Tag: USDA report

09 Oct 2026

Agriculture, CME, Corn, Cotton, Dow Jones, Futures, Grain, Hedging, Lumber, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: SEPTEMBER 15 – OCTOBER 9

Corn came into the report already on the defensive. After running to the $5.30 area in mid-September on Black Sea export disruptions and USDA’s September yield cut to 178.5 bu/ac, December futures broke hard on September 30th when the quarterly Grain Stocks report found 2.095 billion bushels of old-crop corn on hand, 173 million more than USDA had been carrying and roughly 35% above a year ago. December corn lost 21 cents that day and has spent the last week defending the $5.00 level, with a U.S. dollar sitting near a 1.5-year high adding to the pressure. The one supportive factor has been the weather: El Niño-driven rains made September the wettest on record in Lincoln and the second wettest in Des Moines, leaving corn harvest just 23% complete on October 4th, four points behind average, with only 54% of the crop rated good to excellent.

Today’s Crop Production report went the opposite direction of what the market was positioned for. USDA raised the national yield 2.7 bu/ac to 181.2, well above the 177.7 trade average and near the top of the range, lifting production to 16.03 billion bushels, the second-largest crop on record. Record state yields were forecast in Iowa, Ohio, Kentucky, Tennessee, Mississippi and Arkansas. That pushed 2026/27 ending stocks to 1.849 billion bushels, versus 1.670 expected and 1.567 in September. Corn tumbled as much as 30 cents after the release. Many in the trade will question a yield increase in a crop with poor ratings and a slow, wet harvest, and combine results over the next few weeks will either confirm or chip away at this number ahead of the November report.

Soybeans held up far better than corn. USDA raised the yield 0.3 bu/ac to a record 53.1, putting production at a record 4.56 billion bushels, with 2026/27 ending stocks at 315 million bushels, 5 million above September and 10 million above the trade guess. That is mildly bearish, but the balance sheet remains far tighter than corn. Since the last update, the Trump-Xi summit in Washington September 24th-25th extended the U.S.-China trade truce to January 10, 2027, and China has now booked roughly half of its 25 MMT annual purchase commitment. November beans slipped to a four-week low near $12.78 after the summit as the market sold the news, then recovered back above $13 on harvest delays and quality concerns, with harvest only 25% complete as of October 4th, eight points behind average. Export commitments are running nearly double last year’s pace, and record-large crush demand remains the backbone of the complex. Over the next two weeks, watch the mid-October NOPA crush report, the pace of Chinese flash sales, and early Brazilian planting conditions as El Niño develops.

Wheat had a rough September, with Kansas City futures falling more than $1 per bushel as Black Sea grain flows showed marginal improvement and ceasefire talks gained traction. Those talks have since stalled, and wheat appears to have found a short-term bottom near its early-August lows, with December SRW around $6.83 and December KC HRW around $7.36 heading into the report. USDA raised 2026/27 U.S. ending stocks 23 million bushels to 740 million, above the 721 million trade guess, reflecting the larger 1.534 billion bushel crop from last week’s Small Grains Summary and weak export demand. First-quarter shipments were the second lowest in 50 years and the strong dollar is not helping U.S. competitiveness. World stocks were trimmed slightly to 276 MMT, but those numbers are distorted by grain building up behind the closed Black Sea ports. Winter wheat planting was only 27% complete on September 27th, seven points behind average, and emergence in the Plains will be worth watching.

Equity Markets

Equity markets have been range-bound since August, with the S&P 500 trading roughly between 7,620 and 7,800 and testing record highs, though breadth has been thin with fewer stocks participating in the move. Oil back above $90 has kept inflation front and center, and the bond market is increasingly pricing in the possibility of a Fed rate hike rather than a cut. September CPI on October 14th and the October 27th-28th FOMC meeting are the key events ahead. The Mag 7 stocks have helped keep the markets at highs while most stocks are struggling and well below their 52 week highs except in some areas.

Energy Markets

Crude oil has moved sharply higher again as Iranian attacks on tankers in the Strait of Hormuz have been more frequent this month than at any point since the war began in late February. Brent pushed back above $100 on Thursday and WTI traded above $92, with Hurricane Isaias also shutting about a quarter of Gulf of Mexico oil production. Oil eased Friday morning after President Trump cited productive discussions with Iran, and a deal with Russia to release barrels in exchanged for pausing sanctions but the headline risk remains two-sided.

Other News

– Cotton production was raised to 13.44 million bales, well above the 12.97 million trade guess, with 2026/27 U.S. ending stocks at 3.80 million bales versus 3.46 expected. That is a bearish surprise for a market that had been holding near 80 cents in December futures. Producers with unpriced bales should be weighing downside protection while keeping some upside participation.

– Sovecon cut its forecast for Russian 2026/27 grain exports to 44.7 MMT from 49.4 MMT and warned that Azov and Black Sea ports may remain shut into 2027, keeping a structural question mark over world wheat and corn supplies.

– Key dates ahead: weekly Crop Progress reports every Monday, September CPI on October 14th, NOPA crush in mid-October, the FOMC meeting October 27th-28th, and the November WASDE.

Drought Monitor

Here is the most recent drought monitor with harvest rolling.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

13 Aug 2026

Agriculture, CME, Corn, Cotton, Dow Jones, Education, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

MARKET UPDATE: JULY 24 – AUGUST 12

Corn caught a bid on today’s August USDA Crop Production and WASDE report, the first survey-based, field-sampled yield estimate of the season, and the market did not get the bearish surprise many were bracing for. USDA cut the national corn yield to 180.7 bushels per acre, down 5.8 bushels from last year’s record 186.5 bpa, while also finding an extra 1.4 million planted acres, pushing total planted area to 96.7 million and harvested area to 88.6 million. Total production still landed at 16.013 billion bushels, which would be the second-highest crop on record if realized. The bullish twist was on the demand side of the balance sheet: with higher exports and lower beginning stocks, USDA trimmed 2025/26 ending stocks to 1.945 billion bushels and 2026/27 ending stocks to 1.653 billion bushels, both below trade estimates, pulling the stocks-to-use ratio down to roughly 10.1%. The report comes after a rough June for corn bulls, when Managed Money liquidated long positions aggressively into the Memorial Day-to-mid-June stretch and left December corn defending the $4.40 area. The crop still has a ways to go before it is made, and weather remains the swing factor: national good-to-excellent ratings stood at 61% as of August 10, a steep 12-point drop from a year ago, with the western Corn Belt states from North Dakota down through Texas carrying notably lower expected yields than 2025.

Soybeans had a positive report reaction even though the headline numbers were less bullish than corns. USDA pegged the 2026 bean yield at 52.7 bushels per acre, just a touch below the average trade estimate of 52.9 and down slightly from last year’s final 53.0, but a 1.4-million-acre increase in planted area pushed total production to a record 4.519 billion bushels, up 6% from 2025. Ending stocks were actually raised across the board versus trade guesses, both old-crop (325 million bushels) and new-crop (320 million bushels), which would normally read as bearish, but the broader complex strength and a genuinely encouraging demand backdrop carried beans higher. That demand backdrop has real teeth behind it: China has stepped back into the market with five separate flash-sale announcements since August 3, totaling roughly 1.12 million metric tons in the past week alone, and outstanding 2026/27 sales to China stood at 3.11 million metric tons (114.3 million bushels) as of July 30, about 12% of a rumored 25-million-metric-ton full-year purchase target. The crop is far from finished, with 62% of the nation’s beans setting pods as of August 2 and good-to-excellent ratings at 63%, down 6 points from a year ago, so timely August rain during pod fill remains the key variable to watch.

Wheat was another big mover on report day, up 20 to 13 cents across contracts with September futures trading near $6.34. The USDA numbers themselves were fairly neutral to modestly bullish, with all-wheat production pegged at 1.531 billion bushels versus a 1.525 trade estimate and 2026/27 ending stocks trimmed to 717 million bushels from 722 million in July, while world stocks were nudged higher to 273.25 million metric tons. The bigger story for wheat over the past two weeks has been the Black Sea, where intensified Russian and Ukrainian drone and vessel attacks on grain terminals, including a strike that halted operations at Novorossiysk. Ukraine has trimmed its 2026/27 grain export forecast by as much as 12%, and Russian wheat exports are now expected to fall to their lowest level in nearly a decade, with IKAR cutting its export forecast by 500,000 tonnes to 44.5 million tonnes. Weak international demand and ample supply on paper have kept a lid on the rally so far, but the shipping-risk premium is a real and growing factor heading into the peak Black Sea export season.

Equity Markets

Equity markets have continued to grind to fresh records since our last update, with the S&P 500 closing at an all-time high of 7,757.64 on August 7, capping its best week since April on a 3.6% weekly gain, while the Dow closed above 54,000 for the first time and the Nasdaq rode a sharp rebound in AI and chip names back toward its early-June highs. With 86% of S&P 500 companies beating earnings estimates this season, the fundamental backdrop has given investors cover to keep buying dips. This week’s CPI, PPI, and retail sales data will be the next real test of whether the rally has room to keep running or whether hotter inflation data forces the rate conversation back the other way.

Energy Markets

Crude oil has reversed sharply higher after bottoming in the upper $60s to low $70s in late June, with WTI grinding higher for five straight sessions into today’s close near the mid-$80s and Brent trading close to $89. The renewed strength is tied back to Middle East uncertainty: Iran has been pushing for war-compensation demands from the US and Israel as a condition for any lasting deal, and while Pakistan’s defense minister has said the US and Iran are close to an arrangement on reopening the Strait of Hormuz, President Trump’s more combative rhetoric this week has kept traders guessing on timing. Attacks on vessels in the Red Sea and Gulf of Oman have added a fresh layer of shipping-risk premium on top of the Hormuz uncertainty.

Other News

– Black Sea shipping risk is back in focus for wheat, with Ukraine and Russia increasingly targeting each other’s port and vessel infrastructure. Turkey has temporarily suspended some Black Sea transit operations amid the escalating security concerns, and both countries have cut their near-term export forecasts even as underlying production is running slightly ahead of the five-year average.

– China’s return to the soybean market with repeated flash-sale purchases since early August is the most constructive demand headline the bean market has had in months, though at roughly 12% of a rumored 25-million-metric-ton target, there is a long way to go before it fully offsets the shortfall from earlier in the marketing year.

– Cotton continues to take its cues from the broader energy and commodity complex; the recent bounce in crude could put a firmer floor back under natural fiber pricing versus petroleum-based synthetics after a quiet summer.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

27 Jul 2026

Agriculture, CME, Corn, Cotton, Crude Oil, Dow Jones, Education, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JULY 10 – 24

Corn caught a boost from the July 10th WASDE report, which cut 2026/27 ending stocks to 1.79 billion bushels, 200 million lower than June, on stronger-than-expected old-crop demand that trimmed 2025/26 carryout by 125 million bushels to 2.02 billion. Even with production pegged at a record 16.0 billion bushels, the tighter carryout was enough to spark buying, and December corn settled the WASDE session at $4.60. The rally extended over the following two weeks as a hot, dry pattern settled over the Corn Belt right through pollination, the most critical stretch for yield determination, with December corn touching $4.92 on July 24th, its highest intraday level since May 21st, before fading back into the $4.80s. Export demand has been the other pillar of support: 2025/26 corn sales commitments have already topped 3.41 billion bushels, up nearly 24% from a year ago and above USDA’s full-year forecast of 3.325 billion bushels, while 2026/27 bookings are running 12% ahead of last year’s pace. With the crop pushing through its most sensitive growth stage under some stress, and NASS heading into the field July 25th through August 5th for the first survey-based yield numbers of the season, weather will remain the dominant driver into the August 12th WASDE. Prices are lower to start the week of July 27^th.

Soybeans got a mixed signal from the July WASDE: USDA raised 2026/27 production 40 million bushels to a record 4.475 billion on higher harvested acres, but a matching bump in exports left new-crop ending stocks unchanged at 310 million bushels, while old-crop 2025/26 carryout actually tightened another 10 million to 330 million bushels. Crush held steady at a record 2.75 billion bushels. New-crop November futures have been the standout performer of the period, climbing from the low-$12 area into the $12.40s-$12.50s by July 23rd-24th, territory not seen in a new-crop contract since December 2023, as the same hot, dry forecast pressuring corn is raising concerns about pod-setting and seed fill during this critical stretch. Chinese demand has quietly turned into a real tailwind rather than just a headline, China has been a steady buyer of new-crop beans in recent weeks, and traders are increasingly optimistic that the long-delayed Trump-Xi meeting, now being framed as a late-September event, could bring another leg of purchases. We are close to the point where it wouldn’t take much more than a one-bushel-per-acre yield hit to make U.S. supplies uncomfortably tight, so August weather is squarely in the driver’s seat.

Wheat also caught a bid off the July 10th report, with USDA trimming its wheat production estimate again on continued winter wheat losses, winter wheat production is now seen at just 990.5 million bushels, a 29% drop from a year ago, while spring wheat is projected 4% lower at 475 million bushels, keeping this year’s crop firmly on track to be one of the smallest in decades. Ending stocks fell another 22 million bushels to 722 million on the news, and Chicago wheat jumped over 20 cents to settle at $6.40 that session. The complex has since given back some of those gains as harvest wraps up across the Southern Plains and the market digests early results from this year’s spring wheat crop tour, which came in below both last year’s yield and USDA’s most recent guess, though a bit better than the trade feared. Black Sea supply risk remains part of the backdrop, with Russian consultancy IKAR now pegging Russia’s 2026 crop at 90 million tonnes and export potential at 44.5 million tonnes, keeping traders wary of pricing U.S. wheat too far above what the world actually needs. Export demand has been unremarkable, with last week’s sales total of 10.7 million bushels falling below the four-week average, and the wheat market looks a bit overbought technically after its recent run.

Equity Markets

Equity markets pushed to fresh records early in the period, with the Dow topping 53,000 for the first time on July 6th and closing at 52,637 on July 10th, before the reignited Iran conflict and a wave of chip-sector weakness took some wind out of the rally. The Dow closed the week of July 24th at 51,947, still up more than 16% year-over-year, as investors weighed strong Big Tech earnings and continued AI-driven enthusiasm against renewed Middle East headline risk. Volatility has picked up as the market digests a heavy earnings calendar alongside the prospect that persistent inflation could push the Fed toward holding rates steady, or even hiking, rather than cutting further this year.

Energy Markets

Energy markets were the most volatile corner of the entire complex over the past two weeks as the U.S.-Iran ceasefire that had briefly calmed prices in June completely unraveled. Iran’s attack on a tanker near the Strait of Hormuz on July 7th sent crude sharply higher, and the conflict escalated from there: U.S. forces have carried out repeated rounds of strikes on Iranian targets, Washington reinstated its naval blockade of Iranian ports, and Iran’s Houthi allies in Yemen declared a maritime embargo against Saudi Arabia. WTI crude has been on a wild ride as a result, swinging from the $70 handle in early July to the low-to-mid $80s at points last week, before easing modestly to close out the week as markets try to gauge whether the fighting stays contained. Some analysts now warn Brent could threaten its 2022 high near $128, or even the 2008 peak above $146, in a worst-case escalation scenario. For producers, this is the same fertilizer and diesel cost risk that flared up earlier this year resurfacing, and it is worth watching closely before locking in fall input needs.

Other News

– Cotton remains a standout, with December cotton settling above 81 cents on July 10th, continuing its run to multi-year highs as elevated crude prices keep synthetic fiber costs up and support natural fiber demand.

– China has been a consistent buyer of new-crop soybeans in recent weeks, and unknown-destination purchases announced late in the period are widely believed to be Chinese business ahead of the Trump-Xi meeting now being targeted for late September.

– USDA’s NASS will be in farmers’ fields conducting the first survey-based yield interviews of the season from July 25th through August 5th, setting up the August 12th WASDE as the next major acreage and yield-driven catalyst.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers- Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

13 Jul 2026

Agriculture, CME, Corn, Cotton, Education, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JUNE 26 – JULY 10

Corn spent the first half of this stretch grinding to fresh contract lows before finding its footing over the past week, catching a bid on a firming weather-risk premium heading into pollination. The June 30th Acreage and Grain Stocks reports were largely a non-event, with planted acreage at 95.343 million acres, essentially unchanged from the March intentions despite widespread expectations for a cut, and harvested acreage pegged at 87.4 million, down 4% from last year. Friday’s report delivered the bigger surprise: USDA cut 2025/26 old-crop ending stocks 125 million bushels to 2.020 billion, 50 million below expectations, on stronger feed and residual use, while 2026/27 new-crop ending stocks were slashed 170 million bushels to 1.790 billion, a full 80 million below the average guess. Production held at 16.0 billion bushels on an unchanged 183 bu/ac yield, and the season-average farm price was left at $4.40. December corn has worked back into the $4.60s on the tighter stocks numbers and improving Chinese demand optics, though the weather forecast into pollination remains the market’s next major swing factor.

Soybeans got a mixed signal from the June 30th reports: planted acreage came in at 85.365 million, up 5% from last year and above both the March estimate (84.7 million) and the pre-report trade guess, while June 1 stocks of 1.06 billion bushels, up 5% year-over-year, also landed above expectations, a modestly bearish combination that limited November futures to just a nickel move on report day. The real driver since has been China. After the Commerce Ministry confirmed it would roll back its reciprocal tariff on U.S. ag goods (matched by a cut to the U.S. fentanyl-related tariff), actual purchases followed in short order: a 17.3-million-bushel private sale, another 9.7 million bushels ahead of the WASDE, and Chinese state trader Cofco booking at least six cargoes for September/October shipment. That buying pushed November beans to their best levels in about five weeks, briefly testing the $12 mark. Friday’s WASDE raised 2026/27 production to 4.475 billion bushels on higher harvested acres (yield held at 53 bu/ac), but stronger exports kept ending stocks unchanged at 310 million bushels, still 20 million below expectations, with the season-average price left at $11.40. With crush margins still historically strong, beans remain the more fundamentally supported half of the row-crop trade.

Wheat’s acreage story leaned bullish out of the June 30th report: all-wheat plantings came in at 42.740 million acres, down 6% from last year and below both the March intentions (43.775 million) and the trade guess, with winter wheat acreage at 31.5 million, down 5%. June 1 stocks were up 8% year-over-year at 920 million bushels. Friday’s WASDE confirmed just how tight the new-crop winter wheat situation is: production was cut to 990 million bushels (HRW at 471 million, SRW at 287 million), while stronger spring wheat production (475 million) helped total all-wheat production land at 1.536 billion bushels, the smallest crop since 1970. 2026/27 ending stocks came in at 722 million bushels, and the season-average price held at $6.00.

The bigger story for wheat this week has been geopolitical rather than fundamental. Ukraine’s drone forces reportedly carried out 35 strikes against Russian vessels in the Sea of Azov over a 96-hour span, hitting roughly a quarter of all ships in the area, and there are now unconfirmed reports that Russia may close the Don-Azov Canal and the Kerch Strait in response. With 30-35% of Russian wheat exports moving through that corridor and Russia projected to account for more than 22% of global wheat exports this year, as much as 20 million metric tons of wheat could be bottled up if the closure holds. Chicago wheat spiked more than 2% on Friday to $6.33, its best level since late May, a fast-developing story worth watching closely into next week.

Equity Markets

Equity markets closed out an outstanding first half of 2026 and haven’t slowed down since: the Dow gained 8.9% in H1, its best first half since 2021, while the S&P 500 and Nasdaq rose 9.6% and 12%, respectively, and the small-cap Russell 2000 posted its best first half since 1991 at nearly +22%. The Dow has continued notching fresh records since, closing above 53,000 for the first time on July 6th. AI-related names have been choppy, a sharp selloff in Micron, AMD, and Intel on valuation concerns gave way to a renewed rally after SK Hynix’s U.S. share offering came seven times oversubscribed. A soft June jobs report (57,000 vs. roughly 115,000 expected, though unemployment ticked down to 4.2%) and renewed U.S.-Iran hostilities, including fresh U.S. strikes on Iran July 8th, have added some volatility, but the VIX sitting near six-month lows below 16 shows just how much confidence remains in this market.

Energy Markets

Crude oil has chopped higher since our last update as the Iran conflict flared back up. A weekend of tit-for-tat U.S.-Iran strikes in late June was followed by attacks on three commercial vessels, including a Qatari LNG tanker and a Saudi-flagged crude tanker, near the Strait of Hormuz on July 7th, prompting fresh U.S. strikes on Iran the next day. The Treasury also moved up its deadline on the temporary Iranian oil sanctions waiver, cutting it off July 17th instead of the original August 21st date. Brent has swung from below $70 back above $76, its highest since June 23rd, while WTI trades in the low $70s. The fertilizer and diesel cost relief that had been building since the spring ceasefire has stalled for now, worth keeping an eye on for fall input planning. Note: August crude oil (CLQ26) is approaching expiration later this month, so watch the roll to September when pricing off the front month.

Other News

– Cotton acreage came in at 9.85 million acres in the June 30th report, up 6% from last year. The July WASDE followed by raising 2026/27 production 400,000 bales to 13.7 million on the larger acreage and a slightly higher yield, pushing ending stocks up 400,000 bales to 4.1 million (a 29.5% stocks-to-use ratio). The season-average price held steady at 73 cents/lb, and December cotton has ridden the broader commodity rally back above 78 cents.

– China’s follow-through on the May Trump-Xi summit commitments has been the clearest bright spot for beans, multiple confirmed purchases (17.3 million bushels, another 9.7 million bushels, and six cargoes booked by Cofco for Sept/Oct) suggest the $17 billion / 25 MMT annual ag purchase pledge is starting to show up in actual export data, not just headlines.

– Ukraine’s drone campaign against Russian shipping in the Sea of Azov has put the Don-Azov Canal and Kerch Strait in question, a fast-developing story that could bottle up a meaningful chunk of Russian wheat exports if the closure holds.

– Renewed U.S. strikes on Iran (July 8th) following attacks on three vessels near the Strait of Hormuz, plus an accelerated Treasury deadline on Iranian oil sanctions relief (now July 17th instead of August 21st), are keeping energy and fertilizer cost uncertainty alive heading into fall input season.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

29 Jun 2026

Agriculture, CME, Education, Futures, Hedging, Housing, Lumber, Market Commentary, Market Updates, Research, Risk Management, USDA Report, Weekly Prices rcmagserv 0 comment

LEONARD LUMBER REPORT: The correction finally showed up.

The correction finally showed up.

After weeks of a steady grind higher, July futures gave back $15, working off an overbought condition. Important for the near term—but the bigger story is positioning.

Both sides are heading for the exits.
The long industry is bailing. The short funds are covering.
Positioning has been cleaned up aggressively, and there’s likely more to go.

That’s where it gets interesting for the longer term.

Open interest is shifting in a meaningful way:

– Funds are now net long

– Industry is now net short

That’s not just noise—it tells you something.

The industry has bought enough wood. They no longer need the hedge. That phase is behind us.

At the same time, funds leaning long suggest they’re starting to position for higher ground.

We came into the year looking for this exact transition—and now it’s here.
The economics still point to more upside than downside.

I’m not calling a full fund policy shift yet…
But if that happens, it’s a game-changer.

Now what?

The market remains fragile to the upside—and that’s a supply story, not demand.

The demand looks steady. It’s not the problem.
Supply, on the other hand, continues to ebb and flow with timing and order files. That’s what’s driving the instability.

Because of that setup, the market is highly reactive.
Any outside positive influence—funds stepping in on the buy side, for example—and futures can move higher quickly.

But cut that off, and the tone changes just as fast.
A quiet, non-event summer likely drifts us back toward the lows.

That’s why we’ve been stuck in this flat, grinding range.
We did force the funds out—but it didn’t give us the sharply higher prices we expected.

And that matters.

It tells you the market isn’t weak—it’s just lacking a catalyst. Until something steps in to tip the balance, we’re stuck in a steady, sideways trade with a slight upward bias when flows show up.

Technical:

The RSI in July is 50.30%. The ROC was 2.50 to 1. July closed under the 200-day, and all the momentum indicators have turned down. This remains the B leg down.

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

26 Jun 2026

Agriculture, Cattle, CME, Corn, Cotton, Dow Jones, Futures, Grain, Hedging, Livestock, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JUNE 12 – 26

Corn spent the last two weeks trying to carve out a bottom after the brutal three-week stretch of fund liquidation that ran from Memorial Day into mid-month. Managed Money had been selling aggressively, and while that pace finally cooled, the selling pressure left December corn defending the $4.40 area with the season-average farm price forecast sitting right on top of the market. The catalysts that drove the spring rally have all moved the wrong way: planting weather has been close to ideal, crop establishment across the Corn Belt has been excellent, and crude oil has continued to leak lower as the Iran peace framework has firmed up. With old-crop ending stocks comfortable at 2.145 billion bushels and the new-crop balance sheet described by USDA as essentially unchanged, there has simply been no fresh bullish fuel to pull the funds back to the buy side.

From here, the entire complex is positioning ahead of the June 30th Planted Acreage and Grain Stocks reports, which is far and away the next major scheduled event. Any meaningful deviation from the March Prospective Plantings number, especially given how much chatter there has been about corn acres slipping on elevated fertilizer costs, has the potential to move this market hard in either direction. The other watch item is the calendar itself: as we push toward pollination in July, the weather forecast carries more and more weight, and a hot, dry ridge building over the Corn Belt is the kind of thing that could put a weather premium back into a market that has very little of one priced in right now.

Soybeans have once again been the more resilient half of the row-crop trade, holding up better than corn even as the same fund liquidation wave washed through the complex. July beans have been hovering in the $11.15 to $11.30 neighborhood, leaning on the tighter fundamental backdrop the May WASDE established, namely that 2026/27 ending stocks projection of just 310 million bushels and the booming crush demand story behind it. Board crush margins north of $3 per bushel remain historically strong and continue to do the heavy lifting on the demand side, with the RFS volumes finalized at record highs providing a structural floor under soybean oil. The drag remains the supply side: planting is all but wrapped up at well over 90% complete, Brazil is sitting on another enormous crop, and U.S. export shipments are still running behind last year’s pace. The long-delayed Trump-Xi meeting remains the wildcard that could flip the demand narrative overnight if a framework actually materializes, but the market has been burned enough times waiting on that headline that it is no longer paying up for it. Like corn, beans are squarely focused on what the June 30th acreage figure does to the new-crop picture.

Wheat has continued the slide that began once it touched multi-year highs back in mid-May on the historically small U.S. winter wheat crop. The pullback has been driven by harvest pressure now that combines are rolling across the Southern Plains, timely late-May and early-June rains that pulled crop conditions up off the worst-case scenario, and funds booking profits after an extended run. July Chicago SRW has worked down into the high $5.80s and July KC HRW has slid into the low $6.30s. The important thing to remember is that nothing about the supply story has actually changed, this is still projected to be the smallest domestic wheat harvest since 1965, so the question is whether harvest lows are in or whether the seasonal pressure has more to run. Watch the pace of harvest results, spring wheat conditions in the Northern Plains, and whether the recent rains were enough to truly stabilize the HRW crop or just a temporary reprieve.

Equity Markets

Equity markets have extended their remarkable run, with the major indexes pushing to fresh records even as volatility has picked up and some of the high-flying AI names have seen sharp, fast bouts of profit-taking. The dominant tension remains inflation: with price data still running hot, a growing share of investors now believes the Fed’s next move could be a rate hike before year-end rather than another cut, a notable shift in expectations. For now, the AI trade and strong earnings tone have been enough to keep dip-buyers in control, but the market feels increasingly two-sided after such a long stretch of one-way gains.

Energy Markets

Crude oil has remained the single most important variable for the entire ag complex, and the direction has been lower. WTI has continued to retreat from its spring highs above $110 per barrel as the Iran peace negotiations have progressed, with the apparent Memorandum of Understanding to wind down the Middle East conflict taking crude back below $85 to close out the prior period and keeping pressure on prices since. The reopening of the Strait of Hormuz to international shipping is reportedly part of the framework, and if that holds, the war premium that propped up the grain complex this spring continues to bleed out. The practical takeaway for producers is that fertilizer cost relief is finally becoming more than partial, nitrogen and diesel have eased off their wartime peaks, though prices are not yet all the way back to pre-conflict norms.

Other News

– The June 30th USDA Planted Acreage and Grain Stocks reports are the dominant near-term event for the entire complex. With so much debate over whether high fertilizer costs trimmed corn acres from the March intentions, and whether beans picked up the difference, any surprise in the final acreage figures will be a significant market mover heading into July.

– The New World screwworm situation in Texas continues to be monitored after its first mention in the WASDE narrative last month, a reminder that animal agriculture is carrying its own emerging risks alongside the geopolitical backdrop.

– Cotton has continued to drift with the broader commodity complex as crude has retreated, peeling away some of the energy-driven premium that had made natural fiber more attractive versus petroleum-based synthetics. Producers who can lock in profitable margins at current levels while keeping upside participation should continue to evaluate their hedging options.

– Any concrete movement on a Trump-Xi meeting remains the most important demand-side wildcard for soybeans. A genuine resumption of Chinese buying would change the bean story quickly, but the market has stopped pricing it in until it actually happens.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers.

Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

12 Jun 2026

Agriculture, Cattle, CME, Corn, Cotton, Dow Jones, Education, Futures, Grain, Hedging, Livestock, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: MAY 29 – JUNE 12

Corn has been under persistent pressure since Memorial Day weekend, with funds aggressively liquidating long positions built up over the spring. Managed Money has sold hard across the corn market going on the last 3 weeks, while the pace has slowed, they could continue selling if they want. The primary catalyst has been a combination of favorable planting weather, excellent crop establishment across the corn belt, and a crude oil market that has been retreating as Iran peace talks progressed. The June WASDE brought few surprises on corn. USDA described the 2026/27 corn outlook as “virtually unchanged” from May, with ending stocks coming in at 1.942 billion bushels and the season-average farm price forecast held at $4.40 per bushel. Old-crop 2025/26 ending stocks ticked up slightly to 2.145 billion bushels on a modest increase in imports, keeping carry extremely comfortable. The one positive was exports, but it was not enough to keep corn up close to $5. 96% of corn has been planted with a 67% good/excellent rating to start the week.

Soybeans have been caught in the same fund liquidation wave as corn, though they’ve shown more resilience given the tighter fundamental backdrop established in the May WASDE Report. July beans settled near $11.15 heading into the June 11th report. The soybean complex did find a brief bounce mid-period on continued strong crush margins and some renewed optimism around a potential Trump-Xi bilateral trade framework, but it didn’t hold. Planting pace has been exceptional, with 92% of beans in the ground and South American supply estimates remain large, with USDA maintaining Brazil’s 2025/26 crop and making only minor tweaks globally.

Wheat has been the most volatile market of the period, but not in the direction bulls had hoped. After touching multi-year highs in mid-May on the back of the historically small U.S. winter wheat crop, both Chicago SRW and KC HRW futures have been in a steady slide. July SRW dropped from around $6.36 to the $5.86 area during the period before attempting a bounce, while July KC HRW fell from the mid-$6.70s to the low $6.30s. The catalyst for the pullback was a combination of timely rains arriving in Kansas and Nebraska late in May, some improvement in crop conditions relative to the worst-case scenarios, and funds taking profits after an extended rally.

Equity Markets

Equity markets have continued an impressive run with volatility recently and profit taking in some of the high flyers leading to a few heavily lower days. With inflation still a worry many investors believe that we are likely to see a rate HIKE before the end of the year rather than another cut.

Energy Markets

Crude oil has been the dominant macro variable across all markets and the primary driver of the grain complex selloff over the past two weeks. WTI has fallen sharply from its spring highs above $110 per barrel as Iran peace negotiations have progressed, at times with apparent momentum, though the path has remained anything but straight. The headline to end the week that there is an apparent Memorandum of Understanding to end the conflict in the Middle East took crude back below $85 to end the week.

Other News

The June 30th USDA Planted Acreage and Grain Stocks reports are the next major scheduled market events. Any meaningful deviation in final corn or soybean planted acres from the March Prospective Plantings survey will be a significant market mover across the complex.
The New World screwworm situation in Texas received its first mention in the WASDE narrative this month, a reminder that animal agriculture has its own emerging risks to monitor alongside the geopolitical backdrop.
Cotton has pulled back with the broader commodity complex as crude oil retreated, removing some of the energy-driven premium that had made natural fiber more attractive relative to synthetics. Producers should continue to evaluate hedging strategies to protect margins at still-profitable price levels.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

29 May 2026

Agriculture, CME, Corn, Cotton, Crude Oil, Dow Jones, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: MAY 8 – 29

Corn has been a market defined by a tug-of-war between a bearish domestic supply picture and a geopolitical premium that refuses to fully disappear. Coming off the May 8th close, December corn had briefly flirted with the $5 level before pulling back as Iran peace talk optimism ebbed and flowed. The May 12th WASDE report, the first to include 2026/27 new-crop estimates, was the dominant event of the period. USDA pegged 2026/27 corn ending stocks at 1.957 billion bushels, down from 2.142 billion for 2025/26, a modest tightening but still well above comfortable levels. The initial reaction was muted, with the market already priced for a heavy supply picture. July corn futures settled in the $4.55 neighborhood in the days following the report, well off recent highs.

The real story in corn continues to be the fertilizer situation. Nitrogen prices, which spiked sharply when the Strait of Hormuz conflict erupted in late February, have only partially retreated from their peaks. Farmers across the country are scrambling for alternatives, manure, biofertilizers, and bio stimulants, but the economics remain challenged. This cost pressure has some analysts believing final planted corn acres could come in below USDA’s March intentions survey. Planting progress has been strong, with the week of May 24th showing approximately 89% of the crop in the ground, well ahead of the five-year average. Export inspections continue to run well ahead of last year’s pace, providing a supportive underpinning, and a flash sale of nearly 19.4 million bushels to Mexico was announced mid-month. If you can sell corn at profitable levels above your cost of production, it remains a reasonable conversation to have with your merchandiser given the uncertainty that still lies ahead.

Soybeans were the standout performer of the period, posting their most significant rally in months following the May 12th WASDE. USDA surprised the trade by projecting 2026/27 soybean ending stocks at just 310 million bushels, a full 30 million below the 2025/26 figure and roughly 45 million below analyst expectations. The primary driver was a massive projected increase in crush demand, with USDA forecasting 2.750 billion bushels of crush for 2026/27, up 120 million from the current year, on the back of exceptional crush margins and booming soybean oil demand as a biofuel feedstock. Board crush margins holding well above $3 per bushel remain historically exceptional and are lending strong support to nearby contracts. July soybean futures spiked to two-year highs in the wake of the report.

The rally has since come under some pressure, with planting progress running exceptionally fast, 79% of intended soybean acres were in the ground as of May 25th, ahead of the 68% five-year average and significantly above last year’s pace. Brazil’s Conab and USDA left South American production estimates largely unchanged, with Brazil expected to produce another enormous crop in 2026/27. Year-to-date U.S. soybean export shipments trail last year’s pace by about 21%, which remains an overhang on any sustained rally. Still, with domestic crush demand as strong as it has been in years, beans have a fundamental story to tell that corn simply does not right now. The long-awaited Trump-Xi meeting, which had been delayed repeatedly, amid the Iran conflict negotiations, remains a potential catalyst for a fresh round of Chinese buying that could push beans meaningfully higher.

Wheat has been the most compelling story in the grain complex over the past three weeks, and for good reason. The May 12th WASDE delivered a shocking number: USDA projected 2026/27 U.S. winter wheat production at just 1.048 billion bushels, down 25% from 2025/26 and the smallest domestic wheat harvest since 1965. Severe, persistent drought across the Southern Plains, particularly in Kansas, Colorado, and Nebraska, has devastated crop conditions. At last check, only about 30% of the winter wheat crop was rated good or excellent, with maturity running well ahead of schedule due to extreme dryness. The recent volatility off contract highs took a big chunk out of the market but still holding over $6 in July wheat.

Equity Markets

Equity markets have continued their remarkable run, with the S&P 500 and Nasdaq posting new all-time highs during the period. The AI trade remains the dominant factor with AI being the dominant story during earnings. While PCE inflation came in at 3.8% for April the markets shrugged it off mostly. Some AI related names have gone parabolic in the last month creating a tough environment if you want to own those names.

Energy Markets

Crude oil remains the macro wildcard for the entire ag complex. WTI has been in a volatile, two-directional range throughout the period, with prices whipsawing on every Iran headline. Peace talk optimism has pushed oil down meaningfully from its April peaks above $110 per barrel, with analysts at UBS noting that crude has fallen roughly 20% from its 2026 highs on ceasefire negotiations. However, Iran crude loadings in May have run below 0.3 million barrels per day, a dramatic collapse from March’s 1.7 million barrels per day, meaning actual physical supply has not improved despite the diplomatic noise.

Other News

Wheat’s surge to two-year highs has been the headline, but cotton has continued its own quiet rally. Hedge funds turned net bullish on cotton for the first time in two years this month as the war-driven surge in oil prices increased the appeal of natural fiber over synthetic alternatives like polyester and nylon, which require petroleum inputs. Producers who can lock in profitable margins at current levels while maintaining upside participation should be exploring their hedging options.
Iran is reportedly reviewing a formal U.S. peace framework that includes reopening the Strait of Hormuz to international shipping. Markets are cautiously optimistic but skeptical.
The EPA’s finalized 2026–2027 Renewable Fuel Standard volumes, set at record highs, continue to provide a structural floor under corn and soybean oil demand. Soybean crush is already running at historic highs in response, and these RFS volumes ensure that domestic demand will remain exceptionally strong regardless of where export flows go.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

17 Apr 2026

Agriculture, CME, Corn, Cotton, Crude Oil, Dow Jones, Education, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: APRIL 2 – 17

Corn spent the start of April grinding lower, posting a fourth consecutive weekly loss by April 10th as the April WASDE reinforced a burdensome supply narrative. The USDA left U.S. ending stocks essentially unchanged at 2.127 billion bushels, the highest in seven years, and global stocks came in above trade expectations at 294.81 million metric tons. A two week ceasefire between the U.S. and Iran, announced April 7th, removed much of the war premium that had propped up prices since March, as easing Strait of Hormuz concerns pulled crude oil sharply lower and dragged corn along with it. July futures slid to a fresh four-week low near $4.40, completing a nearly 62% retracement from the March 9th highs. The past week saw stabilization and a modest recovery. Faster than expected planting progress, U.S. corn planting reached 5% completion as of April 13th, slightly ahead of last year’s pace, combined with firming eastern Corn Belt basis and Mexico securing a large forward purchase of 12.4 million bushels helped steady sentiment. The old crop market remains locked in a congestion zone between $4.45 and $4.55 on May futures, with the 200-day moving average serving as key support. Speculators have been trimming their long positions aggressively, as shown in the latest CFTC Commitment of Traders reports, leaving the market less vulnerable to a large liquidation event but also with less upside fuel until a fresh catalyst emerges as money allocators reposition to the equity markets.

Soybeans have largely remained in a sideways grind, trading between $11.50 and $11.83 on July futures for most of the last 2 weeks. The April WASDE showed U.S. ending stocks unchanged at 350 million bushels with adjustments netting to zero, crush estimates raised while exports were trimmed by the same amount. The season-average price forecast was nudged 10 cents higher to $10.30 per bushel. Brazil’s CONAB raised its 2025/26 soybean production estimate again, this time to 6.582 billion bushels, keeping the global supply backdrop heavy and capping any sustained rallies. On the positive side, strong domestic crush margins, board crush pushing above $3 per bushel, have been the primary support story for the complex. NOPA March crush is expected to come in well above year-ago levels when reported. U.S. planting progress debuted at 6% complete as of April 13th, ahead of the 2% five-year average, with Mississippi and Tennessee leading at 39% and 36%, respectively. The market is waiting for a significant new headline to break out of the current range. Talks between President Trump and China’s President Xi, which were delayed amid the Iran conflict, remain a key watch item as any resumption of Chinese buying interest could quickly change the demand narrative for U.S. soybeans.

Wheat has done better the last couple of weeks, with Kansas City HRW futures rallying on the back of deteriorating U.S. crop conditions and persistent drought in the Southern Plains. USDA’s April 14th crop progress report showed just 34% of the winter wheat crop rated good-to-excellent, down a full 13 percentage points from a year ago, with 32% of the crop rated poor or very poor. Oklahoma and the Texas Panhandle remained in severe to extreme drought, and the recent widespread rain systems have largely missed the driest areas. Concerns about the long-term fertilizer supply disruptions caused by the Iran conflict have added a structural premium, with funds holding a record long position in spring wheat and a growing net long in Kansas City HRW. July HRW futures jumped nearly 20 cents on April 14th alone, reaching their highest settlement since March 31st at $6.36. Chicago SRW July futures also pushed above $6.00. The market sold off modestly to end the week but held the bulk of its gains. Longer-range forecasts suggest late April could bring more favorable moisture to parts of the Plains, which could temper upside. For now, weather, drought maps, and the weekly crop condition ratings are the primary price drivers.

Equity Markets

Equity markets have moved from deep stress to new record highs over this two-week stretch, tracking the Iran ceasefire developments closely. When Trump announced the two-week pause in operations on April 7th, the Dow Jones Industrial Average surged 1,325 points, its best single session since April 2025, while the S&P 500 gained 2.5% to 6,782. Through the balance of the period, stocks continued recovering as investors grew increasingly optimistic about a lasting peace deal, with the S&P 500 recouping all losses accumulated since the start of the conflict. The run to new highs has been impressive with the NASDAQ having a positive day for 14 straight days.

Energy Markets

Energy markets have continued to be volatile over the past couple of weeks but the news of ceasefire and opening of the Strait of Hormuz. While the cease-fire does not mean the conflict is over, if good news continues to come out of Washington oil prices will fall. The ceasefire dynamics have already meaningfully reduced fertilizer cost fears and energy-linked inflation expectations.

Other News

Cotton has been one of the most compelling commodity stories of the period, with July futures pushing to a nearly two-year high and new crop cotton reaching $0.80 in the Dec contract. The move has been supported by a combination of bullish factors: elevated crude oil prices increasing polyester production costs and driving synthetic fiber substitution back toward natural cotton, a weaker U.S. dollar, and persistent drought in key U.S. growing regions stretching from the Texas Panhandle westward. The USDA April WASDE raised global production by 900,000 bales while also lifting consumption by 560,000 bales, leaving the net balance slightly tightened.
USDA’s April WASDE raised the season-average farm price for wheat 5 cents to $5.00/bu, corn 5 cents to $4.15/bu, and soybeans 10 cents to $10.30/bu.
The Trump administration called out fertilizer giant Mosaic for idling two Brazilian plants, with Deputy Agriculture Secretary Stephen Vaden publicly questioning the timing as global fertilizer supplies face war-related disruptions.
A new survey found that only 60% of U.S. corn farmers have secured their nitrogen needs for the 2026 crop year, a reflection of the input cost uncertainty created by the Iran conflict.
Brazil’s CONAB raised its 2025/26 total corn crop estimate to 139.6 MMT (5.5 billion bushels), maintaining a heavy Southern Hemisphere supply backdrop.

Drought Monitor

Here is the most recent drought monitor. With planting starting later this spring, we need rain in a lot of places in March.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

12 Jan 2026

Agriculture, CME, Corn, Education, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: POST JANUARY 12 USDA REPORT

Corn took a dive on today’s USDA report with 1.3 million more harvested acres and larger yield than expected coming in at 186.5 bu/ac. With this comes more production leading to larger ending stocks, brutal two-sided hit for the corn bulls. Corn had done a great job of climbing higher since early December, but today’s report gives all the momentum back to the bears with South America’s growing season off to a great start. Corn’s big move lower sent it below all technical support and unless we see a quick turnaround this week what was a support level could turn into overhead resistance as we are now at levels last seen in August.

While the USDA report was not as bad for beans, it did suffer double digit losses with a slightly higher than expected national yield of 53 bu/ac. One important item was that US exports were revised lower due to more world competition. This is important as we still need China to buy US beans as we do not have another major market catalyst as the Trump administration has not been friendly for the implementation of SAF (sustainable aviation fuel). The month and half of +$11 beans we saw will be a struggle to get back to as South America continues to roll on with another record crop expected.

Equity Markets

Equity markets roll on despite some days of volatility with headlines from the White House and drama surrounding the Fed. As you can see in the chart below since last April’s tariff scare the markets have been steadily moving higher.

Other News

The precious metals trade continued its strong 2025 into the start of 2026 with new highs in gold and silver.
Wheat had ending stocks rose modestly and the price was dragged lower with corn.

Drought Monitor

Here is the most recent drought monitor.

Contact an Ag Specialist Today

Whether you’re a producer, end-user, commercial operator, RCM AG Services helps protect revenues and control costs through its suite of hedging tools and network of buyers/sellers — Contact Ag Specialist Brady Lawrence today at 312-858-4049 or blawrence@rcmam.com.

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Disclaimers
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.

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.