Daniels Trading Senior Broker and author of Turner’s Take newsletter Craig Turner was quoted in the July 17 2015 Dow Jones Newswire article titled “U.S. Grains, Soybeans Decline on Better Weather, Fund Liquidation” by Jesse Newman of the Wall Street Journal.
Harvest progress in the U.S. and Europe also pressured prices, with new supplies filling world pipelines, analysts said. Mostly benign weather over the weekend will help farmers in the eastern U.S. harvest crops after steady rains delayed fieldwork for weeks.
“Conditions have improved,” said Craig Turner, senior broker at Daniels Trading in Chicago, adding that in addition to better weather in the U.S., wheat-growing parts of Canada that previously were dry have recently gotten rain, potentially benefiting crops there.
Prices for the grain also dropped as traders and investors took a friendly view of warm, dry weather forecast for the Midwest after weeks of steady rain.
“We may yet get another leg up here but lots of the news today has been that crops look better than expected,” said Mr. Turner, adding that “in a weather market like this, if you don’t have fresh news to feed the bull, you’ll typically see a selloff.”
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.