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

DJ U.S. Export Sales: Weekly Sales Totals-Jan 5
For the week ended Dec 28, in thousand metric tons, except cotton in
thousand running bales. Net changes in commitments are gross sales,
less cancellations, buy-backs and other downward adjustments. Total
commitments are total export shipments plus total sales.
The marketing year for wheat and barley began Jun 1, cotton and
and rice Aug 1, corn, soybeans and sorghum Sep 1, and soy meal and
soy oil Oct 1. Source: USDA
wk’s net chg total
in commitments undlvd sales
this yr next yr this yr last yr this yr next yr
wheat 131.0 0.0 19469.7 20949.7 5813.2 203.8
hrw 4.6 0.0 7786.0 8425.9 2185.9 50.9
srw 76.7 0.0 2000.0 1852.4 795.4 77.0
hrs 25.2 0.0 5109.7 6777.1 1579.7 38.6
white 24.4 0.0 4302.5 3492.0 1194.2 35.9
durum 0.0 0.0 271.5 402.3 58.0 1.5
corn 101.2 0.0 26671.0 35732.7 16013.0 1134.6
soybeans 554.0 6.8 41065.7 47972.7 12667.0 535.8
soymeal 109.0 8.9 6111.4 5647.7 3538.3 149.4
soyoil 17.9 0.0 324.1 552.2 142.0 1.4
upland cotton 193.9 93.2 10776.4 8375.1 7540.0 1237.1
pima cotton 5.5 0.0 474.2 421.6 300.5 35.4
sorghum 61.9 0.0 4410.7 3034.5 2620.6 0.0
barley 0.0 0.0 36.5 16.6 16.5 7.1
rice 46.6 0.0 1660.0 1895.0 628.5 0.0

DJ CBOT Delivery Intentions: Totals – Jan 5
Source: CME Group
Contract Quantity Next Trade
Commodity Month Delivery Day Assigned Today Date Available
SOYBEAN MEAL January Jan. 08, 2018 298 Jan 04, 2018
ROUGH RICE January Jan. 08, 2018 10 Dec 29, 2017
ETHANOL January Jan. 08, 2018 59 Dec 26, 2017
SOYBEAN January Jan. 08, 2018 21 Dec 27, 2017

DJ U.S. November Grain Imports-Jan 5
In kilograms, from the U.S. Commerce Department, converted to
pounds by Dow Jones.
—-Nov 2017—- —-Oct 2017—-
kilograms pounds kilograms pounds
durum wheat 806,176 1,777,618 237,890 524,547
spring wheat 11,266,412 24,842,438 13,548,808 29,875,122
winter wheat 32,481,669 71,622,080 6,605,512 14,565,154
wheat/meslin 5,847,320 12,893,341 66,848,570 147,401,097
TOTAL WHEAT 50,401,577 111,135,477 87,240,780 192,365,920
barley 7,982,992 17,602,497 4,819,979 10,628,054
oats 264,714 583,694 354,062 780,707
corn 42,213,369 93,080,479 56,570,495 124,737,941
other corn 11,944,947 26,338,608 25,676,119 56,615,842
TOTAL CORN 54,158,316 119,419,087 82,246,614 181,353,784

DJ U.S. Nov Soymeal, Vegetable Oils/Oilseed Imports-Jan 5
In kilograms from the U.S. Commerce Department, converted to pounds
by Dow Jones.
—-Nov 2017—- —-Oct 2017—-
kilograms pounds kilograms pounds
coconut oil 43,546,305 96,019,603 29,445,917 64,928,247
palm kernel oil 47,731,132 105,247,146 41,982,368 92,571,121
palm oil 99,768,602 219,989,767 140,905,581 310,696,806
soybean 24,022,078 52,968,682 72,537,555 159,945,309
soy meal 0 0 0 0
soy oil 10,026,884 22,109,279 14,621,492 32,240,390
rapeseed oil
edible 169,662,087 374,104,902 187,246,309 412,878,111
rapeseed oil,
inedible 3,000 6,615 0 0

DJ U.S. November Grain Exports-Jan 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 ——-
Nov 17 Oct 17 Sep 17 Nov 16(*)
Barley 3,605,428 2,795,000 1,548,574 3,956,224
Corn /1 2,594,626,000 2,725,164,000 3,520,919,000 3,997,566,000
Sorghum 637,792,000 186,409,000 302,236,000 502,511,000
Oats 2,633,243 2,930,962 3,739,781 2,406,237
Rye 101,000 58,958 448,500 0
Wheat /1 1,397,094,442 1,393,670,244 2,352,374,177 1,866,199,147
wheat flour /1 16,732,702 13,536,200 17,836,951 34,695,857
Malt 38,306,618 46,443,975 37,231,274 28,986,100
——- In Bushels, CWT or Pounds ——-
Nov 17 Oct 17 Sep 17 Nov 16(*)
Barley 165,594 128,372 71,125 181,706
Corn /1 102,144,865 107,283,867 138,611,036 157,375,607
Sorghum 25,108,504 7,338,523 11,898,384 19,782,781
Oats 181,414 201,925 257,648 165,775
Rye 3,976 2,321 17,656 0
Wheat /1 51,333,906 51,208,090 86,434,068 68,570,377
wheat flour /1 368,893 298,422 393,238 764,913
Malt 84,451,651 102,391,455 82,080,923 63,903,423
1/Includes commercial and donated.

DJ U.S. Oilseed, Meal, Oils/Fats Exports-Jan 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 ——-
Nov 17 Oct 17 Sep 17 Nov 16(*)
soybeans 9,032,416,013 9,441,364,074 4,640,613,046 10,299,196,981
soyoil 59,877,675 96,520,529 59,087,159 107,365,882
crude 41,848,689 80,314,562 41,906,929 90,247,740
refined 208,519 85,525 162,186 217,251
other/1 17,618,312 15,854,739 16,837,625 16,556,960
hydrogenated 202,155 265,703 180,419 343,931
cottonseed oil 3,709,126 3,608,013 2,388,010 7,225,449
crude 97,344 263,836 153,818 89,112
refined 2,746,100 1,208,053 366,940 2,504,817
other/1 865,682 2,056,144 1,847,330 4,543,195
hydrogenated 0 79,980 19,922 88,325
sunseeds 162,836 218,444 0 102,462
sunseed oil 2,444,900 3,233,105 2,978,611 1,723,372
rapeseed 26,042,999 11,677,280 9,868,666 15,657,229
rapeseed oil 8,593,882 9,581,704 10,283,373 21,305,367
crude 1,866,587 4,479,614 4,462,159 13,125,835
refined 6,727,295 5,102,090 5,821,214 8,179,532
linseed meal 220,593 218,220 251,939 589,471
cottonseed meal 5,261,215 8,940,477 12,785,977 7,931,033
soymeal 805,972,547 600,583,832 492,505,091 666,571,022
soymeal/flour 195,890,936 99,455,988 126,265,626 246,531,532
soymeal hulls 10,000,000 9,537,000 5,179,000 3,444,000
lard 1,876,203 1,252,680 1,464,977 1,741,847
edible tallow 11,464,248 4,712,478 3,833,346 9,708,423
inedible tallow 23,106,613 26,290,511 26,573,701 31,201,083
ch white grease 341,350 14,257 0 17,896
——- In Bushels, Pounds or Short Tons ——-
Nov 17 Oct 17 Sep 17 Nov 16(*)
soybeans 331,881,069 346,907,184 170,511,590 378,426,824
soyoil 132,007,699 212,791,378 130,264,910 236,701,293
crude 92,260,582 177,063,331 92,388,980 198,962,243
refined 459,706 188,550 357,559 478,957
other/1 38,841,736 34,953,722 37,120,615 36,501,855
hydrogenated 445,676 585,775 397,756 758,238
cottonseed oil 8,177,224 7,954,308 5,264,662 15,929,391
crude 214,607 581,659 339,111 196,458
refined 6,054,115 2,663,301 808,964 5,522,177
other/1 1,908,502 4,533,022 4,072,666 10,016,032
hydrogenated 0 176,326 43,920 194,723
sunseeds 358,992 481,587 0 225,890
sunseed oil 5,390,083 7,127,778 6,566,714 3,799,386
rapeseed 57,414,995 25,744,000 21,756,688 34,518,287
rapeseed oil 18,946,270 21,124,045 22,670,961 46,970,302
crude 4,115,121 9,875,860 9,837,378 28,937,518
refined 14,831,149 11,248,185 12,833,582 18,032,784
linseed meal 243 241 278 650
cottonseed meal 5,799 9,855 14,094 8,742
soymeal 888,424 662,024 542,888 734,761
soymeal flour/me 215,931 109,630 139,183 271,752
soymeal hulls 11,023 10,513 5,709 3,796
lard 4,136,320 2,761,687 3,229,722 3,840,116
edible tallow 25,274,345 10,389,237 8,451,083 21,403,413
inedible tallow 50,941,370 57,960,665 58,584,992 68,786,625
ch white grease 752,548 31,431 0 39,454

WHEAT
General Comments: US markets closed mixed yesterday, with Minneapolis closing higher and the other markets slightly lower. The reports of very cold temperatures in the Great Plains will start to fade as temperatures are about to turn warmer in the western areas that were hardest hit by the cold and lack of snow cover. The cold has likely damaged some crops in the Great Plains, and mostly in Kansas. It also remains dry in most of the Great Plains. The crops in the region are not well established, and the cold has come with little snow cover to protect the crops. Less concern is heard about Midwest crops. It has been just as cold, but the crops should be in better condition due to some snow. The daily charts show that Winter Wheat trends are turning up. The weekly charts show that winter wheat price trends are sideways. The market is also noting dry conditions in western Kansas and other parts of the western Great Plains and the La Nina Winter weather forecast. In fact, a drought has developed in the region and could become serious. The crop has not established itself well due to the dry weather.
Overnight News: The southern Great Plains should get mostly dry weather. Temperatures should trend to above normal. Northern areas should see mostly dry weather, but light precipitation is possible on Saturday. Temperatures should be below normal. The Canadian Prairies should see mostly dry weather. Temperatures should average much below normal in the east and above normal in the west.
Chart Analysis: Trends in Chicago are mixed to up with objectives of 462 and 486 March. Support is at 428, 424, and 421 March, with resistance at 437, 443, and 445 March. Trends in Kansas City are up with objectives of 446, 462, and 464 March. Support is at 436, 424, and 418 March, with resistance at 442, 451, and 486 March. Trends in Minneapolis are mixed. Support is at 617, 613, and 611 March, and resistance is at 632, 646, and 651 March.

RICE
General Comments: Rice prices closed higher after initially pushing lower once again. The recovery was strong, but came at the end of the day and took just a few minutes to complete as there was no selling interest seen. Futures gave back part of the gains late, but the overall move was impressive and implied that the correction down had run its course. The cash market remains rather quiet so a further move lower is possible. Futures market fundamentals have not really changed, but traders are leaving the market as the open interest has been dropping. The situation for Rice remains somewhat bullish at this time. Mercosur countries have had less to offer, and the US has benefitted from the reduced competition. Futures remain undervalued in relationship to the US domestic cash market, but domestic cash markets are reported quiet.
Overnight News: The Delta should get mostly dry weather, but light rain is expected on Sunday. Temperatures should be below too much below normal.
Chart Analysis: Trends are down with objectives of 1142 and 1134 March. Support is at 1161, 1152, and 1140 March, with resistance at 1180, 1192, and 1195 March.

CORN AND OATS
General Comments: Corn closed near unchanged and chart trends appear to be turning up on the daily charts. Initial price weakness found buying interest later in the session as the US Dollar Index turned lower. There are hopes for increased Corn demand from the export market due to cheap prices, and ethanol demand remains good. However, ethanol production dropped to 1.032 million barrels per day last week, down 1.1% from last year and down from the previous week by 58,000 barrels per day. Ethanol stocks were up to 22.619 million barrels. Ideas are that the current cold weather can create additional feed demand as more feed is needed for weight gain in the extreme cold and as some Winter Wheat in the region was lost due to Winterkill. The trade continues to monitor the dry weather in southern Brazil and Argentina. Forecasts for this week are mostly hot and dry. Some crop losses are increasingly possible and the La Nina conditions imply short soil moisture conditions for most of the growing season. Planting is late this year due to the dry weather, but has been rapid in the last couple of weeks. The funds remain short the market and could cover part of this position in the next week or so. Farmers are not selling much Corn even in the last part of the harvest due to weak basis and futures price levels
Overnight News:
Chart Analysis: Trends in Corn are mixed. Support is at 351, 349, and 346 December, and resistance is at 354, 360, and 361 March. Trends in Oats are mixed. Support is at 239, 236, and 233 March, and resistance is at 247, 253, and 257 March.

SOYBEANS AND PRODUCTS
General Comments: Soybeans and Soybean Oil were slightly lower, but Soybean Meal closed a little higher. Prices did not react much to the US Dollar weakness. Speculative short covering and ideas that Soybeans production in southern Brazil and Argentina are still suffering from dry weather are the main features of the market. Speculators remain very short in Soybeans and Soybean Meal and are trying to reduce these positions. It has been hot and dry in southern Brazil and Argentina areas, and forecasts for this week call for drier and hotter conditions again. US prices are now cheap enough that China is buying much more from the US, and it might continue to buy depending on the growing conditions the rest of the year in southern South America. Brazil has been able to capture more business that otherwise would have gone to the US due to the huge crop last year. However, US Soybeans are very well priced right now and demand news over the last couple of weeks has improved. Soybean Oil is expecting to see increased demand as the tariffs on imports from Argentina and Indonesia for vegetable oils and bio fuels becomes effective. Higher petroleum prices are also a support factor with all of the political problems in Venezuela and now Iran.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed. Support is at 963, 959, and 955 March, and resistance is at 970, 976, and 979 March. Trends in Soybean Meal are mixed. Support is at 316.00, 315.00, and 312.00 March, and resistance is at 322.00, 326.00, and 328.00 March. Trends in Soybean Oil are mixed to up with objectives of 3500 and 3640 March. Support is at 3360, 3330, and 3300 March, with resistance at 3400, 3430, and 3450 March.

CANOLA AND PALM OIL
General Comments: Canola was higher again yesterday as the market watches Brazil and as vegetable oils worldwide are showing price strength. Speculators were the best buyers. Canola rallied on the ongoing dryer than normal weather in Argentina and southern Brazil that might hurt yields and production potential in affected areas. It remains very cold in the Prairies and farmers are not willing sellers. Farmers are storing crops now as the harvest is over and as they wait for higher prices, but elevators and crusher appear to have good supplies right now. Palm Oil was a little higher as the market anticipates strong export news from the private sources. The market has been strong recently due to good export demand. Speculators appeared to be the best buyers as chart trends turned up. Recent export data from the private surveyors showed that exports were above month ago levels for the first time in several months. Ideas are that production could be as strong as in any month in the last couple of years. There is a lot of talk that supplies are more than adequate for demand.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with objectives of 485.00 March. Support is at 490.00, 485.00, and 484.00 January, with resistance at 500.00, 502.00, and 507.00 January. Trends in Palm Oil are up with objectives of 2690 and 2830 March. Support is at 2550, 2510, and 2490 March, with resistance at 2610, 2630, and 2650 March.

Midwest Weather Forecast: Very cold with some chances for Snow from Thursday to Sunday Warm and wet next week..

US Gulf Cash Basis
Corn HRW SRW Soybeans Soybean Meal Soybean Oil
January 43 March 230 March 55 March 54 March minus 9 Jan
February 43 March 50 March 38 March
March 43 March 54 March 36 March
All basis levels are positive unless noted as negative

Brazil Premiums Soybeans Soybean Meal Soybean Oil Corn
Paraguay Paraguay Paraguay Paraguay
January
February 80 March minus 16 March
March 68 May minus 17 March
All basis levels are positive unless noted as negative

DJ Correct: ICE Canada Cash Grain Close – Jan 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 476.60 up 3.80
Basis: Thunder Bay
1 Can 508.90 up 3.30
2 Can 495.90 up 3.30
Basis: Vancouver
1 Can 524.90 up 4.30
2 Can 511.90 up 4.30
FEED WHEAT
Lethbridge 221.00 unchanged
WESTERN BARLEY
Lethbridge 222.00 unchanged
All prices in Canadian dollars per metric ton.
*Quote for previous day
Source: Commodity News Service Canada (cnscanada@shaw.ca, or
204-414-9084)

DJ Malaysian PM Cash Market Prices for Palm Oil – January 5
The following are prices for Malaysian palm oil in the cash market at 1000 GMT Friday, 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
Jan 657.50 00.00 Unquoted – –
Feb 665.00 00.00 Unquoted – –
Mar 670.00 00.00 Unquoted – –
Apr/May/Jun 675.00 00.00 Unquoted – –
Jul/Aug/Sep 667.50 00.00 Unquoted – –
RBD palm olein, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 660.00 00.00 Unquoted – –
Feb 667.50 00.00 Unquoted – –
Mar 672.50 00.00 Unquoted – –
Apr/May/Jun 677.50 00.00 Unquoted – –
Jul/Aug/Sep 670.00 00.00 Unquoted – –
RBD palm stearin, FOB, Malaysian ports
Offer Change Bid Change Traded
Jan 660.00 00.00 Unquoted – –
Palm Fatty Acid Distillate, FOB Malaysian ports
Offer Change Bid Change Traded
Jan 630.00 +02.50 Unquoted – –
Crude palm oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 2,550 -10.00 Unquoted – –
Palm kernel oil, Delivered Basis, South Malaysia
Offer Change Bid Change Traded
Jan 315.00 +04.00 Unquoted – –
($1=MYR3.9930)

DJ China Dalian Grain Futures Closing Prices, Volume – Jan 05
Soybean No. 1
Turnover: 174,814 lots, or 6.41 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 3,070 3,075 3,046 3,070 3,061 3,059 -2 750 6,260
Mar-18 3,133 3,146 3,129 3,141 3,133 3,138 5 2,026 11,198
May-18 3,670 3,700 3,658 3,672 3,656 3,676 20 167,556 235,366
Jul-18 3,691 3,691 3,691 3,691 3,681 3,691 10 2 4
Sep-18 3,725 3,751 3,716 3,726 3,715 3,732 17 4,276 15,122
Nov-18 – – – 3,738 3,738 3,738 0 0 4
Jan-19 3,811 3,832 3,800 3,806 3,799 3,817 18 188 1,318
Mar-19 3,910 3,910 3,808 3,808 3,789 3,859 70 4 6
May-19 3,917 3,917 3,888 3,899 3,882 3,903 21 12 72
Corn
Turnover: 421,024 lots, or 7.79 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 1,815 1,848 1,815 1,840 1,805 1,837 32 1,348 6,978
Mar-18 1,809 1,850 1,803 1,838 1,799 1,825 26 8,600 16,232
May-18 1,850 1,861 1,848 1,853 1,844 1,855 11 380,146 1,087,562
Jul-18 1,844 1,852 1,844 1,848 1,835 1,848 13 354 932
Sep-18 1,813 1,818 1,811 1,812 1,808 1,814 6 30,122 270,352
Nov-18 1,810 1,815 1,810 1,810 1,806 1,810 4 454 774
Soymeal
Turnover: 903,804 lots, or 25.01 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 2,820 2,820 2,820 2,820 2,810 2,820 10 4 1,006
Mar-18 2,827 2,837 2,807 2,822 2,826 2,827 1 12,972 4,908
May-18 2,767 2,780 2,750 2,775 2,767 2,766 -1 789,018 2,007,274
Jul-18 2,784 2,786 2,764 2,777 2,773 2,775 2 36 694
Aug-18 2,765 2,769 2,760 2,760 2,758 2,764 6 6 136
Sep-18 2,769 2,774 2,751 2,771 2,767 2,764 -3 101,640 341,586
Nov-18 2,777 2,777 2,760 2,773 2,774 2,767 -7 110 634
Dec-18 2,659 2,789 2,659 2,770 2,767 2,722 -45 18 18
Palm Oil
Turnover: 245,576 lots, or 13.17 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 5,156 5,190 5,148 5,180 5,158 5,178 20 1,824 3,524
Feb-18 5,212 5,212 5,212 5,212 5,242 5,212 -30 2 6
Mar-18 – – – 5,284 5,284 5,284 0 0 2
Apr-18 5,372 5,372 5,348 5,348 5,322 5,360 38 16 20
May-18 5,342 5,392 5,336 5,362 5,362 5,362 0 229,936 472,518
Jun-18 – – – 5,396 5,396 5,396 0 0 8
Jul-18 – – – 5,316 5,316 5,316 0 0 0
Aug-18 – – – 5,332 5,332 5,332 0 0 2
Sep-18 5,370 5,410 5,362 5,380 5,386 5,386 0 13,798 62,360
Oct-18 – – – 5,324 5,324 5,324 0 0 0
Nov-18 – – – 5,366 5,366 5,366 0 0 10
Dec-18 – – – 5,418 5,418 5,418 0 0 0
Soybean Oil
Turnover: 307,242 lots, or 17.92 billion yuan
Open High Low Close Prev. Settle Ch. Vol Open
Settle Interest
Jan-18 5,408 5,492 5,408 5,440 5,404 5,478 74 1,052 5,020
Mar-18 5,526 5,550 5,506 5,550 5,536 5,538 2 52 50
May-18 5,806 5,850 5,788 5,824 5,804 5,818 14 275,408 831,646
Jul-18 – – – 5,780 5,768 5,780 12 0 6
Aug-18 5,928 5,928 5,928 5,928 5,902 5,928 26 2 10
Sep-18 5,948 5,990 5,932 5,958 5,952 5,960 8 30,728 80,676
Nov-18 – – – 6,016 6,016 6,016 0 0 10
Dec-18 – – – 5,936 5,930 5,936 6 0 0
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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Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

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. ©2018

Questions? Ask Jack Scoville today at 312-264-4322         A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in futures can involve substantial risk of loss & is not suitable for everyone. Trading foreign exchange also involves a high degree of risk. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses. 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. ©2018