In This Issue
Economic Reports and Expiration Notices
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Read what the respected MF Global Research has to say about grain markets in this detailed 10-page report.
Weaker equities/crude/gold leaves grains and oilseeds on their own in terms of extending this week's rally which is 30 cents plus in both wheat and soybeans. On the soy front, talk yesterday of breakthrough on Argentine export tax impasse with farmers was overdone which should be supportive front end beans although Asian protein markets were weaker overnight in part on expectations for slowing PRC soy import pace on softening product demand, ample inventories and large '09 PRC rapeseed crop.
Reuters grain analyst panel calling for $5.00 corn predicated on shrinking corn acres and expanding '09/10 corn demand (USDA Ag Forum forecasted next year's US corn use up 500 mil bu) although Pioneer seed corn rep says US seed corn sales tracking ahead of last year. It is probable that 40 cent corn rally since Mar 1 has largely discounted likelihood or at least the fear of lower '09 US corn area thus additional upside follow through must come from either adverse Midwest April weather or continuation of rally in wheat and soybeans.
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 03/19 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Feb) 9:00 AM CDT - Philadelphia Fed(Mar) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Mar Coffee(ICE)
Mar NASDAQ(CME) Mar S&P 500(CME) Mar Valueline(CME) Apr Mini-Crude Oil(NYM) Mar NASDAQ Options(CME) Mar S&P 500 Options(CME) Mar Valueline Options(CME) |
| 03/20 Fri |
Spring Begins
7:30 AM CDT - Dairy Products Prices 2:00 PM CDT - Cattle on Feed 2:00 PM CDT - Cold Storage |
LT: Mar 10 Yr Notes & Bonds(CBT)
Mar E-mini NASDAQ(CME) Mar E-mini S&P(CME) Mar E-mini Russell(CME) Apr Crude Oil(NYM) Mar E-mini NASDAQ Options(CME) Mar E-mini S&P Options(CME) Mar E-mini Russell Options(CME) Apr Orange Juice Options(ICE) |
| 03/23 Mon |
9:00 AM CDT - Existing Home Sales(Feb)
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| 03/24 Tue |
7:30 AM CDT - Durable Orders(Feb)
|
FN: Apr Crude Lt(NYM)
|
| 03/25 Wed |
9:00 AM CDT - New Home Sales(Feb)
9:35 AM CDT - API & DOE Energy Stats |
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| 03/26 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Mar Feeder Cattle(CME)
Mar Feeder Cattle Options(CME) Apr Copper Options(CMX) Apr Gold Options(CMX) Apr Silver Options(CMX) Apr Heating Oil Options(NYM) Apr RBOB Gasoline Options(NYM) Apr Nat Gas Options(NYM) |
* 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!
