Jack Scoville
About The Author

Jack Scoville

Jack Scoville is an often quoted market analyst in the grain and soft commodities sectors. You will find his commentary throughout the Reuters, Wall Street Journal, Dow Jones, Bloomberg, and Barron's publications. Contact Mr. Scoville at (312) 264-4322

No comments now until Monday

DJ Correction to USDA Grain Inspections for Export in Metric Tons – Dec 4
(“USDA Grain Inspections for Export in Metric Tons – Dec 4,” at 11:27 A.M. EST, misstated some
data. The errors derived from the source. The correct version follows:)
COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.
INFORMATION CONTAINED IN THIS REPORT REFLECTS EXPORTED GRAIN INSPECTED AND
WEIGHED THROUGH GIPSA’S AUTHORITY UNDER THE U.S. GRAIN STANDARDS ACT.
NO ADDITIONAL ANALYSIS, COMPILATIONS OR DATA IS AVAILABLE.
GRAINS INSPECTED AND/OR WEIGHED FOR EXPORT
REPORTED IN WEEK ENDING NOV 30, 2017
— METRIC TONS —
————————————————————————-
CURRENT PREVIOUS
———– WEEK ENDING ———- MARKET YEAR MARKET YEAR
GRAIN 11/30/2017 11/23/2017 12/01/2016 TO DATE TO DATE

BARLEY 0 366 1,199 16,690 27,342
CORN 586,213 643,301 1,183,956 7,859,059 13,751,258
FLAXSEED 0 514 441 4,673 12,297
MIXED 0 0 0 0 0
OATS 0 299 700 4,991 7,299
RYE 0 0 0 0 0
SORGHUM 264,278 107,785 130,302 1,080,295 1,121,648
SOYBEANS 1,800,819 1,723,338 1,924,710 22,854,351 26,106,569
SUNFLOWER 0 0 0 0 0
WHEAT 409,569 348,270 546,501 12,754,992 13,660,961
Total 3,060,879 2,823,873 3,787,809 44,575,051 54,687,374
————————————————————————-
CROP MARKETING YEARS BEGIN JUNE 1 FOR WHEAT, RYE, OATS, BARLEY AND
FLAXSEED; SEPTEMBER 1 FOR CORN, SORGHUM, SOYBEANS AND SUNFLOWER SEEDS.
INCLUDES WATERWAY SHIPMENTS TO CANADA.

DJ CBOT Delivery Intentions: Totals – Dec 5
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL December Dec. 06, 2017 257 Nov 30, 2017
SOYBEAN OIL December Dec. 06, 2017 329 Nov 27, 2017
CORN December Dec. 06, 2017 1122 Dec 04, 2017
KC HRW WHEAT December Dec. 06, 2017 12 Nov 29, 2017
WHEAT December Dec. 06, 2017 247 Nov 29, 2017

DJ U.S. October Grain Imports-Dec 5
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Oct 2017—- —-Sep 2017—-
kilograms pounds kilograms pounds
durum wheat 2,607,381 5,749,275 237,890 524,547
spring wheat 25,039,526 55,212,155 13,548,808 29,875,122
winter wheat 4,434,778 9,778,685 6,605,512 14,565,154
wheat/meslin 41,418,986 91,328,864 66,848,570 147,401,097
TOTAL WHEAT 73,500,671 162,068,980 87,240,780 192,365,920
barley 5,043,643 11,121,233 4,819,979 10,628,054
oats 378,349 834,260 354,062 780,707
corn 86,508,167 190,750,508 56,570,495 124,737,941
other corn 8,640,203 19,051,648 25,676,119 56,615,842
TOTAL CORN 95,148,370 209,802,156 82,246,614 181,353,784

DJ U.S. Oct Soymeal, Vegetable Oils/Oilseed Imports-Dec 5
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Oct 2017—- —-Sep 2017—-
kilograms pounds kilograms pounds
coconut oil 29,445,917 64,928,247 31,658,881 69,807,833
palm kernel oil 41,982,368 92,571,121 31,723,217 69,949,693
palm oil 140,905,581 310,696,806 139,010,001 306,517,052
soybean 72,537,555 159,945,309 35,389,507 78,033,863
soymeal 0 0 0 0
soyoil 14,621,492 32,240,390 8,204,788 18,091,558
rapeseed oil
edible 187,246,309 412,878,111 170,703,515 376,401,251
rapeseed oil,
inedible 0 0 0 0

DJ U.S. October Grain Exports – Dec 5
In kilograms (top) and in bushels (bottom), except flour in cwt and malt
in pounds. /1 denotes includes commercial and donated. Source: U.S. Department
of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Oct 17 Sep 17 Aug 17 Oct 16(*)
Barley 2,795,000 1,548,574 1,138,000 2,214,378
Corn /1 2,725,164,000 3,520,919,000 3,494,450,000 3,623,422,000
Sorghum 186,409,000 302,236,000 317,330,000 245,768,000
Oats 2,930,962 3,739,781 2,587,944 2,538,230
Rye 58,958 448,500 393,684 25,734
Wheat /1 1,393,670,244 2,352,374,177 2,315,142,727 1,680,893,953
wheat flour /1 13,536,200 17,836,951 32,724,711 36,700,824
Malt 46,443,975 37,231,274 36,591,351 32,177,241
——- In Bushels, CWT or Pounds ——-
Oct 17 Sep 17 Aug 17 Oct 16(*)
Barley 128,372 71,125 52,267 101,705
Corn /1 107,283,867 138,611,036 137,569,008 142,646,359
Sorghum 7,338,523 11,898,384 12,492,602 9,675,359
Oats 201,925 257,648 178,293 174,868
Rye 2,321 17,656 15,498 1,013
Wheat /1 51,208,090 86,434,068 85,066,060 61,761,646
wheat flour /1 298,422 393,238 721,456 809,115
Malt 102,391,455 82,080,923 80,670,134 70,938,686
1/Includes commercial and donated.

DJ U.S. October Oilseed, Meal, Oils/Fats Exports-Dec 5
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in
short tons (bottom). Source: U.S. Department of Commerce.
(*)NOTE: Year ago figures reflect data reported at that time.
Data includes Exports and Re-Exports.
——- In Kilograms ——-
Oct 17 Sep 17 Aug 17 Oct 16(*)
soybeans 9,441,364,074 4,640,613,046 3,076,280,569 11,314,201,292
soy oil 96,520,529 59,087,159 74,016,292 109,318,613
crude 80,314,562 41,906,929 58,152,578 87,527,672
refined 85,525 162,186 190,405 238,795
other/1 15,854,739 16,837,625 15,423,919 21,040,861
hydrogenated 265,703 180,419 249,390 511,285
cottonseed oil 3,608,013 2,388,010 5,077,047 3,003,788
crude 263,836 153,818 184,241 215,789
refined 1,208,053 366,940 958,356 2,527,615
other/1 2,056,144 1,847,330 3,873,343 208,205
hydrogenated 79,980 19,922 61,107 52,179
sun seeds 218,444 0 307,571 124,613
sunseed oil 3,233,105 2,978,611 2,549,288 2,364,500
rapeseed 11,677,280 9,868,666 6,366,661 23,030,539
rapeseed oil 9,581,704 10,283,373 5,910,377 12,936,966
crude 4,479,614 4,462,159 850,219 9,033,847
refined 5,102,090 5,821,214 5,060,158 3,903,119
linseed meal 218,220 251,939 235,311 489,984
cottonseed meal 8,940,477 12,785,977 12,309,936 5,118,291
soymeal 600,583,832 492,505,091 667,072,312 694,282,647
soymeal/flour 99,455,988 126,265,626 122,917,017 149,695,299
soymeal hulls 9,537,000 5,179,000 4,245,000 2,952,000
lard 1,252,680 1,464,977 1,307,877 1,941,153
edible tallow 4,712,478 3,833,346 4,711,536 13,375,329
inedible tallow 26,290,511 26,573,701 13,752,576 24,465,994
ch white grease 14,257 0 43,730 0
——- In Bushels, Pounds or Short Tons ——-
Oct 17 Sep 17 Aug 17 Oct 16(*)
soybeans 346,907,184 170,511,590 113,032,801 415,721,466
soyoil 212,791,378 130,264,910 163,178,020 241,006,329
crude 177,063,331 92,388,980 128,204,511 192,965,519
refined 188,550 357,559 419,771 526,453
other/1 34,953,722 37,120,615 34,003,927 46,387,166
hydrogenated 585,775 397,756 549,811 1,127,191
cottonseed oil 7,954,308 5,264,662 11,192,975 6,622,220
crude 581,659 339,111 406,182 475,733
refined 2,663,301 808,964 2,112,814 5,572,438
other/1 4,533,022 4,072,666 8,539,261 459,014
hydrogenated 176,326 43,920 134,718 115,035
sunseeds 481,587 0 678,078 274,725
sunseed oil 7,127,778 6,566,714 5,620,219 5,212,831
rapeseed 25,744,000 21,756,688 14,036,087 50,773,656
rapeseed oil 21,124,045 22,670,961 13,030,153 28,521,133
crude 9,875,860 9,837,378 1,874,412 19,916,227
refined 11,248,185 12,833,582 11,155,741 8,604,906
linseed meal 241 278 259 540
cottonseed meal 9,855 14,094 13,569 5,642
soymeal 662,024 542,888 735,314 765,308
soymeal flour/me 109,630 139,183 135,491 165,009
soymeal hulls 10,513 5,709 4,679 3,254
lard 2,761,687 3,229,722 2,883,376 4,279,511
edible tallow 10,389,237 8,451,083 10,387,161 29,487,558
inedible tallow 57,960,665 58,584,992 30,319,245 53,938,293
ch white grease 31,431 0 96,408 0

WHEAT
General Comments: Wheat closed lower in uneventful trading. The funds were the best sellers. Trends remain down on the weekly charts. Demand concerns remain the reason to keep prices low at this time as the export sales reports have not been strong on a weekly basis. The weather could provide a reason to buy. Forecasts for later this week in the Great Plains showed cold and dry conditions. Temperatures could easily move below freezing during the cold spell and some Winter Wheat could be damaged. The crop has no snow cover, and it does not look likely that any snow will come before the cold air hits. The crop has been trying to develop under very warm and dry conditions until now, but development reports have not been good and USDA condition reports have been showing this. There have also been reports of excessive rains in Australia as the Wheat crop there gets harvested. There are quality and yield concerns about that crop. Meanwhile, domestic markets in the US are showing a firmer tone as farmers are not willing to sell. World production estimates in general remain large and US offers need to be low to take business. It will be another small US crop as farmers continue to reduce planted area year after year in response to low world and US prices.
Overnight News: The southern Great Plains should get mostly dry weather. Temperatures should be below normal. Northern areas should get chances for light Snow off and on this week. Temperatures should be blow normal. The Canadian Prairies should see mostly dry weather, but light snow is possible tomorrow. Temperatures should average below normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 431, 424, and 418 March, with resistance at 443, 445, and 450 March. Trends in Kansas City are mixed to down with objectives of 422 and 418 March. Support is at 428, 422, and 416 March, with resistance at 441, 442, and 451 March. Trends in Minneapolis are mixed to down with objectives of 611 March. Support is at 619, 615, and 608 March, and resistance is at 637, 646, and 651 March.

DJ Australia Govt Downgrades Wheat Production, Expected To Fall 42% — Market Talk
1301 GMT – Australia’s government has again downgraded the country’s wheat production forecast for the year ending in March, with production now expected to fall 42% on-year to 20.3 million metric tons. Such output, which has been hit by unseasonable weather conditions, would be 2% below the 10-year average. However, the government says that summer crop production is expected to increase by 23% to around 4.8 million metric tons. (lucy.craymer@wsj.com)

RICE
General Comments: Rice closed lower again yesterday, but higher for the week as the export demand remains good and the offer in the cash market remains almost impossible to find. T he export sales reports have held demand consistently above 75,000 tons, and many weeks have shown sales above 100,000 tons. This good demand has been noted and reflects better US quality and less competition in the western hemisphere. Mercosur countries have had less to offer, and the US has benefitted from the reduced competition. Cash markets inside the US remain slow and steady as producers and mills remain mostly out of the market. Cash markets in the southern Delta and into Texas are firm on tight supplies, while markets farther north are very quiet. The domestic cash market might stay slow now through the holidays.
Overnight News: The Delta should get mostly dry weather, but showers are likely next week. Temperatures should be near to above normal through Tuesday, then near to below normal.
Chart Analysis: Trends are mixed. Support is at 1212, 1198, and 1191 January, with resistance at 1222, 1231, and 1234 January.

CORN AND OATS
General Comments: Corn was lower on fund selling. There was some concern again about crop conditions in South America, but these concerns seemed to take a back seat to the spreading of Soybean against Corn again. There were some rains in the drier pockets of Argentina last weekend. However, it should turn dry again this week as Lan Nina conditions continue. La Nina implies drier than normal weather for Argentina and southern Brazil. Ideas are that yields could start to suffer unless the overall weather pattern changes to a more conducive for rains in southern Brazil and northern Argentina. Ideas of big supplies and less than great demand keep pulling the market down fundamentally, but the funds have maintained a huge and near record short position in futures and might not be able to sell much more. Farmers in the US are not selling much. Not much selling is reported in South America.
Overnight News: China bought 162,000 tons of US Sorghum.
Chart Analysis: Trends in Corn are mixed. Support is at 352, 351, and 349 December, and resistance is at 361, 362, and 365 March. Trends in Oats are mixed to down with objectives of 257 and 247 March. Support is at 257, 252, and 250 March, and resistance is at 265, 267, and 269 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Meal closed higher, but Soybean Oil closed a little lower. Funds were strong buyers of Soybeans and Soybean Meal. Soybean Oil continues to sag in response to the EPA announcement continuing the biofuels mandates. Traders were unhappy that the EPA did not increase the mandates last week and vegetable oils prices in general have been weaker. Soybeans are turning into a weather market. Concern is expressed about the lack of rains in southern Brazil and northern Argentina. Argentina got some beneficial rains over the weekend, but dry weather is now in the forecast for this week and maybe a lot longer. It is a classic La Nina pattern and the weather could continue to support the market. The fundamental reason for Soybeans to work lower was fears of reduced Chinese demand. China might be forced to reduce demand as the government is making it harder to get safety permits and also is making some economic changes that could make getting credit harder. Meanwhile, it is wetter in the north of Brazil and crops in central and northern Brazil should be in mostly good condition.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to up with objectives of 1010 and 1025 January. Support is at 996, 993, and 985 January, and resistance is at 1005, 1008, and 1012 January. Trends in Soybean Meal are up with objectives of 348.00 January. Support is at 332.00, 329.00, and 325.00 January, and resistance is at 341.00, 342.00, and 349.00 January. Trends in Soybean Oil are down with objectives of 3270 and 3170 January. Support is at 3340, 3330, and 3300 January, with resistance at 3380, 3410, and 3430 January.

CANOLA AND PALM OIL
General Comments: Canola was higher on currency considerations and as cold weather started to invade the Prairies. The Canadian Dollar moved higher on Friday. Trends are down on the daily charts. Demand is called steady, especially from processors. Exporters are buying too, but the processors have been the best buyers in the market. Farmers are storing crops now as the harvest comes to a close and as they wait for higher prices, but elevators and crusher appear to have good supplies right now. StatsCan will issue its next production estimates on December 6. Palm Oil was lower. Export data last month was weaker, but still positive overall. Weak demand ideas come even though India is talking about increasing imports due to weak oilseeds production there this year. There is a lot of talk that supplies are more than adequate for demand. Charts show that the trends are down
Overnight News:
Chart Analysis: Trends in Canola are down with objectives of 502.00 and 495.00 January. Support is at 504.00, 500.00, and 498.00 January, with resistance at 509.00, 512.00, and 514.00 January. Trends in Palm Oil are down with objectives of 2560 and 2500 February. Support is at 2560, 2540, and 2510 February, with resistance at 2650, 2680, and 2710 February.

Midwest Weather Forecast: Mostly dry, but a few showers are likely late in the week. Temperatures will be below normal.

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
December 32 March 230 Dec 48 March 30-Jan minus 9 Dec
January 38 March 48 March 32 Jan
February 40 March 48 March 29-Mar
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Paraguay
December 65 Dec
January minus 21 Jan
February 65 Jan minus 21 Mar
All basis levels are positive unless noted as negative

DJ ICE Canada Cash Grain Close – Dec 4
Winnipeg–The following are the closing cash grain
prices from ICE Futures Canada.
Values are based on the commodity being delivered at
Thunder Bay, Ontario, unless otherwise noted. Source: ICE
Futures Canada
Price Change
CANOLA
*Par Region 498.09 up 8.00
Basis: Thunder Bay
1 Can 517.40 up 1.30
2 Can 504.40 up 1.30
Basis: Vancouver
1 Can 532.40 up 1.30
2 Can 519.40 up 1.30
FEED WHEAT
Lethbridge 220.00 unchanged
WESTERN BARLEY
Lethbridge 219.00 unchanged
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanada@shaw.ca
204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – December 5
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Tuesday, supplied by commodity broker Matthes & Porton Bhd.
Prices are quoted in U.S. dollars a metric ton, except for crude palm oil and palm kernel oil, which are in ringgit a ton. Palm kernel oil prices are in ringgit a pikul, a Malaysian measurement equivalent to 60 kilograms.
Refined, bleached and deodorized palm oil, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 647.50 -02.50 Unquoted – –
Jan 650.00 -02.50 Unquoted – –
Feb/Mar 660.00 -02.50 Unquoted – –
Apr/May/Jun 667.50 -05.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 650.00 -02.50 Unquoted – –
Jan 652.50 -02.50 Unquoted – –
Feb/Mar 662.50 -02.50 Unquoted – –
Apr/May/Jun 670.00 -05.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Dec 665.00 -02.50 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Dec 620.00 0.00 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 2490.00 +20.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Dec 322.00 -05.00 Unquoted – –
($1=MYR4.0680)

DJ China Dalian Grain Futures Closing Prices, Volume – Dec 05
Soybean No. 1
Turnover: 120,014 lots, or 4.37 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 3,596 3,604 3,559 3,575 3,587 3,577 -10 71,660 204,700
Mar-18 3,667 3,667 3,667 3,667 3,672 3,667 -5 20 40
May-18 3,735 3,745 3,711 3,719 3,726 3,726 0 48,018 155,956
Jul-18 – – – 3,728 3,728 3,728 0 0 2
Sep-18 3,810 3,819 3,785 3,795 3,802 3,804 2 296 2,398
Nov-18 – – – 3,818 3,818 3,818 0 0 4
Jan-19 3,895 3,898 3,876 3,876 3,882 3,891 9 20 364
Mar-19 – – – 3,884 3,884 3,884 0 0 2
May-19 – – – 3,957 3,957 3,957 0 0 30
Corn
Turnover: 674,110 lots, or 11.78 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 1,718 1,728 1,715 1,722 1,718 1,721 3 357,728 492,400
Mar-18 1,721 1,725 1,713 1,714 1,722 1,719 -3 4,282 10,618
May-18 1,771 1,782 1,769 1,777 1,770 1,776 6 294,000 630,260
Jul-18 1,779 1,786 1,779 1,782 1,776 1,782 6 72 396
Sep-18 1,781 1,796 1,780 1,787 1,780 1,788 8 17,974 108,950
Nov-18 1,786 1,793 1,786 1,790 1,783 1,789 6 54 166
Soymeal
Turnover: 906,470 lots, or 26.09 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-17 2,885 2,889 2,885 2,889 2,900 2,886 -14 40 1,428
Jan-18 2,925 2,930 2,910 2,919 2,909 2,919 10 209,824 649,802
Mar-18 2,875 2,889 2,873 2,884 2,862 2,882 20 2,878 3,646
May-18 2,870 2,878 2,859 2,864 2,845 2,866 21 657,768 1,796,226
Jul-18 2,857 2,862 2,850 2,850 2,835 2,858 23 168 436
Aug-18 2,837 2,845 2,837 2,845 2,807 2,843 36 10 136
Sep-18 2,850 2,855 2,838 2,839 2,826 2,844 18 35,624 172,620
Nov-18 2,850 2,851 2,841 2,842 2,830 2,846 16 158 174
Palm Oil
Turnover: 384,018 lots, or 20.80 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-17 – – – 5,504 5,504 5,504 0 0 0
Jan-18 5,344 5,366 5,258 5,284 5,352 5,318 -34 40,052 109,878
Feb-18 – – – 5,414 5,414 5,414 0 0 2
Mar-18 – – – 5,378 5,378 5,378 0 0 2
Apr-18 5,462 5,462 5,462 5,462 5,518 5,462 -56 2 12
May-18 5,472 5,486 5,362 5,386 5,472 5,426 -46 336,392 427,136
Jun-18 – – – 5,500 5,500 5,500 0 0 10
Jul-18 – – – 5,528 5,528 5,528 0 0 2
Aug-18 – – – 5,392 5,392 5,392 0 0 2
Sep-18 5,460 5,476 5,366 5,384 5,470 5,418 -52 7,572 40,238
Oct-18 – – – 5,398 5,448 5,398 -50 0 0
Nov-18 – – – 5,432 5,434 5,432 -2 0 0
Soybean Oil
Turnover: 440,308 lots, or 26.29 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Dec-17 – – – 5,808 5,808 5,808 0 0 0
Jan-18 5,856 5,876 5,780 5,804 5,850 5,828 -22 105,822 378,814
Mar-18 – – – 5,938 5,938 5,938 0 0 16
May-18 6,042 6,064 5,954 5,978 6,038 6,010 -28 326,096 619,406
Jul-18 – – – 6,070 6,070 6,070 0 0 2
Aug-18 – – – 6,150 6,150 6,150 0 0 4
Sep-18 6,188 6,204 6,110 6,126 6,190 6,160 -30 8,390 23,190
Nov-18 – – – 6,148 6,176 6,148 -28 0 2
Notes:
1) Unit is Chinese yuan a metric ton;
2) Ch. is day’s settlement minus previous settlement;
3) Volume and open interest are in lots;
4) One lot is equivalent to 10 metric tons.
Questions? Ask Jack Scoville today at 312-264-4322

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The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or futures. The Price Futures Group, its officers, directors, employees, and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. Reproduction and/or distribution of any portion of this report are strictly prohibited without the written permission of the author. Trading in futures contracts, options on futures contracts, and forward contracts is not suitable for all investors and involves substantial risks. ©2017

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