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August 2019 Editors Comments

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Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Brent Crude: the perfect complement to the 2019 Historical Energy report (see below), this 120-page volume contains seasonal analysis for Brent crude oil and gasoil; with 68 seasonal and spread strategies, including Brent/Crude Light spreads.

Recently published:

2019 Historical Energy: this 282-page volume contains seasonal analysis for crude oil, heating oil, gasoline, natural gas; includes seasonal patterns and weekly charts for each delivery month, several spreads against each; with product and crack spreads; best of all, 190 seasonal and spread strategies.

2019 Historical Soybean Complex: a 174-page volume containing seasonal analysis for soybeans, soymeal, and soyoil; includes seasonal patterns and weekly charts for each delivery month and several spreads; 128 seasonal, spread, product, crush strategies.

2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.


CRB & Physical Commodities

Mini-boom to bust?

The CRB closed May at a disappointing 175.36.  Within days it had traded down to 172.02.  But then grains took off, gold soared, and crude oil rallied.  On the last day of the month, the venerable Index made its high for the month at 183.26 well above its 50-dma at 179.61 and just below its 200-dma at 183.77.

But then the bottom dropped out.  With wheat lower, corn trading limit down, gold having lost its momentum, and crude oil down almost $1, the CRB reversed to close lower in an outside day.

On July 1, gold was down $20, wheat 15-20 cents, corn about 10, beans nearly 15.  Crude struggled but the dollar was sharply higher.

Has the potential commodities recovery already gone bust?  Certainly heavy chart resistance lies just overhead, with the 50-week ma at 184.93 and now below the 200-week at 185.79.

But, for example, the USDA report of June 28 were confusing - if not confused!  When will we get accurate acreage and yield numbers?  How much later will the delayed corn crop pollinate?

Will the dollar rally of July 1 hold?  Or was it the proverbial "dead cat bounce"?

Maybe we better be ready to ...


Trade 'em,

Jerry Toepke

Last Updated on Tuesday, 02 July 2019 09:28
 

July 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press...

1.  2019 Historical Energy: this 282-page volume contains seasonal analysis for crude oil, heating oil, gasoline, natural gas; includes seasonal patterns and weekly charts for each delivery month, several spreads against each; with product and crack spreads; best of all, 190 seasonal and spread strategies.

2.  2019 Historical Softs: this 156-page volume contains seasonal analysis for coffee, cocoa, cotton, orange juice, sugar, rough rice; 83 seasonal and spread strategies for year round trading ideas.

3.  2019 Historical Soybean: this 174-page volume containing seasonal analysis for soybeans, soymeal, and soyoil; includes seasonal patterns and weekly charts for each delivery month and several spreads; 128 seasonal, spread, product, crush strategies.

4.  2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.


CRB & Physical Commodities


Start of a new downtrend - or retesting a breakaway gap?

The CRB Index closed April at 184.25.  The high for May - on the first day of the month! - was only 184.11.  The May low - on the last day of the month! - was 175.32, just a 4 measly ticks lower than the close for May.

That would normally have terribly bearish implications - and maybe it does again.  Energies were largely responsible, with crude oil declining from its April high above $66 to its May close at only $53.30.

But previously bearish-in-the-extreme grains, primarily wheat and corn, took off.  Will it be a short-lived event?  As of May 26, only 58% of the US corn crop was planted versus the 5-year average of 90%.  Soybeans were also behind, with only 29% planted versus the average of 66%.  All may still work out well.  But, if not, it sets up an unexpectedly explosive - and inflationary - situation.  Uncertainty will rule for weeks.

And the US dollar dropped hard to end May and begin June.  Is there more to come?  The CRB?  Just below the May close of 175.36 was a gap left between 12/31/18 and 1/2/19 at 174.19 - 174.36.  Retesting a bullish breakaway gap perhaps?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke



Last Updated on Thursday, 06 June 2019 05:43
 

June 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press...

1.  2019 Historical Softs: this 156-page volume contains seasonal analysis for coffee, cocoa, cotton, orange juice, sugar, rough rice; 83 seasonal and spread strategies for year round trading ideas.

2.  2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.

3.  2019 Historical Live Cattle/Feeder Cattle: this 148-page volume contains seasonal patterns and weekly charts for each delivery and several spreads, and also live/feeder cattle spreads; historical daily charts; cash prices at several locations; 66 seasonal and spread strategies for year-round trading ideas.

4.  2019 Historical Lean Hogs & Hog/Cattle Spreads:
a 126-page volume with seasonal patterns and weekly charts for each delivery and several spreads, including hog/cattle spreads; historical daily charts; 76 seasonal and spread strategies for year-round ideas.


CRB & Physical Commodities

Now where to?  The CRB Index closed April only a little higher (at 184.25) than March (at 183.75).  But it made its high for April early and its low late.

In Dec/Jan, the Index made a low near 168, a double bottom with the multi-year low of June 2017 at 166.48.  It has since trended up, reaching a new high for the move in April at 189.68 still off its May 2018 peak at 206.95.  The pullback since to its April low of 183.66 may be functioning as a retest of it 200-dma at 186.61 and its 50-dma at 184.66.  The April close leaves price below the 50 below the 200 - certainly one definition of a downtrend.

Although price is below both, the 50-week ma (at 188.35) remained above the 200-week (at 186.82).  The combination rejected this April advance.

Seasonal influences in May?  Wheat normally declines into mid June as harvest intensifiese.  Only 15% of the corn crop was planted as of April 29 versus the 5-year average of 27%.

Precious metals tend to be weak into summer.  Energies are not usually as "energetic."  Hogs have been strong due to China's hog herd disease, but the cattle herd is larger than assumed.

Maybe we better be ready to ...

Trade 'em,

Jerry Toepke

Last Updated on Thursday, 02 May 2019 10:17
 

May 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press...

1.  2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.

2.  2019 Historical Live Cattle/Feeder Cattle:  this 148-page volume contains seasonal patterns and weekly charts for each delivery and several spreads, and also live/feeder cattle spreads; historical daily charts; cash prices at several locations; 66 seasonal and spread strategies for year-round trading ideas.

3.  2019 Historical Lean Hogs & Hog/Cattle Spreads:  a 126-page volume with seasonal patterns and weekly charts for each delivery and several spreads, including hog/cattle spreads; historical daily charts; 76 seasonal and spread strategies for year-round ideas.


CRB & Physical Commodities


Well, that's some improvement.  The CRB Index closed February at 182.75.  March closed at 183.75, with a higher monthly high and low.

The double bottom in December/January near 168 (which may ultimately be a double, higher bottom with its 2017 low near 166) has now generated a move to almost 186, the high of March.  Its close for the month leaves it between its 50-day moving average (dma) at 181.51 and its 200-dma at 187.66.  It is also below its weekly moving averages, but its 50-week ma at 189.98 is above its 200-week ma at 187.75 (although both are declining.)

Now what?  Crude oil and gasoline have both been strong, with crude exceeding $61.50 on the first day of April.  'Tis the season for driving conditions to improve, daily consumption of gasoline to rise, and the industry to accumulate inventories of gasoline even as it replenishes depleged stocks of heating oil.  Natural gas has held its own.  Corn and soybeans have yet to be planted and will thus be subject to both planting and growing weather conditions for months.  Some analysts believe winter wheat acreage is the lowest in a century.

What if US-China trade talks unleash Chinese buying?  What if the US dollar tumbles?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke

Last Updated on Monday, 01 April 2019 17:12
 

April 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.

2019 Historical Live Cattle/Feeder Cattle:  this 148-page volume contains seasonal patterns and weekly charts for each delivery and several spreads, and also live/feeder cattle spreads; historical daily charts; cash prices at several locations; 66 seasonal and spread strategies for year-round trading ideas.

2019 Historical Lean Hogs & Hog/Cattle Spreads:  a 126-page volume with seasonal patterns and weekly charts for each delivery and several spreads, including hog/cattle spreads; historical daily charts; 76 seasonal and spread strategies for year-round ideas.


CRB & Physical Commodities


Follow through!!!  After closing December at an 18-month low near 170, the CRB Index completed a December/January double bottom at 168 and reversed to close January at about 180.  Between mid January and mid February, the Index traded in a bull flag formation from which it then broke out to trade as high as 185 before closing Februaryat 183.  From that high it may now be pulling back to retest its flag breakout near 180 and/or its 50-day moving average, currently near 178 -but slowly beginning to rise.

The question now before us then is whether a pullback will hold 178-180.  If so, the CRB may be building an inverted head-and-shoulders bottom.  If so, the head would be 168 and the neckline at 185.

What could be bullish that might drive the Index higher?  Wheat will soon emerge from dormancy and be vulnerable, with winter wheat acreage thought to be at a 100-year low.  US corn, soybeans, and cotton have yet to be planted.  What about energy, the most consequential complex?  Is natural gas building a long-term base?  What will Mideast crude oil suppliers do?  Will US/Chinese trade talks resolve tariff and trade issues?

And perhaps of greatest import, what will the US dollar do?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke

Last Updated on Tuesday, 05 March 2019 08:09
 
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