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Turner’s Take Podcast | If you are new to Bitcoin and cryptocurrencies than this is the podcast for you. The first 15 minutes of the podcast are dedicated to Bitcoin, cryptocurrencies, block chains, and my thoughts on how markets and society deem certain asset classes as “stores of value.” The second half of the podcast goes over our thoughts on corn, wheat, cattle, hogs, crude, natural gas, the S&P 500 and the EUR/USD. Click here for Turner’s Take Podcast | Bitcoin for All?
Ag News Daily Podcast | I was on The Ag News Daily podcast yesterday with Mike Pearson. I think they do a great job over there and if you want to listen to the episode pleases click here for Ag News Daily #MarketMonday w/Craig Turner
BITCOIN | Over the past two weeks we have had a lot of interest in Bitcoin and cryptocurrencies. I don’t know if Bitcoin is going to be a legitimate currency in the future or if it is a bubble. What I do know is Bitcoin is a tradable asset and market places significant value in cryptocurrencies at the moment. Below is an hourly chart of Bitcoin since it opened last week on the CFE. We are seeing volume and open interest building. It is early but this contract seems like it is going to be around for a while. It will be interesting to see if the exchanges decide to add the other major cryptocurrencies as contracts if Bitcoin goes well.
January Bitcoin
Wheat vs Corn | I think wheat is a good value compared to corn right now. For years wheat has been the dog of the grain markets. While corn and soybeans were loved, wheat was downright hated. I see things starting to change. We do have a massive amount of global and US wheat stocks on hand, but the trend is going from larger to smaller stocks, as acreage declines and cheap wheat supports demand. Corn looks like it is peaking in terms of global and US stocks, but it will take some time to get acreage lower and stocks to start reducing. In normal supply and demand market wheat used to trade about 1.5 times the price of corn. Now it is 1.2 times the price of corn. At the peak of the global and US wheat glut it was almost 1 to 1. Below is a chart of the price ration and also a chart of March Wheat over March Corn. I like buying Wheat over Corn on the breaks and selling into resistance. I think this can be a nice swing trade to get into when the market gives us a good opportunity. I’ll be writing about this more in Turner’s Take Market Alert.
Wheat vs Corn Price Ratio
March Wheat vs March Corn
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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.
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