August 17th, 2011 - Issue #597

In This Issue

1. Monthly Soft Commodities Outlook
2. Jim Wyckoff's Hot Market Report
3. Economic Calendar

1. Monthly Soft Commodities Outlook

Produced by J. Ganes Consulting, LLC for the ICE exchange. This 8 page PDF file provides trade ideas, trade outlook, possible spreads, news about the different crops, politics and much more for Cocoa, Sugar, Coffee, orange Juice and Cotton. You can access the PDF file by filing out this quick form below.

2. Jim Wyckoff's Hot Market Report

Corn Bulls Now Eye Bigger Upside Price Objectives

Click the image to enlarge

December corn futures on the Chicago Board of Trade on Tuesday saw prices score a bullish "outside day" up on the daily bar chart and hit a fresh contract high of $7.28 1/2 a bushel. In overnight trading Wednesday December corn poked to a new contract high of $7.28 3/4.

The corn market bulls have the strong overall near-term technical advantage and have gained more power recently. Prices are in a six-week-old uptrend on the daily bar chart and have appreciated by around $1.50 a bushel from the July 1 low of $5.75 1/2. Corn bulls are eyeing bigger upside price objectives now that prices have established a new for-the-move high.

Their next target is to push and close December corn futures prices above solid technical resistance at $7.50. Above that lies major psychological resistance at $8.00 a bushel. The all-time record high in nearby corn futures was scored in June, at $7.99 3/4 a bushel. The next downside price breakout objective for the corn market bears is pushing and closing prices below solid technical support at $6.85.

The last "reaction low" in the uptrend on the daily chart for December corn is located at $6.68 3/4. It would take a move below the last reaction low on the daily chart to negate the present price uptrend and significantly dent near-term bullish enthusiasm. Stay tuned!--Jim Wyckoff

Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff

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.

* 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!