RCM Ag Services

Tag: wheat

30 Sep 2025
Agriculture, CME, Corn, Futures, Grain, Hedging, Market Commentary, Market Updates, Podcast, Research, Risk Management, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: SEPTEMBER 12 – 30

Corn had been trading in a range north of $4.20 the last couple weeks but dropped below there on the heels of the Sept 30th USDA Report. The USDA raised US ending stocks for corn from 1.325 billion bushels to 1.532 billion which pushed December corn prices to new 1-month lows. With plenty of supply and massive crops in both the US and South America the last 2 years, balance sheets have ample supply while demand for US corn remains strong outside of demand from China. With funds holding bearish positions, it will take a combination of them changing their tone and China showing up with purchases to give prices some news to rally on unless we get in the fields and the yield just isn’t there.

Via Barchart

Beans were lower post USDA report as well despite the report being neutral continuing their recent downtrend. The biggest hit to beans in the past couple weeks came when President Trump and President Xi had a call and no announcement of Ag purchases were made around it. Without China buying US beans there is no major upside currently, except for potentially lower yields. South America’s crop has been able to satisfy China’s needs as that trend will continue moving forward until they run out of supply.

Via Barchart

Equity Markets

Equity markets continue to trade at or near all time highs as a slowing job market could lead to more rate cuts after the Fed cut by 25 basis points this month. While GDP growth had a strong bounce back quarter and the stock market is still doing well, fueled by AI stocks, the overall economy is showing some warning signs but remains strong.

Via Barchart

Other News

  • Wheat continues to make new lows with a slightly bearish USDA report with larger US production.
  • Corn harvest is 18% complete and soybean harvest is 19% complete.
  • It seems more and more likely that there will be some extra government assistance to farmers this year with the depressed prices.

Drought Monitor

Here is the most recent drought monitor as harvest begins.

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.

Check it Out:

Convenience vs. Cost: Navigating Agricultural Markets, Convenience, and Consumer Spending

15 Sep 2025
Agriculture, CME, Corn, 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: AUGUST 29 – SEPTEMBER 12

Corn continued to move higher off last month’s lows following the September USDA Report. Most of the numbers came in along estimates but they increased planted acreage 1.4 million acres. This brings the US corn crop to 98.7 million acres, a new record. With about 90 million acres expected to be harvested, we will harvest 7 million more acres this year than in 2024, which equates to about 2 billion bushels larger crop than last year. Despite the added acreage corn bounced post report as weather issues, a dry finish, and disease pressure have caused speculation on the real size of this crop. As harvest gets rolling we will learn more about this crop.

Via Barchart

The USDA Report did not have any surprises for beans as most numbers were close to estimates, but the report could be viewed as slightly bearish. To get beans moving higher, China needs to show up as a buyer and trade talks with China need to make progress. China and the US are reportedly close to a deal over Tik Tok which can hopefully build some momentum for progress between the two countries. The size of the soybean crop, like corn, has been hurt by lack of rains down the home stretch but with the solid start the end result is still in question as harvest rolls.

Via Barchart

Equity Markets

Equity markets continue to make new highs with the Federal Reserve expected to start cuts this month. With the downward revision of 911,000 jobs from March ‘24 to March ’25 the labor market weakness gives the Fed some ammunition to lower rates with unemployment being one of their mandates.

Via Barchart

Other News

  • Secretary Rollins is in the process of looking into payments to farmers for this year with the low prices.
  • The wheat numbers were actually a bit supportive but lower world cash prices (Black Sea mainly) continue to plague prices. Wheat will remain an anchor for any potential corn rally as more wheat will be swapped in for corn in feed. Prices are back testing the 5 ½ year Covid lows.

Drought Monitor

Here is the most recent drought monitor as harvest begins.

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.

Check it Out:

Bulls, Bears, and Beef: Risk Management When Prices Run Hot

02 Sep 2025
Agriculture, CME, Corn, Cotton, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: AUGUST 12 – 29

Corn has rallied off the post USDA report lows with a large up day on Friday to end the week. Pro Farmer Tour wrapped up their crop tour and has an average US corn yield of 182.7 bu/ac which would still be a record on top of the added acreage, but well below the 188.8 the USDA came out with. The two sides from the USDA’s report is that they likely won’t come out with a higher yield again with some small weather issues developing, but if they keep it high and make another big correction in January saying the crop wasn’t as big as they thought it could cost the farm community billions. The weather has cooled off for much of the country but the lack of rain for extended periods may be a problem in the home stretch.

Via Barchart

The Pro Farmer Tour found a bean crop more along the lines of what the USDA had coming in with a 53 bu/ac estimate vs the USDA’s 53.6 bu/ac. Beans biggest problem right now has been lack of rain for pod fill but a few well timed rains down the stretch could lead to a massive crop. China really needs to show up as a buyer for beans to leg higher but they can get all they want from South America right now even though they are paying a premium to get them vs US beans. The funds have a neutral position on the market as they wait for news that could send the market any direction other outside of the $10 – $10.50 range it has been trading in the majority of the last 6 months. China still remains a cloud over the market with the Trump administration needing to get Ag purchase commitments whenever they work out a trade deal in the coming months.

Via Barchart

Equity Markets

Equity markets continue to claw higher amidst pullbacks as earnings wrap up and AI and tech still drive the market direction. The Fed is expected to cut rates in September while the Trump administration’s attack on the Fed’s independence continues with Lisa Cook in its crosshairs currently.

Via Barchart

Other News

  • ADM plans to close a soy protein plant in Bushnell, IL.
  • Brazil’s investigation into the Soy Moratorium (curbs Amazon deforestation) could threaten sustainable soy sourcing, with potential ripple effects in the global supply chain.
  • Wheat has been relatively flat the last couple weeks.
  • Cotton continues to trade sideways waiting on demand to pick up.

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 Aug 2025
Agriculture, CME, Corn, Cotton, Dow Jones, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: AUG 4 – AUG 12 USDA REPORT

188.8 bu/acre… Hard to find a silver lining in the report for corn as the USDA ripped the band-aid off from the start instead of slow playing it. The average trade guess was 184-185 bu/ac which led to a big selloff seeing new contract lows. On top of the big yield number the USDA took the FSA planted acreage data and added 3 million acres in planted corn. The extra yield and acres could add nearly an extra 1 billion bushels of corn to the US and world ending stocks. The report did nothing to help the direction corn has been trading.

Via Barchart

The bean yield was also above pre-report estimates, coming in at 53.6 bu/acre. Prices were higher though following the 3 million acre planted acreage cut and total production cut by 90 million bushels. The market was caught off guard by the 3 million acre shift as evidenced in the opposite price reaction to the report numbers. The bean rally will give farmers a chance to catch up on sales but it will also motivate more acres to be planted in South America on stronger prices.

Via Barchart

Equity Markets

Equity markets continued to perform well as AI and tech companies are still the major movers. Nvidia and Microsoft are now a combined 15+% of the S&P 500 index, causing some to worry about concentration, but luckily they are performing well so right now a rising tide raises all boats (money in S&P ETFs).

Via Barchart

Other News

  • Wheat was in line with re-report estimates and had no major surprises. The weakness in corn will continue to weigh on wheat however.
  • Cotton saw a boost post report after the USDA lowered planted and harvested acres. Production was trimmed by 1.39 million bales to 13.21 million bales.

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.

 

04 Aug 2025
Agriculture, CME, Corn, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, U.S. Dollar, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JULY 18 – AUGUST 4

Corn prices have drifted lower since Mid-July with no major weather issues and no major trade deal news. The corn crop ratings remain strong with about 73% of the US crop rated good/excellent and slking and dough formation ahead of average. Exports have slowed and funds have kept their short position about even last week. With the recent heat dissipating giving way to a cooler week, this crop has not been made yet but has not faced any prolonged growth challenges which continues to fuel the estimates into the 184-185 bu/acre. While this will be an impressive crop, from talking to growers across the country there are trouble spots due to disease and timing of rains which would help us get back to the low 180s which would give the market a bump. The market has been limping lower and will likely continue until something in the news cycle changes.

Via Barchart

Soybeans have struggled lately as there has not been any news to boost the market. Exports this week were better but until China shows up as a buyer the demand for US beans is struggling on the global market. South America had a strong crop giving China more supply to buy so China may not show up until they have to unless prices fall enough to make them step in. Crop ratings remain strong, but the next month of rain will be important for pod filling and to get the crop across the finish line.

Via Barchart

Equity Markets

Equity markets continued to reach new highs before a sizeable pullback to end last week with the news of Trump firing the head of the BLS. AI and tech names continue to lead the way. Magnificent 7 stocks have had mixed reactions to earnings but nobody is sounding the alarm yet about tariffs as guidance remains steady.

Via Barchart

Other News

  • Wheat has limped lower with corn and beans but saw good exports this week amid Ukraine’s sluggish exports.
  • The USD has strengthened in the last week but is still well below its year high. Historically this would have been supportive of agriculture exports but there are other factors in play this year.
  • The August WASDE report should provide some clarity and at least provide some new news for the market to digest and trade on for a bit.

 

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.

 

30 Jun 2025
Agriculture, CME, Corn, Cotton, Futures, Grain, Hedging, Market Commentary, Market Updates, Other News, Risk Management, Soybeans, U.S. Dollar, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JUNE 13 – 30

Last week was rough for commodities as corn dropped to make new contract lows in Dec ’25. The charts do not look good for corn and there is no good news to help either. There are no major weather concerns and South America is producing another record crop allowing for ample ending stocks in the world. The USDA June 30th Planted Acreage Report stated that corn has 95.203 million planted acres. This number is neutral to bearish as the market was expecting a slightly higher number but anything 95+ with the weather to this point in the year looks for a huge crop. The bears have the momentum right now but there are some trouble areas and a long summer ahead to bring the bulls some help.

Via Barchart

Soybeans gave back the recent gains as well last week before the report on June 30th. Beans will likely continue to trade in the range they have been until we receive news to direct the market either on the trade agreement side or weather. The Planted Acres report had 83.38 million acres, slightly below expectations. The tax bill going through congress right now may give beans some help by getting rid of a 45z tax credit loophole but until this thing passes everything is on the table to get cut from it. Weather is good for the next 2 weeks so the market needs positive news from a US and China trade deal to give it a boost.

Via Barchart

Equity Markets

Markets set new highs after another V shape recovery following the liberation day tariff dip. Several tech stocks have led the way outside of the Magnificent 7 as AI continues to dominate headlines with spending continuing and companies talking about how it can help improve their margins.

Via Barchart

Other News

  • Cotton acres came in higher than expected at 10.12 million acres. Cotton has been stuck below 70 cents/lb for a while and while the acreage number came in higher than expected we know there are issues with the crop and a lot of abandonment.
  • Wheat, like corn and beans, yawned at the report as the numbers were close to the average estimate with no major changes. After a mid June rally, the weakness to end the month was disappointing dropping 50 cents from the highs.
  • The weakness in the USD over the past few months will be something to keep an eye on as the year continues with it trading at levels we have not seen since early 2022.
  • Tensions in the Middle East continue despite a drawdown in aggression.

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.

 

11 Jun 2025
Agriculture, Grain, Risk Management rcmagserv 0 comment

Grain Elevator Strategies Amid Market Volatility: What Producers Need to Know

In today’s uncertain commodity landscape, the grain elevator remains a vital tool for managing harvest logistics, marketing strategies, and price risk. Whether you’re delivering to a local co-op or negotiating bids from commercial grain elevators, understanding how these facilities operate—and how they fit into your overall grain marketing plan—has never been more important.

What Is a Grain Elevator?

A grain elevator is a facility that stores and sometimes processes grain before it is sold to domestic or international buyers. These elevators play a critical role in the grain supply chain, acting as both storage hubs and pricing intermediaries. Most elevators offer a combination of cash bids, forward contracts, and basis contracts that help producers secure better pricing or manage timing for delivery.

Why Grain Elevators Matter Now

With 2025 shaping up to be another volatile year for grain markets—driven by weather disruptions, global demand uncertainty, tariffs, and fluctuating input costs—knowing how to leverage your local grain elevators can make or break your margin.

Key market factors impacting the value of grain elevator strategies today:

Volatile Basis Levels: Basis—the difference between futures price and local cash price—is widening across many Midwest regions. Grain elevators are adjusting their basis bids frequently, and producers who can monitor and act quickly may be able to lock in stronger prices.       

Tight Storage and Logistics: As more producers hold on to grain waiting for price recovery, storage capacity at grain elevators is tightening. Elevators may offer incentives for early delivery or penalize delayed deliveries, making planning essential.        

Increased Use of Risk Management Tools: In a high-risk environment, more producers are pairing traditional delivery contracts with options, futures, and OTC products to protect upside while limiting downside.

Maximizing Your Grain Elevator Strategy with RCM Ag

At RCM Ag, we work closely with producers to integrate grain elevator marketing into a larger, customized risk management plan. We don’t just help you understand your basic options—we help you anticipate them.

Our team monitors elevator bids, basis trends, and futures prices, giving you the insight needed to:

          -Decide when and where to deliver grain for optimal pricing

          -Evaluate storage costs vs. market carry

          -Layer in futures and options to protect against price drops

          -Structure hedge-to-arrive (HTA) or basis contracts with more clarity

 

We also offer access to models that help you compare net returns across different elevators and delivery windows, turning a once static decision into a dynamic marketing lever.

Looking Ahead: Harvest 2025

As we approach the heart of the growing season, it’s not too early to think about post-harvest logistics. Now is the time to:

           -Evaluate contracts offered by nearby grain elevators

           -Estimate your on-farm storage vs. elevator usage

           -Talk with an RCM Ag advisor about integrating your elevator marketing with hedging strategies

 

Ready to Build a Smarter Grain Marketing Plan?

Whether you’re marketing soybeans in Iowa or corn in Nebraska, RCM Ag helps producers make smarter decisions at the intersection of grain elevators, cash markets, and derivatives.

Contact our team to start planning your strategy before the combines roll.

 

Relevant links:

https://rcmagservices.com/ag-market-update-april-14-29/

https://rcmagservices.com/a-closer-look-into-the-evolution-of-farming-equipment/

31 Mar 2025
Agriculture, CME, Corn, Cotton, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, USDA Report, Weather, Weekly Prices, Wheat rcmagserv 0 comment

Ag Market Update: March 12 – March 31

The March 31 Stocks and Acreage Report did not provide any fireworks as there were no major surprises in the report with the USDA saying there will be 95.326 million acres planted. While this is a large acreage number the trade and talk the last couple weeks was about the likelihood of the USDA coming out with a 95 number. While the report could have been worse, stocks coming in exactly in line with the estimate did not pile on with bad news. As we head toward planting, weather, South America and tariff wars will be the main movers now.

Via Barchart

Soybeans came in at 83.495 million acres as their lack of profitability at current prices is making farmers switch some acres to corn. As you can see from the chart below there have not been much help for beans but if this acreage number is close to what we see, it is hard to think they would dip much below $10. The post report action was disappointing as beans continued lower.

Via Barchart

Wheat had bullish news from the report as acreage came in 1.125 million below estimates. Wheat has some bullish world news for price with emergence concerns in the Black Sea and US Plains, despite recent price action. News out of the Black Sea and any issues with the US crop will be market movers for now.

Via Barchart

Equity Markets

The equity markets continue their volatile swings while President Trump’s “day of liberation” approaches on April 2 when tariffs are supposed to be going in place. Volatility will be the name of the game as many unknowns remain in the trade wars.

Via Barchart

Other News

  • Cotton acres came in at 9.867 million. This is 1.315 million acres less than last year. Cotton needs to see demand pick up to get back and stay over 70 cents/lb.

Drought Monitor

As planting approaches the drought monitor begins to become important again as subsoil moisture always seems to be a problem somewhere.

PRICES

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 Mar 2025
Agriculture, CME, Corn, Futures, Grain, Market Commentary, Market Updates, Other News, Research, Risk Management, Soybeans, USDA Report, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: FEB 14 – March 12 USDA REPORT

First Glance:

Quiet report with no real changes made in production. The dark cloud over the market of tariffs was not addressed in a major way in this report as the demand picture remains blurred by how long the trade war could last. Nothing from the report changes the trade in a meaningful way for corn, soybeans or wheat.

Corn             24/25 US Corn Stocks:  1.540 BBU (1.516 BBU Estimate)

                       24/25 World Corn Stocks:  288.94 MMT (289.93 MMT Estimate)

                       24/25 Brazil Corn Prod: 126 MMT (126.07 Estimate)

                       24/25 Argentina Corn Prod: 50 MMT (49 Estimate)

 

  • Corn had a boring report with balance sheets remaining unchanged across the board. Global corn stocks were slightly lower and China imports were 2 mmt lower. Corn needs to get through technical resistance at the 50 day moving average ($4.59 ½) to see a move higher, it is currently trading at $4.55.

 

Beans        24/25 US Bean Stocks:  380 MBU (379 MBU Estimate)

                    24/25 World Bean Stocks:  121.41 MMT (124.56 MMT Estimate)

                    24/25 Brazil Bean Prod: 169 MMT (169.18 Estimate)

                    24/25 Argentina Bean Prod: 49 MMT (48.88 Estimate)

 

  • Beans did not receive much news as US bean stocks remained the same while lowering world ending stocks 2.93 mmt. The one item of note is that the USDA lowering the seed usage 3 mbu, potentially hinting at a lower bean acre number.

 

Wheat        24/25 US Wheat Stocks:  819 MBU (797 MBU Estimate)

                     24/25 World Wheat Stocks:  260.08 MMT (257.62 MMT Estimate)

 

  • Wheat was slightly changed this month with larger supplies, higher consumption, reduced exports and an increase in ending stocks. Exports were lowered for the EU, Russia and the United States. While not by large amounts (0.9 million tonnes) it was enough to move the market slightly lower with no big news in corn or beans.

Overview:

A quiet report as the market looks elsewhere for news to dictate trade. As China gets involved in the tariff war with Canada and Trump steps up tariffs on some imports while delaying others, there remains more questions than answers. News from the White House will be the main market mover moving forward until the planting intentions report at the end of the month. While South American weather is not a problem currently that is always a variable to keep an eye on as their second crop begins to take shape.

Note from the report: “The WASDE report only considers trade policies that are in effect at the time of publication. Further, unless a formal end date is specified, the report also assumes that these policies remain in place.” This is important because US tariffs on Canada and Mexico were delayed until April 2 on all products covered by the USMCA meaning theses numbers are estimates if this is resolved before then.

Equity Markets

The equity markets have given up all gains since the election in November as trade wars and tariffs dominate the headlines with the chip stocks and market leader Nvidia getting hit hard as recession fears ramp up. The global markets, after lagging the US markets for several years coming out of Covid, have ramped up recently, having a better start to 2025.

Via Barchart

Other News

  • The tariff war is up and running as everybody tries to out tariff each other. How long this lasts will ultimately decide how much economic damage is done.
  • Canada has a new Prime Minister after Trudeau stepped down and Mark Carney from the liberal party took the position.

17 Feb 2025
Agriculture, CME, Corn, Education, Futures, Grain, Hedging, Market Commentary, Market Updates, Research, Risk Management, Soybeans, Weekly Prices, Wheat rcmagserv 0 comment

AG MARKET UPDATE: JANUARY 27 – FEBRUARY 14

Corn rode the wave higher following the updated USDA numbers in the January report with old crop prices settling into a range and 2025 steadily moving higher. The funds are long 1.8 billion bushels and staying long which is helping this market higher with the general fear being a huge corn acreage number for this year that could present a problem. South American weather remains consistent with non-threatening forecasts while the US has a striking cold few days coming. There are multiple items supporting a continued grind higher from here, but funds have their hand on the scale so keeping an eye on what they do and what the technicals are saying will be important as well as harvest data out of South America. It is never too early to look at making sales for the 2025 crop year once you know your breakeven. You can always look at re-owning it on paper if the market really makes moves higher.

Via Barchart

Soybeans have been trading flat since the January USDA Report bump. South America’s record crop present price challenges to the US as we are not the main supplier for the world anymore. A renewed trade war with China would certainly have negative effects again on the soybean market. South America yield numbers and any tariff wars will be the main news in the market until planting begins. Beans inability to continue the rally like corn is not surprising but the corn-bean price ratio that we are seeing is going to make for some interesting conversations when planting is decided.

Via Barchart

Equity Markets

The equity markets have been volatile as we start the year with the Magnificent 7 taking a break while managers repositioning for expected moves (or lack thereof) from the Fed. With the constant talk of tariffs and then delays to implementation, it provides a volatile market within different sectors.

Via Barchart

Other News

  • Wheat has moved higher recently with record cold weather and winterkill concern driving it to a technical breakout.
  • Livestock prices have pulled back this month but are still at strong prices as the head count in the US remains on the small side.
  • Tariff announcements remain at the top of mind of the markets as uncertainty is the main issue with no clear guidance and kicking the can down the road.

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.

 

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.