Energy: Crude oil prices slumped to their lowest prices in over a month. August West Texas Intermediate (WTI) traded to an intraday low of $101.83 a barrel, prices not seen since May 19 and nearly $20 off its $120.88 intraday high of last Tuesday (6/14). More energy: You didn’t miss it. Due to the Monday Junteenth holiday, the weekly Energy Information Agency (EIA) Petroleum Status Report (Energy Stocks) will be released tomorrow, as opposed to its regular Wednesday release. The weekly Natural Gas Storage Report typically released on Thursday will do so at its regular time: 9:30, Central Time. Then, at 10:00 the Energy Stocks report will be released. Crypto: Last Trading Day for June Bitcoin futures is this Friday, June 17. These are financially settled (no physical delivery), but if you’re holding longer-term positions in the June contract, you need to roll your position over/forward to the new front month contract – July – by no later than tomorrow, Thursday, June 23. Financials: Today Federal Reserve Bank Chairman Jerome Powell addressed the Senate Banking Committee, as his schedule happened to play out, just one week after the Fed ordered the largest interest rate increase since 1994. The central bank is under growing pressure to combat inflation, which hit a four-decade high of 8.6% in May. Tomorrow, Chairman Powell addresses the House Financial Services Committee where members will also question the Chairman on the nation’s economy. Grains: After rallying more than 30 cents during early trading, July wheat gave back all of its gains and then some to closed down 2 cents and traded intraday to its lowest price ($9.60) since March 2nd. July Soybeans hit a 1-month low $16.54 ¼ a bushel. This as the latest 1-5-day weather forecast less heat and scattered chances of rain over the next two weeks, with even some below normal temperatures, helping to spark aggressive long liquidation selling from speculators. More grains: First Notice Day for grains is next Thursday, June 30. Avoid delivery and roll your positions!
What You Need to Know Before Trading June 24th: Energy: Crude oil prices, natural gas, heating oil and unleaded ( RBOB) all finished lower today after the weekly reports and entered a short term downtrend pattern according to to our indicators. Crypto: Last Trading Day for June Bitcoin futures is this Friday, June 24th. These are financially settled (no physical delivery), but if you’re holding longer-term positions in the June contract, you need to roll your position over/forward to the new front month contract – July. Financials/Stocks: New Home Sales tomorrow. Stocks been choppy with high intraday volatility. Grains: Strong sell off ahead of July OPTIONS expiration tomorrow. First Notice Day for grains is next Thursday, June 30. Avoid delivery and roll your positions! Front month for most grains is now September. U Softs: Time to trade September Coffee, Cocoa, OJ. October Sugar and the most liquid month for cotton seems to be December! Metals: Multiple "sell signals" across gold, silver, copper, platinum and palladium turned the sector into short term bearish. Be careful as these markets tend to be "moody". Daily chart of Copper (in my opinion was the leader in the directional change in the complex ) below for your review.
Levels for Monday June 27th, wishing all of you a great weekend and excellent trading week to follow! We posted some "Trading Video Tips" here.
What You Need to Know Before Trading June 29th: OPEC meeting tomorrow as well as crude oil numbers. Fed's Powell to speak. July grains and metals are entering delivery period. Time to trade September silver, copper, wheat, corn etc. Levels for June 29th below:
What You Need to Know Before Trading June 30th by Mark O'Brien: Grains: The U.S. Department of Agriculture will release its survey of planted acreage for corn, wheat and Soybeans at 11:00 A.M>, Central Time. At the same time the agency will also publish data on existing grain stocks In recent years several large misjudgments have caused big moves in Chicago futures. Corn will be in the brightest spotlight as just under half of U.S. corn was planted as of mid-May, well below the longer-term average near 70%. One of the big questions the report will spell out is whether high and rising prices were enough to lure producers to plant more corn than intended, or if steep production costs and wet spring weather had them backing off. Analysts polled ahead of the survey peg U.S. corn plantings at 89.9 million acres, up slightly from 89.5 million in the March survey. U.S. soybean acres are seen landing at 90.4 million in Thursday's report, still a record but below March’s 91 million-acre peg. More grains: First Notice Day for grains is tomorrow, June 30. If that escaped your memory and you’re holding long July grains, your clearing firm may be sending you a formal delivery notice. That’s a bona fide headache if you’re not prepared to deliver 5,000 bushels of corn, soybean, wheat or oats – per contract – to the Chicago Board of Trade! If this is you, contact your broker immediately! Financials: Due to the Dept. of Labor Statistics’ release date rules, this coming first Friday of the month will not see the release of the June unemployment report. The Monday holiday (Independence Day) pushed the report to next Friday, July 8. Crypto: Coinbase Derivatives Exchange (formerly FairX) launched its first listed crypto derivatives product on June 27, 2022: Nano Bitcoin futures contract (BIT), with each contract sized at 1/100th of a bitcoin. It is a monthly cash-settled contract. Trading levels for June 30th:
Happy 4th of July! Have a happy, safe holiday! Modified Hours HERE. Weekly levels below. Daily levels for Monday's short session and more on our weekly newsletter.