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USDA report tomorrow! 9.30.2016

Connect with Us! Use Our Futures Trading Levels and Economic Reports RSS Feed.

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1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Friday September 30, 2016

Greetings!

Two pointers for tomorrow:

1. While I mostly discuss e-minis, crude oil, gold and bonds for day trading….I do follow about another 15 active futures markets, including the grains ( corn, wheat, beans, bean meal and more). Big reports for the grains tomorrow. here is a quick outlook from AgWeb:

http://www.agweb.com/article/what-can-we-expect-from-the-next-usda-grain-stocks-report-naa-debra-beachy/

Analysts expect Friday’s USDA Grain Stocks report to show a slight increase in ending stocks, according to Rich Nelson, chief strategist for Allendale, a marketing firm in McHenry, Ill.

“We’re not expecting a big jump in ending stocks,” he says. “We don’t expect major changes.”

However, the report could be bearish if it shows a bigger-than-expected increase in ending stocks, according to some analysts. The report is based on a survey of farmers taken around Sept. 1, the end of the old crop year.

“This report puts the final stamp on the old crop marketing year,” Nelson says.

Allendale estimates old crop corn at 1.728 billion bushels, which is lower than the Sept. 12 USDA estimate of 1.915 billion bushels.  The firm estimates old crop soybeans at 214 million bushels, higher than the USDA estimate of 195 million bushels.

“We suggest that USDA missed estimates on corn exports and ethanol,” Nelson says. “We look for a moderate increase in old crop soybeans,” he adds, pointing to the fact that Allendale estimates weaker soybean demand and less domestic crush than USDA.

Analysts surveyed by Bloomberg expect Sept. 1 corn stocks to come in at 1.754 billion bushels, soybeans at 200 million bushels and wheat stocks at 2,438 million bushels.

 2. Tomorrow is the last trading day of the month and quarter! pay attention as certain markets will experience higher volatility. I wrote the following on the bonds market based on my years of observations:

Tomorrow is the last trading day of the month. Certain markets will experience certain trading behavior on the last trading day of the month.

Bonds are known to make some sharp moves right around 1:30 Central time ( 30 minutes before what used to be the pit close)

Here is a bond chart from last month’s last trading day….Pay attention to the WIDE range during the whole day and the large moves in the last 30 minutes!   (vertical line marked)

Bond Chart of the Last Trading Day of the Month

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.

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Futures Trading Levels

Levels for Trade Date of 9.30.2016

Contract Dec. 2016 SP500 Nasdaq100 Dow Jones Mini Russell Dollar Index
Resistance 3 2194.33 4940.67 18532 1273.00 96.01
Resistance 2 2180.67 4908.58 18406 1264.00 95.82
Resistance 1 2164.58 4876.67 18252 1250.10 95.63
Pivot 2150.92 4844.58 18126 1241.10 95.44
Support 1 2134.83 4812.67 17972 1227.20 95.25
Support 2 2121.17 4780.58 17846 1218.20 95.06
Support 3 2105.08 4748.67 17692 1204.30 94.87
Contract Dec. Gold Dec. Silver Nov. Crude Oil Dec. Bonds Dec.   Euro
Resistance 3 1340.3 19.80 50.23 171 28/32 1.1340
Resistance 2 1334.9 19.63 49.27 170 28/32 1.1314
Resistance 1 1329.5 19.39 48.51 170 8/32 1.1285
Pivot 1324.1 19.22 47.55 169 8/32 1.1259
Support 1 1318.7 18.98 46.79 168 20/32 1.1231
Support 2 1313.3 18.81 45.83 167 20/32 1.1205
Support 3 1307.9 18.57 45.07 167 1.1176
Contract Dec. Corn Dec. Wheat Nov. Beans Dec. SoyMeal Nov. Nat Gas
Resistance 3 335.5 412.3 963.00 307.57 3.091
Resistance 2 333.8 409.2 958.75 305.23 3.061
Resistance 1 331.5 404.1 954.50 301.97 3.015
Pivot 329.8 400.9 950.25 299.63 2.985
Support 1 327.5 395.8 946.0 296.4 2.939
Support 2 325.8 392.7 941.75 294.03 2.909
Support 3 323.5 387.6 937.50 290.77 2.863

source:http://www.forexfactory.com/calendar.php

All times are Eastern time Zone (EST)

Date 4:22pm Currency Impact Detail Actual Forecast Previous Graph
FriSep 30 2:00am EUR
German Retail Sales m/m
-0.2% 1.7%
GBP
Nationwide HPI m/m
0.3% 0.6%
2:45am EUR
French Consumer Spending m/m
0.4% -0.2%
EUR
French Prelim CPI m/m
-0.3% 0.3%
4:00am EUR
Italian Monthly Unemployment Rate
11.4% 11.4%
4:30am GBP
Current Account
-30.5B -32.6B
GBP
Final GDP q/q
0.6% 0.6%
GBP
Index of Services 3m/3m
0.3% 0.5%
GBP
Revised Business Investment q/q
0.5% 0.5%
5:00am EUR
CPI Flash Estimate y/y
0.4% 0.2%
EUR
Core CPI Flash Estimate y/y
0.9% 0.8%
EUR
Italian Prelim CPI m/m
-0.3% 0.2%
EUR
Unemployment Rate
10.0% 10.1%
8:30am USD
Core PCE Price Index m/m
0.2% 0.1%
USD
Personal Spending m/m
0.2% 0.3%
USD
Personal Income m/m
0.2% 0.4%
9:45am USD
Chicago PMI
52.1 51.5
10:00am USD
Revised UoM Consumer Sentiment
90.1 89.8
USD
Revised UoM Inflation Expectations
2.3%

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.

Tags: > Posted in: Future Trading News  

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