RCM Ag Services

Tag: Lumber

29 Sep 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The market has a firmer tone to it

Weekly Recap:

The market has a firmer tone to it. Both cash and futures found support last week. Cash still struggles to find support for all items. That keeps the marketplace on edge. History tells us that distressed items like OSB or SYP will limit any spruce move. The difference this time is the fact that the market is firming on its own. Rumors help the futures market, but actual business supports cash. Bringing it back to futures, November was up $26 for the week with a Friday spike to $600. We spent the last 5 months looking for the catalyst to push prices higher. We go into next week looking for data to push it lower. That’s a good thing. It feels like a few years ago when the conversation centered on the price of production, with 1.3 starts and closures. It added up to the $620 futures number. Unforeseen was the drastic drop in all Chinese imports and the oversupply of OSB. All that has now been factored in. The question now becomes whether $620 futures and $508 cash are the magic numbers? We are not out of the woods, but the industry has become permabears. We saw that at the beginning of the summer, only to see November futures hit $712 on August 1st. “Hedge the premium and hope you lose money.”

The futures dynamics are returning to normal as the fund’s short positions start to dominate the open interest. The industry remains heavily long. This year, the industry has stayed in sync, while the funds have not. Spreaders are eager on this one, but history shows the industry often rolls longs to match the funds rolling shorts. This one isn’t an easy win.

Technical:

The outlook for the upcoming week is based on an if/then projection strategy. The 21-day moving average crossed above the 13-day on Friday. If that trend holds, the next target is the 38% retracement of 617.20. From there, we’ll consider 635.00 and beyond. The same pattern played out during the last two rallies. Positive fundamental data over the next few weeks will gradually develop; for now, it’s all about the technicals.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
22 Sep 2025
Agriculture, CME, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The market sold off over $30 last week on very light volume

Weekly Recap:

The market sold off over $30 last week on very light volume. The futures market is being pulled toward the cash price with help from the funds and algorithms. The low volume could signal a bottom forming. Bottoms take time, and new lows are often made before it happens. The industry is searching for reasons for improvement, which is slowing any selling when hedging should be in place. This keeps focus on their cash and not futures for help.

The funds added another 538, totaling 3, 3847. When the funds go short, the spread becomes defined, and that excites speculators. The chatter from now until October 15th will revolve around the spread. Usually, at this time of year, I expect the spread to move $10 while futures rally $50. But as they say, ” when in Rome….

“We heard from builder Lennar last week and will get more updates soon. I’m not revealing anything new; builders are pulling back, waiting for a shift in the rate environment. This is somewhat positive. Less building means less supply. I included a mortgage chart below. We saw a 6.19% rate last week before it climbed again on Friday. I’ve mentioned the yield curve dynamics before. The rate increase on Friday is concerning, but the trend has shifted. Will this change manifest at the desired pace? Probably not, but you can’t expect more lows if the trend has shifted. Rates are key. It might be time to break below 6%. You can cut production, but that might only lead to new lows. Conversely, a slight demand increase could generate momentum.

The biggest hurdle in our industry is the potential rise in unemployment. The latest claims figures and revisions from the previous week show a stable unemployment rate, which is a relief. Two reasons support steady employment: first, the substantial amount of capital injected into the system, which has not yet been spent; and second, the BBB, which will add capital. Both factors will keep corporate profits high and employment steady. While this isn’t positive for housing, it does ease one major headwind.

The funds added another 538 to 3847. When the funds get short, the spread has a definition, and that gets the specs fired up. The chatter from now until Oct 15th will be about the spread. At this time of year, I would bet that the spread moves $10 while the futures rally $50. But when in Rome….

We saw builder Lennar’s earnings last week and will hear more in the next few weeks. I’m not telling you anything you have not been told already. The builders are pulling back, waiting for the rate dynamic to change. That is mildly friendly. Build less and you see less. I included a mortgage chart below. We did see a 6.19% number last week before it turned back up on Friday. I have mentioned the yield curve dynamics in the past. The turn up of rates on Friday is troubling, but the worm has changed. Will that change show up at the pace we want? No, but you can’t look for more lows if things have changed. Rates are the key. It could be a time for a break of 6%. You can cut all the production you want, only to see new lows. On the other hand, only a slight demand increase will create momentum.

The biggest headwind in our industry is a possible bump in unemployment. The last claims number and the revision of the previous week show a flat unemployment environment. That was a relief. There are two reasons for steady employment. The first is the extraordinary amount of capital that was pushed into the system. It hasn’t all been spent yet. The other is the BBB. It will add capital to the system. Both will keep corporate profits higher and employment flat. That’s not a positive for housing, but eases one headwind.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

Brian Leonard
bleonard@rcmam.com
312-761-263
16 Sep 2025
Agriculture, CME, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: “If you got long each time a rumor was sent out, you would have been buying the highs and exiting on a new low.”

The Lumber Market:

“If you got long each time a rumor was sent out, you would have been buying the highs and exiting on a new low.” What a great observation. The news that a mill would operate for 4 days and curtail production sent the futures market sharply higher on Friday. To put things in perspective, considering all the positive spins last week, the November futures closed down $1.50. Today, closing or curbing production is an extreme move. It comes after the mills fill up the K-Mart parking lots, expand the vendor management programs, and establish unorthodox reload programs. In other words, when they have too much wood. This process is a slow chipping away of the excesses. I’ll be the first one to claim being way too early in the call for par. I’m worried demand is slipping, making the decreases a wash.

Another silent market killer is the fact that JIT has changed dramatically. There isn’t a day that the cash guys aren’t in the market. They continue to build long-term inventories, which is the opposite of JIT. The disciplined cash buyer has been the employee of the year for the last two years. When they buy it is at lower levels. That needs to change for the market to shift.

The rate cut will help the psychology of the market. It will be positive at some point in the months to come. For today, the industry wants a rally to hedge. The funds adding shorts can help with a pop. 

The Technical Read:

The biggest takeaway and risk I see today via the technical read is that November futures were at $712.00 on August 1st. We talked about how futures were at $418 in July of 2024. Well, August 1st. was only 30 sessions ago. That is a $200 swing in a flat market. There is no clever way to project the market. The simple answer is buying the discounts or selling premiums in futures, and then you turn off the emails. Today, the technical read is trying to indicate a slow bottom forming. We have been here before, only to see a sharp spike followed by new lows.

Under a 200-plus swing environment, there is no reason not to buy the cash items you need that are hitting new lows. There is no reason not to hedge at a significant premium. This is no longer a blocking and tackling drill. It is full pads, two-a-days. It’s all about discipline. It’s all about market parameters. It’s all about the plan.

Note: We were looking for a catastrophic September close. What if it spikes?

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

 

Brian Leonard

bleonard@rcmam.com

312-761-263

08 Sep 2025
Agriculture, CME, Futures, Hedging, Housing, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: You need to go back a year to find futures prices this low

The Lumber Market:

You need to go back a year to find futures prices this low. That makes the next move either a return to previous lows or a bounce to a sustainable level. This isn’t a ‘could go lower’ or ‘could go higher’ statement. It’s a warning shot that the next lower targets are significantly lower if the reduced supply doesn’t support prices. There remains a wall of concern about economic issues that could hurt housing in the future. I’ve been hoping for a lower supply for two years now to offset this, but nothing has changed. All the run-ups have been driven by speculation. The market has never been short on optimism. The main issue with all this is that our industry, like the Fed, is data-driven, and that data lags. Economic data comes after the fact. I’m hoping that’s not the case today.
Once September expires, the industry will focus closely on the November contract, looking for any signs of increasing value. If demand stays the same, shrinking production will start to tighten the market. This process must be gradual enough for the industry to accept higher prices. Rumor or announcement rallies rarely last, and their aftermath often results in prices lower than needed. I believe lumber, as a commodity, is very efficient at price discovery and will, given enough time, settle near its true value. Today, however, we’re pushing it too high or too low based on nothing. Speculators love this, but it’s tough on the industry.

 

The Technical Read:

The factual data is that the last low was in July 2024 at 418.50, and the next low was in January 2023 at 352.50. That is the major worry. The minor read is a weekly gap from 499.50 to 493.00. The next down leg is to the trendline at 466.01. This market has always reduced its confidence level to zero and saw prices go well below value. That is a real fear today. I drove by a lumber yard in Mokena, Illinois, that was packed, and a few unloaded cars were still sitting idle. The only thing I could think of was that I hope it was hedged. My point being that we are focusing on the reduction in production while a shit load of wood is sitting in the US. The result of that focus has been lower prices, still heading lower.

Enough gloom and doom. The production side of the industry has been working very hard to find a breakeven level that carries through the spikes and valleys. The gap mentioned above, from 499.50 to 493.00, is probably a good value level on paper. There has been enough supply reduction to warrant a better cash price. Sub $500 (futures) is cheap. We still need the marketplace to adapt to levels that will be sustainable during economic uncertainty; it takes time.

The funds are getting short again. I’m not sure if that is good news or not.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

 

 

Brian Leonard

bleonard@rcmam.com

312-761-263

02 Sep 2025
Agriculture, CME, Education, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: I have to start with the chart. It helps to clarify the argument that the mills’ added variable costs are of little relevance to the market

The Lumber Market:

I have to start with the chart. It helps to clarify the argument that the mills’ added variable costs are of little relevance to the market. That said, it did cause waves. The market bottomed in July of 2024 after Biden dropped out. It rallied up until the tariffs were put on hold, fell, and then rebounded into the duties. The argument today states that the flat demand warrants the market to test the low again. After Friday’s disappointing trade, it could be possible. Outside influences have moved the market higher since July 2024. We could return to the mean, but that is unlikely. What is likely is a 61% retracement of the move back to $525. That is based on the Sept contract. The cash market has not found a foothold yet. A $20 break in futures is nothing. Market indicators:

We remain a very efficient supply and demand market. Outside variables, while catching some momentum, do not change dynamics. Today, we have a macro issue. Stocks are too high for the pending increase in unemployment. Regional decreases in building activity can’t be picked up. And the last issue, and maybe the most important, is that a home is not affordable today. We keep putting lipstick on a pig, but housing is not affordable.

Note:

I like to mention the retirement of an outstanding person once in a while. Today I want to offer my congratulations to Jack Stevenson. We go back to the Tim Stock days. He finished up with USLBM. Great character and great market knowledge! Enjoy!!

Daily Bulletin:
Southern Yellow Pine:
The Commitment of Traders:
About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.
Brian Leonard 

bleonard@rcmam.com
312-761-263
25 Aug 2025
Agriculture, CME, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The feature last week was the fact that the futures market made a new low at a time when there was a massive round of short covering

The Lumber Market:

The feature last week was the fact that the futures market made a new low at a time when there was a massive round of short covering. That should have at least kept the market flat and at most rallied it sharply. By Thursday, the mills were in full panic mode and looking for orders. That brought in the noise of the week, with the conversation focused on a 15% tariff on Europe, 232, and a mill shutting down. By Friday, the industry saw a sharply lower print as the Fed, I mean Random, dealt with faulty data. September futures ended the week after all that excitement $7 lower. The noise on Thursday did chase some newly positioned shorts out.

The Commitment of Traders report again showed a steep drop in industry shorts. It also saw a sharp drop in fund longs. At 7000 open interest, the market is fully balanced. There had been a shift out of the short side for the funds, but the long side never picked up much. The funds, in general, are maintaining a very soft position in lumber.

It looks like Carney fell into line with the US, ending many of the added tariffs he imposed. We heard about the shift on Friday. This, like everything else we hear, lacks substance. I’m still in the camp that the smart people in the room want to end all of the duty and tariff drags and end up with a number.

Finally, the majority of economists out there are taking some of Powell’s delivery from his speech as meaning that there will be a cut in September. Nothing has changed. There are a couple of inflation reports coming out before the next Fed meeting. They will be inflationary. The Jobs report has to be weak. That said, a reduction in short-term rates does not immediately affect long-term rates. A quarter point in September will have little impact on the mortgage rates. The second cut will.

Technical:

September made a new low for the week and then rallied. At 17% RSI and low open interest, this was expected. When you throw in outside noise, the industry now turns hypervigilant. It no longer matters whether the news is correct or not; it only matters how the trade reacts. I do not use short-term moving averages very often because we are an all-in or all-out market. All in hedging all out rumors. This are no support or resistance points, per se.

The takeaway from the technical side is that if futures take out the lows of 588.00 this week, there is a fundamental problem much bigger than the economists and experts think. I don’t see it, but I have been wrong before.

Daily Bulletin:
Southern Yellow Pine:
The Commitment of Traders:
About the Leonard Report:
The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.
Brian Leonard

bleonard@rcmam.com
312-761-263
18 Aug 2025
Agriculture, CME, Education, Futures, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The feature of the week was the extreme down move between Monday and Wednesday

The Lumber Market:

The feature of the week was the extreme down move between Monday and Wednesday. Sept futures dropped almost $46 in three days. At the same time, the open interest was rapidly decreasing. It was all liquidation. The longs were selling, the algo was selling, and the industry was buying their shorts back. The algo doesn’t accumulate a position, so it was all sides of the trade exiting. The Commitment of Traders report showed a sharp drop in the industry shorts. After nine sessions of selling, futures caught a breather on Thursday and returned to the sedate mode on Friday. At this point, the market needs a macro look now that most of the noise is behind us. The following points are key:

It’s a tough call here. A bit of good news can pop the market, while no news erodes your inventory value. The data is neutral. I would look for a general pickup in demand or at least building going into the fourth quarter, but this outside noise never ends. Selling your cash is the best trade.

Technical:

The September futures have corrected 85% of the move. The majority of the time, if it goes 61% it goes 100%. That puts the 594.50 low as an objective. Now most are out of shorts already, so there won’t be a large volume to buy from here down. That makes least resistance down. The one caveat is that the RSI is only 20%. It needs a better correction.

Note:

Tuesday:

Starts 1.30 down from 1.32

Permits 1.39 down from 1.4

Friday: Existing a smidge higher…. more inventory, more sales.

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:

The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

Brian Leonard

bleonard@rcmam.com

312-761-263

11 Aug 2025
Agriculture, CME, Futures, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: “Canadian producers get bailed out.”

The Lumber Market:

“Canadian producers get bailed out.” That should be the feature of the week. It nullified the reason for the upside premium futures were carrying by eliminating the shutdown risk. It also brought to light the amount of extra wood that is out there. Now I will say the industry has done a good job hedging it. The commercial shorts jumped 1088 last week to 7227. There was more added from Tuesday on. We could be sitting at 1800 to 2000 cars hedged today. That’s high. It also will limit the downside at some point. Those hedges take the cash wood off the market. Theoretically, once futures close into par levels those hedges will unwind.

This week we will see a different trade focus. After losing $43 in futures last week, we will start to look for either bottoming indicators or a flush. I would have bet last Monday that neither would have been in today’s comments. The problem with this run up has been all speculative at a time when OSB and SYP could find support. This week we have to look at the macro market for the next move. I’m just not seeing the appetite to add to the pile. We expected a two- or three-week downturn going into fall. That could have just started.

The mills have looked to print to cover the duties, any tariffs with an added profit on top. With the current demand, I’m not sure print can continue to be so far off. The question becomes if the market makes them give it back?

Technical:

The chart pattern is closing in on a trendline, the 200-day moving average and a gap. With a 31% RSI, I can’t look for this to act as any real support. A flush is defined as “emptying something out.” That is how the lumber market recalibrates itself, which never gives the common trader a chance to participate. The major support area is 620.10. That is the flush. Without outside help it will be tough to get there.

What could be changing is… The spread normally goes out towards expiration as the longs are the ones exiting. With the now large number of shorts, we have to watch how that liquidates. If we are sitting on September 1st with heavy open interest, the front spread may actually go in.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:

The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

Brian Leonard

bleonard@rcmam.com

312-761-263

04 Aug 2025
Agriculture, CME, Futures, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: IT IS 2 DOWN AND 1 TO GO

The Lumber Market:

It is 2 down and 1 to go. With the ADD and tariff day now out of the way all we have to contend with is the CVD at the end of the week. After that we have to live with a weakening jobs outlook and steady inflation. Prices won’t stay up here once the news cycle is over. There is no economic value up here. We are up here because of the risk of a major supply disruption. That is still a feature, but the timing seems to be further out. In the short run mills are coming back online after the summer shutdowns. The bottom line is that no one expected business to be this slow at this point. The market will need to correct after all the noise lets up. What announcements that come out could temper that sell off.

The mills do not have files. Why they wouldn’t sell the futures market at a good profit will always be a wonder. The industry does have inventory but that is slowly getting hedged. The one up factor in the market is that the funds are adding to their long position.

Technical:

It took until last Friday to finally close the gap in September. We talked about the gap back in early May. Things are back to slow and rough. It will now take a few years to get that new truck. This has been a perfect stair step higher market. It takes time and suffers setbacks. Presently there are no technical sign to call the cycle over. It does call for a correction. Momentum still points to hitting or taking out the high of 714.50.

Here is the trader’s fact sheet.

***Lock in the substantial profits offered and tell treasury to make the margin calls.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:

The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

Brian Leonard

bleonard@rcmam.com

312-761-263

28 Jul 2025
Agriculture, CME, Futures, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, Weekly Prices rcmagserv 0 comment

THE LEONARD LUMBER REPORT: The lumber industry is very efficient

The Lumber Market:

The lumber industry is very efficient. Supply can be added or reduce in days or weeks. That is why it is so difficult to gauge a supply driven market in lumber. The good news is that the cycles have definition. At the beginning of the year, it was a panic element throughout the industry with the pending duties and a tariff. The current rally is driven by a possible supply disruption. The next phases of the cycle are:

In these circumstances the market historically fails because of market efficiencies. It finds enough wood because demand is flat. I would caution anyone who believes the market is going back to the lows on this one. We’ve been saying for a few years that value is somewhat higher than the norm.

The duty numbers run from 10% to 35%. Today we heard the deal with European will add 15% to their costs. Prices are going up. The issue in futures is continuing to hold a $50 or more premium you may have to be in the $700’s by Friday. I’m not seeing the appetite to run it up. We did see a big increase in the industry shorts last week. Having less wood sitting at the mills and industry inventories hedged are bullish dynamics.

Technical:

The futures market consistently traded near $675. This is an established value area. What has been a significant red flag is the fact that with some much-forced price appreciation in front of us we continue to fail closing the gap. Each day we expect that area to find trading only to see the futures market take 10 minutes just to open. The lack of “volatility created” will be a factor in any run. That’s why you hedge.

 

Daily Bulletin:

https://www.cmegroup.com/daily_bulletin/current/Section23_Lumber_Options.pdf

Southern Yellow Pine:

https://www.cmegroup.com/markets/agriculture/lumber-and-softs/southern-yellow-pine.volume.html

The Commitment of Traders:

https://www.cftc.gov/dea/futures/other_lf.htm

About the Leonard Report:

The Leonard Lumber Report is a column that focuses on the lumber futures market’s highs and lows and everything else in between. Our very own, Brian Leonard, risk analyst, will provide weekly commentary on the industry’s wood product sectors.

Brian Leonard

bleonard@rcmam.com

312-761-263

Disclaimer

RCM Ag Services is a registered DBA of Reliance Capital Markets II LLC. Trading futures, options on futures, and retail off-exchange foreign currency transactions are complex and involve substantial risk of loss and are not suitable for all investors. Loss-limiting strategies such as stop loss orders may not be effective because market conditions or technological issues may make it impossible to execute such orders. Likewise, strategies using combinations of options and/or futures positions such as “spread” or “straddle” trades may be just as risky as simple long and short positions. There are no guarantees of profit. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. You may lose all or more than your initial investment. You should not rely on any of the information herein as a substitute for the exercise of your own skill and judgment in making such a decision on the appropriateness of such investments. Opinions, market data and recommendations are subject to change without notice. Reliance Capital Markets II LLC shall not be held responsible for any actions taken based on this website or attached links. Parties acting on this electronic communication are responsible for their own actions. Past performance is not necessarily indicative of future results.