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TOP FARMER INTELLIGENCE – Sales TimerPERCENT YEARS PRICES RALLIED (2009 to 2018) From 2/20/19 1wk 2wk 1mo 2mo 3mo CORN (Jul) 5 6 5 5 5 Historical data indicates no clear direction. SOYBEANS (Jul) 6 4 6 6 6 Historical data indicates sideways. SOYMEAL (Jul) 6 6 5 6 8 Historical data indicates sideways for two months, then higher. WHEAT (Jul) 4 5 4 3 5 Historical data indicates mostly lower the next 60 days. LEAN HOGS (Jun) 6 4 4 3 5 Historical data indicates sideways to weaker the next two months. LIVE CATTLE (Jun) 5 5 6 6 5 Historical data indicates no clear direction. DAIRY (Jun) 2 5 5 5 6 Historical data indicates lower next week, followed by no clear direction. |
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TOP FARMER INTELLIGENCE – Marketplace Overview/ChartContributed by: John Heinberg February 20, 2019 4:00 PM Gold futures have been on a consistent rally since August and are pushing to their highest price since last April. After establishing a floor of $1161/ounce in August, the precious metal’s price has rallied $180/ounce. After three weeks of consolidation after prices pushed through the key $1300/ounce technical level, gold future surged again in early trade this week. Technically, the target will be challenging 2018 highs of $1350/ounce, established last January-April. Like other commodities, the potential progress in trade negotiations between the U.S. and China have back the gold market with potential boost in demand from China. China is one of the world’s biggest buyers of gold. In addition, metal futures have been on a similar impressive rally as silver, copper, platinum and palladium prices have surged over past handful of weeks with the prospects of improved global demand. Gold prices may soon be getting to a tipping point, if prices fail to rally through the next technical level, but in the short-term, price strength will likely remain until a test of the next resistance barrier. |
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TOP FARMER INTELLIGENCE – Corn Analysis/Outlook/Advice/ChartFebruary 20, 2019 4:00 PM CORN HIGHLIGHTS: Corn prices edged higher, recovering with small gains of 1 to 2-1/2 cents as Mar 20 led today’s gains, closing at 4.08-1/2. Mar 2019 closed at 3.70-3/4, up 1 cent, and new crop Dec closed at 3.98-1/2, up 1-3/4. A small improvement in bean prices helped provide support, but another round of sharp losses in wheat prices again weighed on corn futures. Nearby Mar wheat futures have now dropped from a recent high of 5.31-1/4 on 2/6 to a low today of 4.75-3/4, a drop of over 55 cents. New news of consequence was lacking again today, and by day’s end, prices gave away gains of 2-3 cents. While the market did finish firmer, the technical picture looks bleak, considering prices could have rebounded more significantly today. Weather in the Midwest is again a challenge to move grain, and yet we are not seeing the market take this into effect, either from a movement perspective nor from the perspective that feed usage will likely increase. The prices seemed to shrug this off, as they shrugged off the USDA supportive numbers on yield on 2/8. SUMMARY: It is a challenge for corn prices to hold together when wheat appears to be collapsing, albeit there is no real strong reason why at this time. Farmer selling by corn producers has also been more producers has also been more aggressive this year due to tighter cash flow requirements. Lessons learned the last two years were not to hold corn too late into the season as prices take a significant setback by mid to late summer. For now be patient, but if you are behind on sales, use rallies to get current.CORN PRICING STRATEGY: HEDGING: 2018: Aside. Recently, 10% hedged from 4.19 Dec and 10% from 3.84-1/4 were exited near 3.73-3/4. In addition, 10% hedged from 4.07-1/4 was exited near 3.86-1/2. 2019: 20% hedged Dec 19, 10% hedged from 4.18-1/4 and 10% from 3.96-1/4. Hold. CASH ALERT: 2018: 75% sold. Sell 5% if Mar futures trade above 3.94. We may attempt to get up to 80% sold by the end of the month. 2019: 25% sold. Sell 5% if Dec trades above 4.02. Sell 5% if Dec trades above 4.15. 2020: Sold 10% Dec on 1/30/19 when it traded above 4.15. Sell 10% if Dec 2020 futures trade above 4.30. OPTIONS: 2018: On 25%, sold May 4.00 corn calls and sold May 3.80 corn puts for a combined premium of 20 cents. Hold. On 15%, sold Jul 3.80 corn puts and Jul 4.20 corn calls for a combined premium of 20 cents. Hold. 2019: On 25%, purchased 1 Dec 4.00 corn put at 24-1/2 cents and sold 2 Dec 4.50 corn calls at 12-1/4 cents each. On 25%, sell Dec 5.00 calls for 15 cents. |
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| LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day | |||||||||||||||||||||||||||||||||||||||
TOP FARMER INTELLIGENCE – Soybean Analysis/Outlook/Advice/ChartFebruary 20, 2019 4:00 PM SOYBEAN HIGHLIGHTS: Soybean futures traded both sides of steady, looking somewhat bleak with losses of 3-5 cents, but managed to rally back, finishing with gains of 1-1/2 to 2-3/4. New crop Nov led today’s gains, closing at 9.48-1/2, well off the low of 9.38-3/4. For the second consecutive session, the 100-day moving average held as support. However, prices failed to move back above the upward channel line, which prices slid through yesterday. In other words, overhead resistance is at 9.52. If the market fails to break this upward channel line and pushes back above the 100-day moving average, then there is a likely downturn that would target near 9.00, retracing to the low of 8.97-1/2 from 10/31. From a longer term perspective, we are not necessarily convinced farmers are moving significant acres from beans to corn. Conventional wisdom would say likely 1-3 million acres go to corn, but with corn futures unable to rally much above 4.00, a late fall for many and higher fertilizer costs, soybeans still may be the choice, and consequently, the acres switched to corn may be minimal. SUMMARY: Although it is early in the season and there is still plenty of weather in the southern Hemisphere with which to contend, along with an entire growing season for the northern Hemisphere, we are still prepared for new crop prices to head lower, as projected carryout remains historically large. For now, we are comfortable holding the last 15% of 2018 crop into the spring or summer time window.SOYBEAN PRICING STRATEGY: HEDGING ALERT: 2018: Aside. 2019: Aside. Hedge 25% on a close below 9.44. CASH: 2018: 85% sold. Hold. 2019: 20% sold: 10% from 10.05 and 10% from 9.50. On 10%, sell if Nov futures trade above 9.75. Sell 10% if Nov 19 trades above 10.00. Sell 10% if Nov 19 trades above 10.25. 2020: Sell 10% if Nov 2020 futures trade above 10.00. OPTIONS: 2018: On 25%, sold Jul 10.00 bean calls at 16 cents. Exit if Jul soybeans close above 10.00. On 25%, sold Mar 9.60 calls at 12 cents. Hold. LTD is 2/22/19. At this time, expect to expire without value. 2019: No recommendations yet. |
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| LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day | |||||||||||||||||||||||||||||||||||||||
TOP FARMER INTELLIGENCE – Wheat Analysis/Outlook/Advice/ChartFebruary 20, 2019 4:00 PM WHEAT HIGHLIGHTS: The collapse in wheat prices continues in another day of losses for the fourth consecutive session. Chi wheat finished 7-1/2 to 9 lower, KC 9 to 10-3/4 lower and Mpls 6-3/4 to 8-1/2 cents lower. On the last USDA report, the average farm price for the year ahead is expected to be 5.15 per bushel. Given that parameter, new crop prices are undervalued. New news of consequence seems to be difficult to come by, yet prices are likely falling apart on liquidation, as many traders were probably holding long positions, looking for increased export activity into the Feb/Mar window. Instead, a recovery in the U.S. dollar, drops in other exporting country currency and talk of declining milling wheat values in Europe have all weighed on prices, as has a lack of progress with China on tariff talk. It is possible the market simply grew impatient and began to liquidate out, and as prices drop and margin calls mount, more traders exit. Some are suggesting that a recent bout of snow storms throughout much of the wheat producing country over the last two weeks is providing enough cover that any worries about significant cold damage could be behind the market for the year. It is too early to judge this, but that might be the case. SUMMARY: The technical trend looks weak. We will stay defensive, although our bias is that the market is moving lower at a pace that doesn’t seem to make much sense. On signs of a turnaround, we will likely exit hedges.WHEAT PRICING STRATEGY: HEDGING: 2018: Aside. 2019: 25% hedged Jul Chi from 5.31. Hold. Exit on a close above 5.50. CASH: 2018: 85% sold. Sell 5% if Mar Chi trades above 5.40. 2019: 40% sold. 2020: Sell 10% if Jul Chi 2020 trades above 6.00.OPTIONS ALERT: 2018: Recently, on 20%, sold Dec 6.50 calls at 15 cents expired without value in your favor. On 25%, sold Dec 5.00 puts for 15 cents were bought back at 2 cents. Aside. On 25% sell May 4.70 puts at 10 cents or better. 2019: On 20%, sold Jul 5.50 calls at 40 cents. |
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| LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day | |||||||||||||||||||||||||||||||||||||||
TOP FARMER INTELLIGENCE – Cattle Analysis/Outlook/Advice/ChartFebruary 20, 2019 4:00 PM CATTLE HIGHLIGHTS: Cattle futures closed moderately higher today, with Feb lives up 45 cents to 128.32, Apr lives were up 75 cents to 129.20 and Jun lives were up 72 cents to 119.32. Mar feeders were up 12 cents to 143.87, and Apr feeders were up 7 cents to 146.07. Choice beef values closed 12 cents lower yesterday afternoon to 217.27 and were down another 3 cents this morning to 217.24. Of the 785 head offered for sale on today’s online fed cattle exchange, 399 head total were passed over at 125. Cold and snowy weather in the Plains forecasted for this week has been supportive, though maybe to a slightly more limited degree than was initially expected. The snowy weather will be centered over the northern Plains, versus previous expectations of more thorough coverage. Cash trade last week reached as high as 125, steady with the previous week. Given the futures strength and ability of beef prices to remain relatively steady, the market seems to be expecting at least steady to maybe even higher cash trade for this week. Price charts still look strong, though futures could also easily be sold, as we creep into overbought territory. Apr futures made a new high close, and Jun made a new high close and a new high trade today. Prices closed above their upper Bollinger bands, which could draw some technical selling action. However, other momentum indicators are still pointing higher. SUMMARY: Despite market talk that cattle may have extended their rally, futures are still moving slowly higher. Momentum is still pointing higher, but also could be seen as waning. Protect these price levels if prices are profitable.CATTLE PRICING STRATEGY: HEDGING: CASH: OPTIONS ALERT: FEED PURCHASE: 2018: 100% covered. 9/5/2017: Purchased 50% of 2018 needs. 12/4/2017: Purchased 25% of 2018 needs. 6/19/2018: The remaining 25% of feed needs for 2018 purchased. 2019: 50% covered. 6/19/18: purchased 25% of 2019 needs. 9/21/18: purchased 25% of 2019 needs. |
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| LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day | |||||||||||||||||||||||||||||||||||||||
TOP FARMER INTELLIGENCE – Lean Hog Analysis/Outlook/Advice/ChartFebruary 20, 2019 4:00 PM LEAN HOG HIGHLIGHTS: Hog markets found even more capitulation selling today. The nearby Apr contract closed 3.55 lower to 52.97, Jun closed 97 cents lower to 72.75 and Jul closed 1.32 lower to 75.70. The CME lean hog index was down 31 cents to 54.43. Carcass cutouts closed 1.67 lower yesterday afternoon to 59.91. This is their lowest value since 11/23 of 2009. Pork cutouts did jump 1.15 higher this morning to 61.06. Production chain speed has been running quickly since the new year, a major reason for the very low pork prices. Snowy weather in Iowa and Minnesota this week could help slow that down a bit. African swine fever has negatively impacted pork demand in China recently, as the government tries to stop the spread of African swine fever. Todays was technically ugly, with the best traded Apr contract trading as low as 52.25. This was down 4.27 from yesterday’s close was only possibly with the expanded limits in effect today. The Apr contract did gap lower and is now deeply oversold. The Jul contract traded as low today as 75.02, closing its gap from mid-August. SUMMARY: With the extreme selling recently and enormous uncertainty tied to African swine fever, volatility should remain high, and bottom picking will be risky. Stay defensive.HOG PRICING STRATEGY: HEDGING: 2019: Apr: Hedged 25% at 60.90. Jun: Hedged 25% at 80.17. Jul: Hedged 25% at 80.45. Aug: Hedged 25% at 79.30. CASH: Stay current. Jun: Forward contracted 50% of expected market-ready animals for June on Friday. Jul: Forward contracted 50% of expected market-ready animals for Jul on Friday. Aug: Forward contracted 50% of market-ready animals for August on Friday. OPTIONS: Apr: On 25%, bought 63.00 puts at 2.67. Jun: On 25%, bought 82.00 calls at 3.50.FEED PURCHASE: 2018: 100% covered. 9/5/2017: Purchased 50% of 2018 needs. 12/4/2017: Purchased 25% of 2018 needs. 6/19/2018: The remaining 25% of feed needs for 2018 purchased. 2019: 50% covered. 6/19/18: purchased 25% of 2019 needs. 9/21/18: purchased 25% of 2019 needs. |
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| LEGEND of Moving Averages: Pink 10-day, Purple 20-day, Green 50-day, Red 100-day, Dark Blue 200-day | |||||||||||||||||||||||||||||||||||||||
TOP FARMER INTELLIGENCE – Other Agricultural Market StrategiesFebruary 20, 2019 4:00 PM Cotton
Milk
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TOP FARMER INTELLIGENCE – Advanced Options StrategiesFebruary 20, 2019 4:00 PM Position ALERT: Sold Apr live cattle 130 calls for 1.00 or better.
Date entered: 2/20/19
Exit Strategy: Exit if Apr cattle close above 135.
Rationale: Hedger: Collect premium or willingness to be hedged at 130
and collect premium.
Speculator: Collect premium.
Position: Sold Jul wheat 5.00 puts near 12 cents and purchased Jul 5.50 calls near
20-3/8.
Date entered: 2/5/19
Exit Strategy: None at this time.
Rationale: Hedger: Collect premium on short put or willingness to retain ownership of
sold wheat at the 5.10 strike and have fixed risk reownership at 5.50 strike
on Jul futures.
Speculator: Establish long position.
Call 800-TOP-FARMER for further details on how to implement this strategy for your operation. |
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TOP FARMER INTELLIGENCE – Weekly Perspective (updated every Friday)2/15/19 CHALLENGING WEATHER For the most part, Midwest weather conditions in December and January were mild. Many livestock producers enjoyed temperatures that remained stable; not too cold, not too warm, and not too wet. However, recent fluctuations of more than 70 degrees over the last two weeks with snow and rain have raised havoc for livestock production. Record cold followed by unseasonably warm temperatures is not a good recipe for animal health, especially during the winter months. Wild swings in temperature may bring the biggest concern to the dairy industry. Small calves are most vulnerable and subject to pneumonia. The old saying is when it rains, it pours. This year, you could say when it rains, it makes for messy barnyards and muddy feedlots. What does it all mean? For the livestock producer, it means more cost and less production. The loss of calves is likely, and the cost of taking care of sick animals is a financial burden. The severe cold also limited hauling of market-ready animals, resulting in more feed consumption. From the corn producer perspective, it does potentially mean more demand. Livestock burns a lot of calories when fighting weather. Weight gain is often limited for cattle in feedlots, as they struggle to stay alive. Sometimes cattle lose weight in adverse weather situations. One or two days of additional feed usage may eventually surface on the USDA’s monthly supply and demand estimates in the form of tightening carryout. While recent weather fluctuations have been significant, many row crop producers have been mostly immune, due to the time of year. However, winter wheat producers have concerns, as limited snow cover leaves the crop vulnerable to cold weather, and that could have an adverse impact on production. Last fall’s less-than-ideal weather made it difficult for field preparation and fertilizer application. As spring approaches, corn and soybean farmers will need to get an early start to make up for the time they lost last fall. And a wet spring could be disastrous. Delivering enough fertilizer to farmers in a short window of time could be a logistical nightmare. Get ready for potential fireworks in corn prices. Continuously low commodity prices in recent years have challenged farmers. The exception may be the cattle market, which has experienced improving prices. However, expectations for increased supplies could turn prices lower. Prepare yourself for anything. Watch for price rallies and be ready to defend increases by using the right tool at the right time. For some, this may be forward contracting and others simply buying a put option. If using futures to hedge, understand that margin calls could be a good problem. It could mean you have additional selling opportunities for unpriced product. Spend time with your lender this winter, establishing a line of credit. This will prepare you to market into (what could be) more volatile markets with confidence and cash flow to back up your positions.If you have questions or comments, contact Top Farmer at 1-800-TOP-FARM Ext 129.
Futures trading is not for everyone. The risk of loss in trading is substantial. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Past performance is not necessarily indicative of future results. |
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TOP FARMER INTELLIGENCE – Cash TrackerFebruary 20, 2019 4:00 PM CORN 2014-2015 CORN 2015-2016
DATE % FUTURES DATE % FUTURES
01/02/14 10 4.58 04/09/14 10 5.00
02/28/14 10 4.70 05/15/14 5 4.83-1/4
04/01/14 10 5.00 11/12/14 5 4.25
04/21/14 10 4.90 03/13/15 10 4.04-3/4
08/15/14 5 3.75 05/01/15 5 3.83-1/2
09/11/14 5 3.41 05/26/15 5 3.73-1/4
10/09/14 5 3.45 06/30/15 10 4.25
10/28/14 5 3.70 09/16/15 5 3.90
11/04/14 5 3.64-1/2 12/03/15 5 3.75
11/13/14 5 4.00 01/07/16 5 3.53
03/13/15 5 3.74 01/29/16 5 3.69
03/25/15 5 3.95-1/4 02/24/16 5 3.59-3/4
04/22/15 5 3.75 04/12/16 5 3.65
06/25/15 5 3.75 04/15/16 5 3.75
09/08/15 10 3.55 04/21/16 5 4.00
07/26/16 5 3.32-1/2
08/23/13 5 3.28-1/2
Total 100% Total 100%
CORN 2016-2017 CORN 2017-2018
DATE % FUTURES DATE % FUTURES
05/21/15 10 4.00 09/08/16 10 3.75
06/01/16 10 4.15 02/15/17 10 4.00
06/06/16 10 4.25 07/25/17 10 3.82-1/4
06/15/16 5 4.48 08/02/17 5 3.81
06/21/16 10 4.09 09/19/17 5 3.48-1/4
09/06/16 5 3.30 11/14/17 5 3.37-1/2
12/16/16 5 3.56-1/4 12/27/17 5 3.53-3/4
01/11/17 5 3.57-1/4 01/29/18 10 3.75
02/14/17 5 3.74-1/4 02/07/18 10 3.65
05/09/17 5 3.60 03/08/18 5 3.90
05/17/17 5 3.70 04/16/18 5 3.82-1/2
06/06/17 5 3.75 06/12/18 5 3.70
07/24/17 5 3.75-1/2 07/10/18 5 3.51
08/02/17 5 3.67 07/26/18 5 3.60
08/17/17 10 3.52 08/20/18 5 3.62
Total 100% Total 100%
CORN 2018-2019 CORN 2019-2020
DATE % FUTURES DATE % FUTURES
08/22/17 10 4.02 05/03/18 10 4.20
11/17/17 10 3.85 06/12/18 10 4.07
05/01/18 10 4.20 10/08/18 5 4.00
05/24/18 5 4.29
06/14/18 5 3.84-1/2
07/10/18 5 3.64-1/2
07/23/18 5 3.70
10/11/18 5 3.68
10/15/18 5 3.75
11/30/18 5 3.65
12/20/18 5 3.75-1/4
02-11-19 5 3.74-1/2
Total 75% Total 25%
CORN 2020-2021
DATE % FUTURES
01/30/19 10 4.15
Total 10%
SOYBEANS 2014-2015 SOYBEANS 2015-2016
DATE % FUTURES DATE % FUTURES
07/26/13 10 12.00-3/4 5/23/14 10 12.25
12/31/13 5 11.46-1/2 6/11/14 10 11.94
03/14/14 10 11.74-1/2 10/01/14 5 9.33
04/01/14 10 12.00 11/10/14 5 10.30
05/05/14 5 12.24 11/20/14 5 9.95
05/20/14 5 12.50 03/04/15 5 9.72-3/4
09/10/14 5 9.95-1/2 04/15/15 5 9.50
10/01/14 5 9.07 06/25/15 5 9.75
10/20/14 5 9.44 06/26/15 5 10.00
10/28/14 5 10.15 06/30/15 5 10.25
11/04/14 5 10.10 08/07/15 5 10.00
12/2/14 5 9.95-3/4 12/04/15 10 9.00
01/08/15 5 10.48-1/4 01/29/16 5 8.70
02/24/15 5 10.05 03/17/16 5 9.00
03/16/15 5 9.74 04/05/16 5 9.04-34
06/26/15 5 10.00 05/23/16 5 10.58-1/2
07/16/15 5 10.19 06/01/16 5 11.00
Total 100% Total 100%
SOYBEANS 2016-2017 SOYBEANS 2017-2018
DATE % FUTURES DATE % FUTURES
07/14/15 10 9.75 06/21/16 10 9.75
02/05/16 10 8.85 11/28/16 10 10.25
03/24/16 5 9.17 12/20/16 10 9.96-3/4
03/28/16 5 9.25 06/20/17 5 9.38-3/4
04/05/16 5 9.19-1/2 08/01/17 10 9.74
04/13/16 10 9.50 08/28/17 5 9.50
05/06/16 5 10.00 09/28/17 5 9.59-1/2
06/22/16 5 11.16-3/4 10/24/17 5 9.75-1/2
07/22/16 5 9.88-1/4 11/13/17 5 9.63-1/2
09/20/16 5 9.90 11/27/17 5 10.00
11/01/16 5 9.84-1/4 12/05/17 5 10.25
11/21/16 5 10.05 02/05/18 5 9.75
01/18/17 5 10.75 03/09/18 5 10.39-1/4
02/14/17 5 10.45 03/20/18 5 10.23-3/4
05/10/17 5 9.75 08/22/18 10 8.58-1/4
07/26/17 5 9.76
08/01/17 5 9.59-1/2
Total 100% Total 100%
SOYBEANS 2018-2019 SOYBEANS 2019-2020
DATE % FUTURES DATE % FUTURES
07/17/17 10 10.00 04/11/18 10 10.05
11/17/17 10 10.00 12/03/18 10 9.50
12/07/17 5 10.05-1/4
02/20/18 10 10.25
03/09/18 5 10.30
04/04/18 5 10.19
04/16/18 5 10.40-1/2
10/15/18 5 8.75
11/02/18 5 9.00
11/26/18 5 8.62-1/4
12/03/18 5 9.10
12/20/18 5 8.93-1/2
01/10/19 5 9.06-3/4
02/12/19 5 9.05-1/2
Total 85% Total 20%
WHEAT 2015-2016 WHEAT 2016-2017
DATE % FUTURES DATE % FUTURES
03/13/14 10 7.00 03/20-15 10 5.65
04/08/14 10 7.17 06/30/15 10 6.00
05/15/14 10 7.22-1/4 09/28/15 10 5.25
12/08/14 5 6.00 04/19/16 5 4.85
12/18/14 5 6.50 04/20/16 5 5.00
01/08/15 10 5.76-3/4 05/03/16 10 4.70
05/18/15 5 5.11 06/08/16 5 5.15
06/22/15 5 4.95 06/14/16 10 4.91
07/17/15 5 5.54 10/14/16 10 4.25
09/08/15 5 4.75 01/09/17 5 4.25
10/08/15 5 5.11-1/2 02/13/17 5 4.50
01/29/16 5 4.72 02/24/17 10 4.31-1/4
04/06/16 10 4.63 05/01/17 5 4.40
04/19/16 10 4.80
TOTAL 100% TOTAL 100%
WHEAT 2017-2018 WHEAT 2018-2019
DATE % FUTURES DATE % FUTURES
04/20/16 10 5.50 03/24/17 20 5.00
06/07/16 10 5.75 06/29/17 5 5.40
01/17/17 5 4.65 07/03/17 10 5.75
02/13/17 5 4.75 12/12/17 5 4.37-1/4
02/27/17 10 4.53-1/4 02/09/18 10 4.74-3/4
03/08/17 5 4.62-3/4 03/15/18 10 4.96
03/14/17 5 4.45 05/07/18 10 5.17
06/26/17 5 4.59-1/4 06/06/18 10 5.25
07/10/17 5 5.40 12/26/18 5 5.16
07/11/17 5 6.00
07/18/17 10 5.15
12/12/17 5 4.10-3/4
01/29/17 5 4.45
02/06/18 5 4.41
03/05/18 10 5.02-1/4
TOTAL 100% TOTAL 85%
WHEAT 2019-2020
DATE % FUTURES
01/26/18 10 5.15
02/06/18 10 5.25
06/19/18 10 5.67-1/2
08/02/18 10 6.00
TOTAL 40%
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TOP FARMER INTELLIGENCE DISCLAIMER*** Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. |
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If you have questions or comments, please call Bryan Doherty at 800-867-3276.
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