
Play Turner’s Take Podcast Episode 239
Podcast: Play in new window | Download
Subscribe: RSS | Subscribe to Turner's Take Podcast
If you are having trouble listening to the podcast, please click here for Turner’s Take Podcast episodes!
New Podcast
In this week’s podcast we talk Moderna’s positive vaccine test results and how that could effect the markets later this year and into 2021. We also talk about the grain markets and what to make of the rumors of China buying SRW Wheat from the US. We wrap up the podcast by reviewing some of our positions in the livestock market. Make sure you take a list to Turner’s Take Podcast!
If you are not a subscriber to Turner’s Take Newsletter then text the message TURNER to number 33-777 to try it out for free! You may also click here to register for Turner’s Take.
Moderna
The macro markets are higher on new that Moderna’s corona virus vaccine is ready for the final phase of testing. The first phase was tested on 45 volunteers and all of they had boosted immunity similar to people who had overcome the disease. The final phase starts at the end of July and will be on 30,000 people. It will take a few months to get the final results but there is hope a vaccine could be ready by the end of the year or early 2021. This development should be considered bullish for equity and commodity markets overall.
If you are interested in working with Craig Turner for hedging and marketing, then click here to open an account. If you are a speculative or online trader then please click here.
Emini S&P 500
Wheat
September SRW (Chicago) Wheat just closed over the 200 day moving average. Production issues in Russia first caused the rally and now we are hearing rumors of China buying US SRW Wheat. Combine all of that with the large fund short position and you get the chart action below.
Lost production in the Black Sea area will most likely lead to Russia bringing back wheat export quotas for their new crop. Weather in Argentina and Australia will be paid closer attention as their crops now mean more due to the losses in Russia. If China really is a buyer of wheat then SRW could test the highs from earlier this year around $5.80 in the front month.
I’m usually a big believer in the saying “wheat rallies deserve to be sold” but this one could have some legs. I don’t want to chase this rally higher because it is very hard to trade rumors. If we do get to the old highs and start to run out of momentum, we will look to get short. The world and US has plenty of wheat on hand. Supply side rallies tend to be violent but short lived.
Day and swing traders can look to buy the breaks and use the 200 day moving average as a support level. Position traders should stay patient and wait for the reversal.
If you are interested in working with Craig Turner for hedging and marketing, then click here to open an account. If you are a speculative or online trader then please click here.
Continuous SRW Wheat
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
Risk Disclosure
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
© 2023 StoneX Group Inc. All Rights Reserved
You must be logged in to post a comment.