year. Winter wheat plantings are expected near 36.3 million acres from 33.3 million in 2022. Traders see wheat stocks as of March 1 at 929 million bushels, 875-1.020 billion range, as compared with stocks last March at 1.029 billion bushels last year. For the weekly export sales report, traders see wheat sales near 125,000-300,000 tons for old crop and 0-150,000 tons for new crop.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
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 here in 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 judgement 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.