RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

March index futures are stronger as the Dow remains in good territory after breaching 20,000. Markets seem to have adopted a “risk on” attitude as the Trump administration promotes deregulation and pro-American trade policy.

April gold futures are slightly higher, trading near $1,226 (+0.06), with silver up at $17.95 per ounce. The March S&P contract is up near 2334 (+8.50 pts.) and the Dow is in the green by 67 points at 20,448. March bond futures are the inverse, down to 12406 (-12) and 15019 (-24) for Notes/Bonds respectively.

Crude oil is running into headwinds above $53 ($53.81 currently), as the market weighs Keystone/Dakota pipeline approval, higher rig counts and bearish inventory numbers this month. Bullish for crude would be confirmation of OPEC production cuts, although traders remain skeptical based upon past member divergence. Natural gas futures continue to trend downward, in the red at $2992. The $3000 level seems to be supportive and technical indicators lean towards over-sold.

Last week’s USDA numbers, along with stronger demand, are supportive of grains. Today, corn ($3.82), wheat ($4.64) and soybeans ($10.56) are weaker at the close.

Middle-of-week economic news on Wednesday will include CPI and retail sales at 7:30 am CST, followed by NOPA Crush at 11 am. 


Crude Light Daily Chart

John Kennedy