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Jim Wyckoff's Morning Report: Global Overnight Trading Quieter

24 May 2013
Jim Wyckoff Commentary -  TheCropSite

GLOBAL - Trading was quieter in overnight action around the world. The three-day US Memorial Day holiday weekend could make for a calmer US session, too.

In overnight news, the Euro currency was supported on some positive economic news out of Germany.

The German economy grew by 0.1% in the first quarter, versus the fourth quarter of last year. German business confidence rose in May, following two months of declines.

Meantime, German consumer confidence rose for the fifth straight month and hit a multi-year high. European stocks were mostly weaker Friday.

Asian stocks saw volatile trading early on but ended mixed, with the Japanese Nikkei index finishing the day not far from unchanged.

U.S. economic data due for release Friday includes the advance report on durable goods orders. -Jim

US Dollar Index

The U.S. dollar index is lower again in early U.S. trading, as the bulls are fading late this week. Bulls still have the overall near-term technical advantage. Slow stochastics for the dollar index are bearish early today.

The dollar index finds shorter-term technical resistance at 84.000 and then at 84.220. Shorter-term support is seen at the overnight low of 83.500 and then at 83.325. Wyckoff's Intra Day Market Rating: 4.0

NYMEX Crude Oil

Crude oil prices are lower again early today. Bulls are fading. In July Nymex crude, look for buy stops to reside just above resistance at $94.00 and then at the overnight high of $94.39. Look for sell stops just below technical support at $93.00 and then at Thursday’s low of $92.21. Wyckoff's Intra-Day Market Rating: 4.0


Markets were modestly lower in overnight trading, on a corrective pullback from Thursday’s gains. Grain bulls had a good day on Thursday. Corn bulls have gained upside technical momentum late this week.

Soybean bulls are on a run as prices are hovering near this week’s eight-month

Soybeans see a tight U.S. cash market and good U.S. export demand. Wheat remains the weak sister of the grains complex, but will follow corn if that market continues to rally.

TheCropSite News Desk

IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any traders and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature.

Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): 1. Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.

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