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In this podcast we go over our how we plan to sell $4.30 new crop corn (on the board) and how we can use the same strategies for wheat.  This is not the time to sell soybeans so we will be patient for better prices.  We think hogs can run higher in the spring and summer months. We think cattle is breaking down. Make sure you take a listen to this week’s Turner’s Take Podcast!

If you are not a subscriber to Turner’s Take Newsletter then text the message TURNER to number 33-777.  You will receive the newsletter and podcast notifications for free!

Grain & Oilseeds

Funds bought over 20,000 contracts today as March corn closed over $3.92 resistance.  This opens up prices to go higher on further short covering and technical buying.  Old crop basis is strong.  This morning corn sales were reported to Guatemala and an unknown destination.  Some think corn went to South Korea. Others think it went to China!  While this is all good news we are hearing US corn quality is an issue and Asian destinations are looking to the Ukraine for higher quality.  That could slow down US exports.

While old crop is still a bullish story due to the basis, it is hard to see March trade above $4 for any length of time.  Farmers should use rallies to sell new crop.  I like buying old crop on breaks to $3.80 or lower and trying to make a nickel or dime.  I am hearing a lot more about 94 to 96mm acres of new crop corn this year.  Below is a supply and demand table for 92, 94, and 96mm with a trendline yield.  If 96mm acres is correct, then new crop should be close to $3.00 at the harvest lows later this year.  It is $4 now.  Take a look at the table below and then take a look at an example of how it could be possible this year to sell $4.30 new crop corn.

Turner’s Take 2020-2021 Corn Supply and Demand Scenarios

How to Sell $4.30 New Crop Corn

Dec 2020 corn is over $4.00 right now.  Lets say you sold some (at least 5000 bushels) at $4.00.  Lets assume the 96mm acres is true and we have close to a trendline yield.  The balance sheet balloons out to almost 3 billion and next fall Dec 2020 corn could be in the low $3s.

If corn is that low and stocks are that burdensome, Dec 20 to July 21 will be close to full carry. That could be 30 cents.  When we get close to First Notice Day at the end of November, we roll to July which could be about 30 cents higher.  The farmer must be able to store their new crop corn.  We add that 30 cents to our futures sales price.  $4.00 Dec 2020 corn + $0.30 cent roll to July 2021 = $4.30 new crop corn.

If you want to know more about this strategy then call me at 312-706-7610 or email me at [email protected].  New crop corn is above $4 because old crop basis is strong.  Once we have a harvest in S. Am and then start planting in Ukraine and the US, prices could come down fast.

The chart below shows where we could see harvest lows based on 92mm, 94mm, and 96mm acres and a trend line yield.

Dec 2020 Corn

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Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Play Turner’s Take Podcast Episode 214

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New Podcast!

I spend most of my week at FARMCON in Kansas City.  All Southwest flights to Chicago were cancelled today so I’m recording from the Hilton KC Airport hotel!  In this weeks podcast we go over the Phase One trade deal and I also talk about FARMCON.  Make sure you take a listen to Turner’s Take Podcast!

FARMCON

Kevin Van Trump and Farm Direction put on one heck of a show this year.  FARMCON was great and I highly recommend going if you have the opportunity.  I always enjoy meeting clients at the shows so thanks to everyone who was able to come over and say high. We also so met a lot of subscribers to the newsletter and listeners of the podcast.  I always wear my bow tie to Ag events so people can find me.  Thanks to everyone who came up and said hello.

Kansas City International Airport

I was supposed to be on the first flight out of KC this morning.  The winter storm in the Midwest cause Southwest to cancel all flights from KC to Chicago.  Looks like I’ll be spending the rest of the day in the Hilton KC Airport Hotel.  Hopefully I’ll make it back home tomorrow!

PHASE ONE

In classic “buy the rumor, sell the fact” fashion, the Ag markets sold off after the Phase One signing.  The market was initially disappointed in the lack of details in the trade deal.  There was also some skepticism concerning China buying $80 billion of US Ag good over a two year period.  The markets are bouncing back today as traders figure out it is possible for China to buy $36.5 billion worth of US Ag goods in the 2020-21 marketing year.

The US wants China to buy more US Ag, energy, and manufacturing goods.  China does not want US tariffs.  The cost to China buying more US goods is far less than the existing tariffs.  Bottom line is the framework and agreement is in place for both nations to have a win-win solution out of the trade war.

Grains & Oilseeds

Corn should be range bound for the foreseeable future.  Old crop will be supported by strong basis and the belief this crop is shorter than the USDA is reporting.  It is hard to see corn trade below $3.70 in the current environment.  Old crop above $4.00 is challenging too.  There is an expectation of a big increase in new crop corn acres.  I’ve heard 94mm to 96mm acres of corn.  I personally think it will be lower as we will need more than the current estimate of 85mm soybeans acres I keep hearing about.

China will be buying US soybeans.  China may buy soybeans from Brazil first because their harvest is around the corner but later this year when Brazil runs out of beans and the US is seasonally cheaper, China should be buying in bulk. Now that the deal is signed it will be very interesting to see what the USDA publishes for demand.  Keep in mind for the Feb, March, and April WASDE the USDA will only comment on old crop demand.  May is when the USDA publishes new crop 2020-21 estimates.  Everyone will be focused on the USDA estimates for new crop 2020-21 soybean exports come May 12th.

For old crop corn I like selling it above $3.90 and buying it below $3.80 between now and mid Feb.  I think we trade in range for the time being.  For soybeans I think we can see a wide range.  Old crop can trade $9 to $9.50.  New crop can trade $9.40 to $9.80.  The South American crop will be large and China will buy soybeans from Brazil.  Demand is coming for soybeans but it might not be immediate.

I still think March Chicago Wheat is a sell at $5.70.

I just heard rumors of China buying a few cargoe...

Play Turner’s Take Podcast Episode 213

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Our first podcast of 2020 is out. We go over the recent macro market events and then dive into our thoughts on the upcoming WASDE on January 10th.  The Jan WASDE always has the potential to cause a limit move.  Make sure you take a listen to this week’s Turner’s Take Podcast!

Macro Markets

The US-Iran turmoil has dominated the news and is causing jitters among traders and investors.  Some grain traders think this could also derail the US-China Phase One trade pact. It seems like the rhetoric between the US and Iran is calming down but it can easily flare up again.  This should cause some volatility in the stock, precious metal, and energy markets. I like buying the stock market on corrections.  A 5% correction in the ES is 3100, 10% is 2935, and 15% is 2770.  I like buying the ES at 3090, 2880, and 2820 .  If you want to keep the leverage small take a look at the Micro contract.

Continuous Emini S&P 500

January 10th WASDE

Spot corn has been in a trading range of $3.50 to $4.00 since early September.  I think March Corn trades between $3.75 and $3.95 unless we get a bullish surprise in the Jan WASDE.  Some analyst are arguing for cuts to yield and harvested acres. However, the market is also expecting a drop in demand.  The USDA has a tendency to have drops in demand cancel out drops in production.

As I wrote yesterday, we are 80% sold in old crop and 50% sold in new crop. I like having some short term Feb Corn calls heading into the report just in-case the USDA has a big bullish surprise.  See yesterday’s Turner’s Take for details or call/email me for additional ideas.

Continuous Corn

Spot soybeans continue to make higher highs. The funds are now flat and they are waiting to see what comes of the WASDE and the US-China trade deal.  The last reports suggest the US and China will sign Phase One on January 15th. If US soybean demand goes back to pre-trade war levels then ending stocks could be sub 400, new crop beans could go to $10, soybean acres will have to go up, and corn acres in turn should decrease.

I wrote yesterday about Feb Soybean $9.50 calls.  They expire Jan 24 and they get your through the 1/10 WASDE and the expected Phase One signing on 1/15.  I bought them today for 7 cents.  I’m 70% old crop and 20% sold new crop.  I have no problem being long some calls heading into two potentially bullish catalysts.

Continuous Soybeans

Lastly we take a look at Chicago SRW Wheat.  There is a lot of resistance on the continuous chart at $5.75.  At that level I am a seller of March Chicago wheat.  The market is up $1.50 since May. We have a lot of stocks on hand.  A decent harvest this year for SRW and it should take care of the ongoing quality issues.

Continuous Wheat

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Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Turner’s Take Spec: https://www.turnerstake.com

Twitter: @Turners_Take

Play Turner’s Take Podcast Episode 212

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In today’s podcast we go over what Phase One could mean for soybean prices in 2020.  We think soybean exports go back to pre-trade war levels.  That means an extra 200 in exports for old crop and we could be at 2.1 billion exports for 2020-21.  We also go over what this extra demand can do for soybean acres and prices.  Make sure you take a listen to Turner’s Take Podcast!

Soybeans

Below is my updated Supply & Demand table for soybeans. I touched on this yesterday with the July/Nov spread but I wanted to use the podcast to really get into the numbers.  At the very least we see old crop soybean exports (2019-20) increasing 200mm bushels to 1.975 billion.  Some may think that is optimistic but China needs soybeans, we have soybeans, and they need to buy US ag products to keep the tariffs from coming back.

I think for 2020-21 we can go to almost 2.1 billion. China has not bought many soybeans for the 2020-21 year yet. I think a bulk of their buying will come back to the US for the next marketing year (Sep 1 2020 – Aug 31 2021).

If I’m right, and I think these are conservative numbers, then 2020-21 acres have to come up to at least 88 million.  Anything less with a trend line yield means ending stocks are below 300mm and close to a 7% stock/usage level.  I think old crop needs to go to $9.50 and new crop needs to test $10 get more soybean acres.

If soybeans are 88mm acres (at least) that means corn is 91mm at best.  For 2020-21, new crop corn acres of 91mm and a trend line of 178.5 means we produce a few million more bushels than we use and ending stocks are around 2.1 billion.  That is with ZERO demand from China.  Corn is more of a wild card in this Phase One trade deal.  Maybe China buys corn for ethanol, maybe they don’t.  I am a lot more confident in their demand for soybeans and I bet the funds are thinking the same thing.

Moral of the story is Phase One is supportive of the markets.  Breaks will most likely be bought as funds still need to cover a sizable short position. I doubt the funds want to be short heading into the signing of the agreement.  Make sure you take a listen to the podcast to get our in-depth thoughts on the trade deal.

About Turner’s Take Podcast and Newsletter

If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes!

Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Turner’s Take Spec: https://www.turnerstake.com

Twitter: @Turners_Take

Contact Craig Turner

Subscribe to Turner’s Take Newsletter & Podcast

Turner’s Take Newsletter & Podcast – Tur...

Play Turner’s Take Podcast Episode 211

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In this week’s podcast we go over the potential price ranges for corn based on realistic acreage and yield scenarios.  At 94mm acres and a 178.5 trend line yield, corn carryout could be close to 2.7 billion which suggests harvest lows at $3.20 or lower.  Spring and summer rallies have the potential to send corn between $4.00 to $4.20 in the Dec 2020 contract.  Make sure you take a listen to Turner’s Take Podcast!

Corn

Below is our 2020-21 outlook for corn.  We think acres will be 93mm and the trend line yield will be very close to 178.  In that scenario ending stocks are about 2.5 billion and harvest lows for corn could be $3.20.  Our most bearish scenario we have 94mm acres with a 181 yield (+1.5% over trend) and a carryout of 2.9 billion.  In this case front month corn could be $3.00 at the lows.  Our most bullish scenario right now is 92mm acres and 175 yield.  That puts corn just over 2 billion and price would be similar to where they are today with lows around $3.50.

The moral of the story is corn will be trading much lower next year if acres and yield are close to expectations.  We like selling the deferred contracts (Dec 20, March 21) and also bear spreading Dec 20 vs Dec 21.  I also like buying the Dec 20 $3.50 put and selling the $4.50 call for even money or better.

We realize corn production for the 2019-20 crop could come down. We expect yields to be lower but we also expect demand for ethanol and exports to be lower for this marketing year too.  A supply side rally from the Jan reports will most likely be selling opportunities.

Soybeans

Soybeans look a lot better than corn.  At 84mm acres and a trend line yield around 50, ending stocks are still in the 400s.  Our most bearish scenario is 600mm but that also assumes no trade deal with China.  Our most bullish scenario gets stocks to 350 but that also does not include a China trade deal.  A deal with China could add another 200mm bushels of demand to exports and during spring/summer rallies beans could trade $10. We are much more bullish on soybeans with respect to corn for next year.

About Turner’s Take Podcast and Newsletter

If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes!

Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Turner’s Take Spec: https://www.turnerstake.com

Twitter: @Turners_Take

Contact Craig Turner

Subscribe to Turner’s Take Newsletter & Podcast

Turner’s Take Newsletter & Podcast – Turner’s Take is a complimentary weekly market commentary newsletter that covers the Grain,

Play Turner’s Take Podcast Episode 210

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This week we go over the latest from President Trump and the trade talks and why a trade deal may be farther away than we thought. We think corn and soybeans could be at a good value but SRW wheat could be in a bearish reversal.  Hogs had a bullish outside reversal today in the face of negative trade news while cattle seems to be consolidating “up here”.  Make sure you take a listen to this week’s Turner’s Take Podcast!

Macro Markets

President Trump said it might be better to wait to make a trade deal with China after the 2020 Presidential Election.  That was the big news of the day and drove a lot of the market direction.  Yesterday it was aluminum and steel tariffs on Argentina and Brazil.  Today it is the prospect of no trade deal until after the 2020 elections.

Corn

Corn sold off like we thought right into FND and has rebounded since.  March corn will find major support at $3.65 and resistance around $3.95 to $4.00.  Crop Progress reported the US is 88% harvested.  ND is 36%, WI is 66%, and MI is 66%.  We could have 1 billion bushels in the field this winter.  If so the USDA will categorize this as “On Farm” storage in the stocks reports.  I am hearing a lot of issues with storing wet corn.  Argentina will be dry for the next two weeks and that should be supportive too.  The Dec WASDE could be slightly bearish.  The USDA does not tend to change supply numbers in the Dec report as they wait to do that in the Jan report.  The USDA historically will adjust demand.  Demand for corn and soybeans could come down in Dec by 25 to 50mm bushels.  I think there is value in corn.

Soybeans

Soybeans should be higher if the market really believes carryout is in the 400s.  The problem is demand is not great, China is buying soybeans from S.Am again, and the prospects of a US-China trade deal are diminishing.  What if the USDA lowers demand by 50mm in the WASDE next week?  Carryout will be the low 500s.  Some analysts think soybeans yields could go higher.  June soybeans are not as bad as many feared.  I know farmers in IL who planted soybeans in early June and had yields in the 60s and 70s.  If yield is 1 bpa higher in Jan then ending stocks could be 600mm. I think that is what the funds are trading and why they are short 60K+ contracts.  I like soybeans at these levels BUT for the market to go higher the funds need a reason to cover their growing short position.  That only happens if we have real S.Am weather issues, a US-China deal, or yields are lower in the Jan WASDE report.

Wheat

SRW wheat failed at the latest resistance line.  Russia is selling wheat aggressively.  I think we could break a lot lower as Chicago wheat is 60 higher than it was back in early September.

Dec 2020 Chicago Wheat

Livestock

After hearing President Trump say a trade deal can wait until after the election, I expected hogs to sell off. Instead they rallied 2 full points. A close above 70 in February will be another bullish signal.  The funds are almost flat in hogs so you can make the argument they have the fire power to get long again…or build a short position.  Cash is starting to catch up to futures.  The price action tomorrow should be telling.

February Lean Hogs

 

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Play Turner’s Take Podcast Episode 209

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In this week’s episode we go over the recent developments in the US-China trade negotiations and how it is effecting equities, grains, oilseeds, and livestock.  We also talk about sugar at the end and why we like it from the long side in 2020.  Make sure you take a listen to this week’s Turner’s Take podcast!

Macro Markets

Around 11 this morning the markets sold off due to reports the US-China Phase 1 trade deal might not get done by the end of the year. The stock market looks like it hit strong resistance at the red trend line and now risks a corrective move lower.  The stock market is still in an uptrend but could sell off to 3020 and still be above the last break out point.  Major support at he low end of the red trend line is about 2930, which represents almost an 8% correction if we test the bottom of the range.  A close above 3140 would be a break out above the trending range.

Continuous Emini S&P 500

Grain & Oilseeds

Ag markets sold off for the most part after the US-China news.  After the Reuters story came out a source in the Trump Administration said talks were going well and they are confident in getting a deal.

We think corn is going to bottom out at the end of Nov/early Dec.  During periods of adequate to burdensome supply, corn tends to make lows as we come into delivery periods.  Take a look at the chart below.  Those circled lows are right around First Notice Days.  A lot of farmers need to either price or roll corn by Wednesday (a week from today).  Next week will be low volume due to Thanksgiving.  Dec Corn could go to $3.60 or lower. If it does we like buying March futures or buying calls (and maybe selling puts too).

I like buying March Corn at $3.70.  If CH20 gets that low the $3.70 calls should be around 10 cents.  We also like selling the $3.70 put for 10 cents and then either buying two $3.90 call or three $4.00 calls.  It would be around even money.  The idea is we are comfortable being long March Corn at $3.70 (being short the put) but it also lets us be long 2 or 3 calls for free IF the market rallies later this winter.

Continuous Weekly Corn

Livestock

Feb Hogs are really getting beat up on the US-China trade deal break downs. The market is not confident that China will buy as much pork from the US as once hoped.  We are heading into major support around 65.  Hogs have been lower six days in a row.  Cash prices and carcasses were stronger today but on light volume.  Heavy weights and supply weigh on pork/hogs but we do have exports tomorrow. Feb Hogs look like they are getting to a good value but we really want to see 65 hold.  A break below and we will continue to see more selling.

February Lean Hogs

Sugar

I think Sugar could be the most bullish market for 2020.  Prices should be supportive as global supply tightens.  India had a large decline in production and that will be supportive for much of 2020.  Consumption is predicted to outpace production next year and could drop global ending stocks by 7mm mts.  This will not create a shortage of sugar but it the tightening of the balance sheets could send sugar to the 13s or 14s next year.  March Sugar highs back in the Spring were around 1460.  Sugar closed today at 1272

I like buying futures. I also like buying calls and selling puts.  I like selling the 1250 put in march and buying the 1325 call for even money or better.

Play Turner’s Take Podcast Episode 208

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Today we talk about Trump’s speech at the Economic Club of New York and our thoughts on when Phase One of the trade deal might get done. We also go over the surprising rally in HRW wheat which is also helping corn.  Soybeans will be supported at $9.00 until we know more about the Trade Deal.  We wrap up the podcast with livestock and why we are still bullish lean hogs but feel cattle is due for a sell off.  Take a listen to the latest episode of Turner’s Take Podcast

Macro Markets

President Trump gave a speech today at the Economic Club of New York. The headlines will be about Trump berating the Fed about a lack of stimulus and lower interest rates. More importantly I think we are seeing the beginning of what Trump will campaign on, which is  the strength of the economy, low unemployment, and his tough stance on China.  If the economy is at the center of his reelection campaign, then he can’t look weak on trade.  He said if they don’t get a trade deal done then he is going to tariff just about everything he can on China.

Grain & Oilseeds

HRW Wheat (KC) is leading the markets higher as Dec KC Wheat closed over the 100 day moving average for the first time in months.  Dec KC closed up 15 cents to $4.38.  Dec 19 vs July 20 (old crop/new crop) is now at a 19 cent carry.  It was in the 40s over the summer and two weeks ago the carry was in the low 30s.  The cold weather is a threat to recently emerged winter wheat.  There is also a lot of acres that have not been planted yet.  Areas with soil temps below freezing will no be planted.  Funds were short 35K contract as of the last CoT.  This rally is led by fund short covering.

Crop Progress was released today and corn harvested is only 66% vs 68% expected.  There was minimal progress in the Dakotas and there is still a lot of corn to in the field.  Corn should be supported tonight and tomorrow.  Soybeans were 85% harvested vs 87% expected, also supportive for soybeans.  Winter Wheat conditions were 54% G/E vs expectations of 57%.  We should continue to see funds cover shorts in wheat.

Dec 19 vs July 20 HRW Wheat

Livestock

Hogs gapped higher on the open this morning as rumors swirled about China having another report of ASF in the northern part of their country.  This is the same area where the breakout started back in August of 2018.  We have not seen a story in the major news wires to confirm so it is still just a rumor.  If ture it t goes to show how difficult it is to contain ASF once it gets into the hog population.  I still like Feb Hogs.  If you don’t want to be long Feb futures I like bull call spreads, writing put spreads, and the the bull Feb vs April Hog futures spread.

Dec Live Cattle is hitting resistance at the 120 area.  While the futures are holding steady the spreads are starting to reverse. I like the Dec vs April bear spread. I think cattle overall is due for a break lower as we are up almost 25 pts since the Tyson fire.  The Dec vs April LC spread was a bear seasonal spread from MRCI. It is now past the optimal seasonal window but we think the move is starting later this year due to the post Tyson fire rally. Now that the market has recovered from the Tyson fire we think this spread continues to head lower.

Dec vs April Live Cattle

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A meeting between the US and China for Presidents Trump and XI to sign Phase One of the trade deal may be pushed back to December. Dec Hogs lead the ag markets down followed by soybeans.  The stock market also sold off on the news.  The WASDE is Friday and we are expecting the USDA to reduce corn exports and for new crop ending stocks to surpass 2.0 billion bushels.  To hear more about our WASDE expectations and marketing plans, take a listen to this week’s Turner’s Take Podcat

Corn

We are hearing elevators in Southern Illinois are no longer taking corn.  They need to close their doors and dry their corn down before they can take any more.  We also heard of an elevator in Decatur offering zero discount for corn with moisture at 19% or less.  There is a lot of wet corn out there.

Barring a bullish surprise in the WASDE on Friday, we think corn bleeds lower into First Notice Day (Nov 29).  Ending stocks of over 2 billion could send Dec corn to $3.65.  Many bulls think yields are in the mid to low 160s.  That could be the case but we find it unlikely the USDA will get that aggressive in the Nov WASDE report even if they think yields will eventually come down.

Below is a table of old crop, new crop, and our expectations for the 2020-21 crop.  Take a look at the projections for next year.  The prospect of having a 2.7 billion corn carryout for 2020-21 will keep a lid on corn rallies.

Corn Supply and Demand Tables

Soybeans

China needs pork and to some extent they also need US soybeans.  We are not optimistic on a US-China trade deal.  We would not be surprised if all of these “good will” Chinese purchases in pork and soybeans are just a way for them to save face and buy the US goods that they need with our self imposed tariffs.

We think the ending stocks will still be in the mid 400s when the WASDE report is released on Friday.  We don’t think the USDA will change supply or demand that much.  If there are major adjustments we think it happens in January. Stocks-to-Usage is at 11% and that is an adequate supply of soybeans.  Next year with 84 million acres and a trend line 50.5 yield, ending stocks increase to 519.  That is still not a burdensome number.  Any weather rallies in South America or the US could send beans up to $10 in the deferred contracts.  We are much more bullish soybeans than corn at this point.  Speculators should take a look at Soybean vs Corn future spreads.

Soybean Supply and Demand Tables

 

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Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Turner’s Take Spec: https://www.turnerstake.com

Twitter: @Turners_Take

Play Turner’s Take Podcast Episode 206

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The grain markets continue to grind lower.  There is little fresh bullish news so the path of least resistance is lower.  There are three potential bullish catalysts for corn and soybeans:

* Lower yields in the Nov 8 WASDE report

* Phase One trade deal between US/China is signed Nov 16-17 in Chile

* South American weather issues

Until one of those stories develops in favor of the bulls, the CBOT is likely to grind lower as harvest pushes on.  To hear an in-depth analysis take a listen to Turner’s Take Podcast!

Rough Rice

Rice could get real interesting very soon.  Unfortunately it is too small a market to talk about in a newsletter or a podcast.  If you are a client of mine please call and we can go over the potential move in rough rice.  My direct line is 312-706-7610

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Craig Turner – Commodity Futures Broker

Turner’s Take Ag Marketing: https://www.turnerstakeag.com

Turner’s Take Spec: https://www.turnerstake.com

Twitter: @Turners_Take

Contact Craig Turner

Subscribe to Turner’s Take Newsletter & Podcast

Turner’s Take Newsletter & Podcast – Turner’s Take is a complimentary weekly market commentary newsletter that covers the Grain, Livestock and Energy futures spread markets using fundamental, technical and seasonal analysis.

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