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Tuesday, February 28, 2006

Crude Oil Made Modest Gains Today, Despite Growing Inventories...

Crude Oil made modest gains today, despite growing inventories, mild weather, and strengthened security measures among producers. Anticipation of another increase to be conveyed by tomorrow's petroleum stocks report, to be released 9:30 am CST, also did not hinder buyers. Analysts project an increase of 1.3 million barrels. Indonesia's OPEC governor, Maizar Rahman, announced today that the group should not reduce quotas when it meets this month on March 8th in Vienna. Read More....

FX Closing Comments

The Euro, Pound, and Yen managed to keep their earlier gains against the Dollar today, as interest rate issues came to the fore. A slew of soft data began the U.S. session, calling to question how much higher the Fed would raise rates. Although most expect the federal funds rate to be increased to 4.75%, the situation gets murkier for the jump to 5%. The main concern remains housing softness, which received validation today, as existing home sales were down 2.8%. The ECB, alternatively, is widely expected to raise rates this week to 2.5%.

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USD/JPY Lookin Bearish

The Dollar is mildly soft this morning, after a slew of both European and U.S. data. On the whole, there was nothing very exciting on either side of the Atlantic, though both the Euro and Pound perked-up after the releases. Using eurozone borrowing growth and expanding money supply as a basis, the ECB is widely expected to raise rates tomorrow to 2.5%. The late afternoon commentary will be the next major event.
Read More....

Gold Prices Look To Regain Bullish Momentum

Gold prices look to regain bullish momentum on news of lowered sales expectations from the Newmont Mining Corporation, the world's largest producer of gold. Most of the major gold mining companies report unchanged to lower production estimates for the coming year. Gold had lost a bit of its luster on the heels of lower Crude Oil prices and easing inflation concerns, but any recent dips in price have been met with bargain-hunting buyers. Read More....

Markets To Watch Today

Sugar: Sugar dropped to 5 week lows yesterday as commodity funds sold ahead of expiration. Lending pressure to this drop were losses in crude oil and gold. March slid 1.07 cents, closing at 16.55 and May only 1.07, to close at 16.74.

Copper: Preplaced sell orders were triggered after prices fell on front month Copper. Price dropped sharply, crossing important technical chart levels and sparking speculative commodity-fund selling. May Copper closed down 7.65 cents to 2.1305.

Crude Oil: Crude prices show signs of breaking below $60, as concerns over production problems seem to be subsiding, at least for the moment. Geo-political fears tend to outweigh the surplus in supplies. April Crude is trading at 60.50, down .50 at 9:20 am CST.

Monday, February 27, 2006

Crude Oil fell today, as concerns over possible disruptions in production have been eased

Crude Oil fell today, as concerns over possible disruptions in production have been eased. A failed attack on the Abqaiq processing center Friday resulted in the death of two assailants, and today at least 5 more suspected al-Qaeda militants were killed in Riyadh by Saudi security forces. Read More....

FX Closing Comments

The was mixed today, falling against the Yen and Canadian Dollar, and remaining range bound against other majors. This morning's poor new housing number for January (down 5%) brings to the fore concerns about the strength of the U.S. housing market. Tomorrow will show us the related existing home sales data, which has the potential to weigh on the Dollar if it proves negative. There is also a lot of data on the European calendar tomorrow, increasing the likelihood of volatility in the popular EUR/USD pair.

The Aussie-Canadian: Strong Down Trend

FX pairs are off to a slow start this week, with price action very restrained during the Asian and European sessions. There have been some conflicting reports that Iran and Russia have concluded a deal in regard to the nuclear dispute. If true, this could lend support to the Dollar. Read More....

Copper Falls As Production Continues in Indonesia

Copper falls as production resumes in the Freeport McMoRan Copper & Gold Inc.'s Grasberg mine located in Indonesia. The mine had been a target of protestors for the past three days, who have now lifted their blockade. The mine produces approximately 4% of the world's copper. Declines in the contract may be limited, as global stockpiles are considered low. Inventories of copper monitored by the LME, Comex and the Shanghai exchange dropped last week to 201,886 tons, as of Feb. 24. Read More....

Friday, February 24, 2006

Terrorist Attack In Saudi Arabia Sends Gold Soaring

Terrorist attack in Saudi Arabia sends Gold soaring: Safe haven buyers entered the Gold market today, as a terrorist car bombing was stopped just outside of one of the major oil refineries in Saudi Arabia. This has sparked fears that terrorists will target other sites in the Persian Gulf region. Commodity funds and dealers were early buyers, sending prices up to $560.00 in the April contract. Read More....

FX Closing Comments

The Dollar was strong today after an uneasy start. The U.S. session began under the prospect of a terrorist attack at the world's largest oil storage facility, and the greenback looked set to suffer on oil supply concerns. Thankfully, the attack was quickly deemed to be a failure with no disturbances to production or major damage reported. The Dollar strengthened against the other majors, with the exception of the Yen, which continued to draw strength from recent BoJ comments. Durable goods orders were also reported very weak in January, though traders discounted the headline number as being skewed by soft orders for Boeing aircraft. The underlying figures were fairly robust.

Crude Oil Soars On Apparent Attack On A Saudi Oil Refinery

Crude Oil soars on apparent attack on a Saudi oil refinery. Oil prices jumper over $2 in overnight trading as a report on al-Arabiya TV that Saudi Arabian military forces stopped a suicide attack at one of the counties largest Oil processing centers. There were reports that 2 car bombs were involved, and there were sounds of gunfire and an explosion in the area of the refinery. Read More....

The Energies Pair CAD/JPY

After slipping against the Euro in response to the robust German IFO survey, the Dollar regained its losses throughout the day on Thursday. The Pound's recent gains did manage to hold on yesterday, though they were given back during Friday's European session. Although the stronger jobless claims number may have helped the greenback slightly, it is more likely that traders simply felt that Euro bulls had over reacted to the German confidence number. Read More....

Markets To Watch Today

Copper: Copper fell on news of rising inventories. Though Indonesian miners have caused production to cease in one of the world's largest copper mines, fund selling brought the contract substantially lower. The March contract lost 5.60 cents during yesterday's session, but has recovered 1.50 cents this morning, trading at 2.2200 as of 8:13am CST.

Crude Oil: Crude Oil fell as the EIA reported a gain of 1.1 million barrels yesterday. The 326.7 million barrel inventory is the highest level since June of last year. April Crude closed at 60.54 yesterday, down 47 cents but was trading at 62.01 on the overnight ACCESS session.

Sugar: Sugar prices fell yesterday as commodity funds took advantage of an early rally to secure profits. The March contract closed at 17.50, down 76 cents for the session, but opened higher this morning. March sugar is trading at 17.80, up 30 cents as of 8:22am CST.

Thursday, February 23, 2006

Commercial selling caps Sugar rally!

Sugar futures gave back early gains to close sharply lower as commercial traders used the recent rally to hedge upcoming production. Speculators drove the market higher on the opening on follow through buying from yesterday's rally. This was what commercial account were looking for and took full advantage of the recent gains to start selling in earnest. Read More....

FX Closing Comments

After slipping in the European session, the Dollar regained its Euro losses throughout the day. The Pound, however, managed to maintain its gains. Lower weekly jobless claims may have helped the greenback slightly, though maybe traders may simply have felt that Euro bulls had over reacted in response to the very strong German IFO survey.

The last piece of data on the U.S. calendar is the durable goods report for January, which is expected to have risen .5%.

Join Us Today At 1:00 PM CST For Our Platform Walkthrough!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Rumors And Speculation Drive The Yen Higher

Rumors and speculation drive the Yen higher: It was an action-packed session for currency traders, as stories about a possible Chinese currency revaluation and the end to Japan's "easing" policy sent the Japanese Yen soaring. Traders in Europe bought the Japanese Yen, as word spread that China was ready to let the Yuan rise. Read More....

Big Overnight Move In The USD/JPY

The Dollar is soft across the board this morning, primarily in reaction to a bout of Yen strength overnight and a strong German IFO sentiment index. The leading gauge of German business confidence hit a 14-year high in February with a reading of 103.3, against expectations of 101.8 and a January reading of 102. Read More....

Markets To Watch Today

Crude Oil: Crude Oil fell yesterday on expectations of a growing surplus to be reported today. The EIA Energy Stocks report will be released at 9:30am CST. The April contract is trading at 60.75, down 21 cents as of 9:15am CST.

Soybeans: Soybeans continued on their decline as Argentine crops flourish in much needed and well timed rainfall. Multiple Bird flu cases in Europe lead to feed demand concerns. March Beans closed at 570, down 13 ½ for the session.

Sugar: Sugar found buyers large and small yesterday, as recent weakness has brought the funds back to the table, with producers forced to do some short covering. The March contract gained 58 cents yesterday and is up another 19 cents today, trading at 18.45 as of 9:24am CST.

Wednesday, February 22, 2006

Fund buying sends Sugar flying

The recent correction in Sugar prices may be over, as commodity funds get back into long positions. The recent correction started on February 3rd, when March Sugar posted contract highs at 19.73. Read More....

Closing FX Comments

FX pairs experienced a fair amount of volatility today, though no break-out moves were seen. After receiving fairly robust data from both the U.S. and Europe, it seems that on the whole, prices were deadlocked. The Bank of England seems unlikely to lower rates any time soon, based on today's MPC minutes. Within the eurozone, industrial orders were up strong, which bode well for latter GDP gains, however, yesterday saw a big Conference Board leading indicator number. The Dollar is firm, though range-bound near the U.S. close.

Want To See How XPRESSTRADE Works? Come See Our Webinar Today at Noon CST!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Mixed Dollar Overnight

The Dollar was mixed overnight, as the market received confirmation that German growth was exactly flat in the 4th quarter. Although this development is largely yesterday's news, it does remind traders that Europe's hampered growth situation is still a major concern, and a drag on the common currency. Read More....

The Nikkei Slide Continues.....

The Nikkei slide continues: Ever since reaching contract highs on February 6th, the March Nikkei has been in for a rough ride, as prices have fallen over 1000 points. Yesterday was no exception, as weak US stocks and higher oil prices helped send the market lower. There was a brief rally early in the session, as foreign buyers tried to push the market up to the psychologically important 16000 level. Read More....

Markets To Watch Today!

Crude Oil: Crude oil prices spike with Nigerian rebels successfully disrupting production, as promised. Nine foreign oil workers have been abducted while pipelines and loading facilities continue to be targets. April Crude Oil closed at $62.74, up $1.45 but fell some on the overnight session.

Soybeans: Soybean prices took a hit as much needed rain fell upon the Argentine soy belt and concerns over the effects of bird flu on European demand for feed. March Beans closed at 587 ½, down 13 ¾.

Tuesday, February 21, 2006

London rally sends Copper higher

Bulls regained control in Copper futures today, following a rally in London. The Copper market has been in a minor downtrend since February 6th, when the March contract posted contract highs at 233.50. However, the recent 2-day rally in the energies complex appears to have spread to the metals complex, including Copper. Read More....

Can the Merc crack the energy market?

A Chicago Mercantile Exchange foray into energy futures would set up an unprecedented three-way battle among U.S. futures exchanges.

The exchanges have avoided competition in the past, arguing that it is impossible to steal business from an established market. That proved true in 2004 after Eurex A.G. tried and failed to build an alternative market for eurodollar futures, a Chicago exchange staple. Read More....

Aussie Dollar Showing Multiple Tops

The Dollar is mildly firm heading into a holiday-shortened trading week in the U.S. FX markets are, however, largely devoid of trending markets. A moderate calendar awaits traders this week, with the German IFO survey a potentially key release on Wednesday. Read More....

Attacks in Nigeria Send Oil Prices Gushing:

Attacks in Nigeria send Oil prices gushing: Continued unrest in Nigeria's Niger Delta region has sent ICE Brent Crude Oil futures sharply higher. This reverses the downtrend that sent the market to seven-week lows. The Crude Oil market has been in a slump all year, as record high prices have curtailed demand causing a supply glut. Read More....

Market To Watch Today!

If the markets were the Olympics, Natural Gas would get the gold medal in the downhill. Amid fears of a shortage this winter, prices steadily climbed to a high of 15.78. After peaking at an all time record, prices came out of the gate and cruised to current levels backed by a massive surplus and a warmer than normal winter. From a all time high in prices to an all time high in reserves. March Natural Gas closed at $7.182 on Friday, up 4.8 cents.

Friday, February 17, 2006

Gold Ends The Week On A High Note

Gold ends the week on a high note: It was beautiful music to Gold bulls' ears, as concerns about inflation spurred a short-covering rally in the yellow metal. Today's release of the Producer Price Index gave Gold bulls some encouragement, with a an increase of 0.3% for January. Read More....

Closing FX Comments

Dollar pairs were nearly unchanged today. There was, however, some volatility, based on the producer price data and Michigan sentiment index. After rallying on interest rate expectations, Dollar bulls were unable to sustain a rally, and the Dollar is virtually unchanged, with the Dollar Index closing down 9 ticks. Expect low volumes on Monday because of the U.S. banking holiday.

XPRESSTRADE Holiday Trading Schedule

New Zealand/USD: Southbound?

FX pairs were especially quiet Thursday. As Ben Bernanke finished his solid, though uneventful, testimony to the Senate, traders were left with only the surprisingly firm housing starts number as a guide. The big housing starts number was, however, largely dismissed. Many analysts were quick to write-off the number as the result of an unseasonably mild winter. Read More....

Is Natural Gas Bottoming Out?

Is Natural Gas bottoming out? For the first time in weeks, Natural Gas futures rallied on a somewhat bearish storage report. The EIA reported yesterday that 102 bcf of Natural Gas was removed from storage last week. This was about 10 bcf less than most traders and analysts expected. Read More....

Thursday, February 16, 2006

FX Closing Comments

FX pairs were especially quiet today. As Ben Bernanke finished his solid, though uneventful, testimony to the Senate, traders were left with only the surprisingly firm housing starts number from this morning as a reference. The big housing starts number was, however, largely dismissed. Many analysts were quite to dismiss the number as resulting from an unseasonable mild winter. Many expect some compensation in the February and March numbers. All told, traders were cautious to use the data as a sign of a resurgent housing market (and buy dollars). The U.S. trading week is set to end with the Michigan sentiment survey and the January PPI figures.

Join Us Today For A Platform Walkthrough!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Is Gold Losing Its Shine?

Is Gold losing its shine? The month of February has not been kind to Gold bulls, with a price drop of nearly $40 since the start of the month. Is this price break just a normal correction in a roaring bull market, or the start of a new down-trend in the metals complex. Bulls would argue that the fundamentals still support higher prices, with fears of increasing Middle East tensions, inflation concerns, and portfolio restructuring into precious metals by investors sited as reasons for higher prices. Read More...

USD/CAD: A Tough Call

The Dollar experienced some volatility yesterday, based initially on the poor TIC data, or Treasury International Capital System report. The headline net flows number of $56.6b was less than December's trade deficit ($65.7b), and much less than November's revised $91.6b figure. Read More....

Markets To Watch Today!

Crude Oil: Crude drops nearly $2 in yesterday's session on news of a higher than expected surplus. The contract has lost nearly $5 a barrel in less than a week and some analysts say the bull run may be over. Crude Oil traded on the overnight ACCESS session found some support and is trading at $58.25 as of 8:10 am CST.

Copper: Copper may have met the end of its year long rally as technicals show weakness and bearish fundamentals including slowed US production, news of a Chilean hedging program and Bernanke's hint of continued interest-rate hikes. March Copper is trading at $2.1610, down 3 cents as of 8:15 am CST. The contract lost 7.25 cents in yesterday's session.

Wednesday, February 15, 2006

Volatile Day For The Dollar

The Dollar experienced some volatility today, based initially on the poor TIC data, or Treasury international capital flows report. The headline net flows number, at $56.6b, was less than December's trade deficit ($65.7b) and much less than November's revised $91.6b. After falling back sharply in the aftermath of the release, the Dollar rebounded and remained firm for the remainder of the session, helped possibly by Ben Bernanke's hawkish comments to Congress.

Look for tomorrow's weekly jobless figures along with the Philly Fed index and housing starts data.

Would You Like To See XPRESSTRADE Before Opening An Account...Check Out Our Walkthrough Today At Noon CST

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

USD/JPY: Almost Bearish?

The Dollar index was essentially flat yesterday, with the greenback initially gaining based on the robust retail sales numbers, then reversing shortly thereafter. Today we will see Ben Bernanke's first testimony to the House of Representatives, which may be interesting in some respects, but is unlikely to reveal much in terms of future policy shifts at the Fed. Read More....

Who Would Have Thought Crude Oil Under $60 Would Be A Bargain?

Crude on sale! Who would have thought that Crude Oil futures trading below $60 would seem like a bargain? Well that's what high prices will do, as the lead-month March Crude Oil futures contract plunged through the psychologically important $60 level yesterday, as traders covered losing long positions in anticipation of a bearish EIA energy stocks report today. Read More....

Markets To Watch Today!

Crude Oil: Crude Oil closed below $60.00 in yesterday's session, giving back all gains for the year. As traders await the release of the Energy Stocks report to be released latter this morning, we are hovering around the $60.00 level. An increase in inventories is expected.

Orange Juice: Orange Juice futures dropped dramatically as market participants anticipated damage to Florida crops as a result of the cold front to hit the area. Bulls were forced to cover long positions as the storm was reported to have had little to no effect. March Orange Juice closed at $1.2950, down 2.65 cents for the session.

Copper: Copper gave back most of yesterday's gains this morning as bargain hunters discover there may have been a reason for the contracts weakness. Production is set to exceed demand for the first time since 2002. March High Grade is down 2.75 cents in today's session and is currently trading at $2.2390 as of 8:01 am CST.

Tuesday, February 14, 2006

Bargain hunters shoot Copper higher!

After reaching a recent low of 218.55, buyers re-emerged in the Copper market, following the bounce in the precious metals complex. Much of the recent sell-off was blamed on commodity funds, who have been big sellers the past few days in most of the commodities markets, including metals. Read More....

Afternoon FX Update

The Dollar index is essentially flat on the day.The greenback initially gained on the robust retail sales numbers, then reversed shortly thereafter. Tomorrow will see Ben Bernanke's first testimony to the House of Representative. On Thursday, he will speak to the Senate. The important Treasury capital inflow data will also be released tomorrow. A significantly high or low number could shake-up FX pairs.

Tax On Futures.....What Are The Rules?


Though April 15 hasn't yet arrived, it's never too early to start thinking about taxes. Because everyone’s personal financial situation is different, and because the tax implications of futures trading can be complicated, it’s important to consult your accountant or tax advisor. But here’s a quick primer, so that you’ll at least be aware of the main issues.

The universe of trading instruments is growing every day, providing traders with many new opportunities for profits. From a tax perspective, the U.S. Internal Revenue Code classifies all these instruments into two main tax categories: Securities or Commodities. Products classified as commodities have tax benefits securities do not have.

Commodities, or “regulated futures contracts” (RFCs), are traded on commodities exchanges, and as the "regulated" label suggests, these RFCs are regulated by the exchange and the U.S. Commodity Futures Trading Commission.

Exchange traded futures products, including “currency RFCs” are considered to be Section 1256 contracts in the U.S. Internal Revenue Code. Business traders and all investors report RFC Section 1256 contracts as capital gains and losses on Form 6781 (Gains and Losses from Section 1256 Contracts and Straddles). This allows them to split the gains and losses 60/40 on Schedule D: 60% long-term, 40% short-term.

One of the most common questions we see is this: Are futures trades executed on foreign exchanges also taxed at 60/40 for U.S. citizens, or does the 60/40 blend apply only to futures contracts traded at U.S. exchanges?

There's a reasonable basis in fact and law to conclude that futures traded on certain foreign contract markets with either a CFTC Rule 30.10 exemption or No Action Letter are entitled to classification as Section 1256 contracts (e.g., regulated futures contracts) with the result that 60/40 tax treatment is appropriate.

Cautious Mood For The FX Pairs

FX pairs finished yesterday's U.S. session in a cautious mood, as traders awaited Ben Bernanke's testimony to Congress and Wednesday's release of the Treasury's capital inflow data. After learning that December's trade deficit was $65.7 billion (capping a record year), traders will want to see an inflow number safely above this level. Read More....

Live Cattle Continues To Mooove Lower

Live Cattle continues to mooove lower: April Live Cattle futures closed at lows not seen since October, as commodity funds started selling-off their long positions. Resting sell-stops were triggered once the April contract moved below 89.55 and 89.35, according to floor sources. Cash Cattle markets have been quiet as of late, as packers and Cattle owners have yet to agree on prices. Read More....

Markets To Watch Today!

Grains: Grain prices are poised to continue their bull run on the heels of President Bush's pledge to lower the US dependence on fossil fuels. His dedication to alternative fuels sources includes ethanol, which can be made from crops such as corn. Corn prices held steady yesterday, up 7% since January, closing at 220 ¾, down ½ for the session.

Gold: Gold prices are finding support this morning after Monday’s session closed with momentum to the downside continued from last week’s losses. April Gold is up $2.80 to $545.00 at 8:30 am CST.

Crude Oil: Crude Oil set a new settlement low for 2006 as geopolitical concerns dissipate and inventories continue to climb. The March contract closed at $61.24, down 60 cents for the session.

Monday, February 13, 2006

Traders switch to decaf!

Coffee futures plunged to lows not seen since the beginning of January, as a commodity-wide sell-off hit the Coffee ring. Commodity funds were heavy sellers, shedding some of 22,438 net long contracts they held, as of the most recent Commitment of Traders report. Read More....

Cautious Mood For The Pairs Today

FX pairs began the week in a cautious mood, as traders await Ben Bernanke's testimony to Congress on Wednesday. The insights of the Fed chairman are usually given much credence given his ability to move interest rates. Dollar bulls may also be hesitant to place large positions until Wednesday's Treasury inflow data. After learning that December's trade deficit was $65.7 billion (capping a record year), traders will want to see an inflow number safely above this level.

Commercials vs. Speculators In The Battle For Hog Futures:

Commercials vs. speculators in the battle for Hog futures: It's commercial traders vs. speculators to see who will control Lean Hog prices. In the bull camp are the commercials, who have been big buyers as of late, sending prices well-off their recent lows. Calls for cold weather in the upper Midwest this week have also supported prices the last several trading days. Read More....

GBP/JPY Approaching Support

FX pairs have been tame, thus far in Asia and Europe, as we begin trade in North America. This week a key concern will be sluggish European growth. Last week we learned that French Q4 GDP was only .2% higher than Q3, and this week will see German figures, which are expected to be equally soft. If true, the Euro may continue to be hampered by weak sentiment. Read More....

New Futures Product: West Texas Intermediate Crude Futures

The IntercontinentalExchange (known as the "ICE") launched a new West Texas Intermediate (WTI) Light Sweet Crude Oil futures contract on February 3, 2005, and it's now available for trading through XPRESSTRADE. In the very first day of trading, nearly 39,000 contracts traded, which makes this one of the most immediately successful new futures product launches we can recall. West Texas Intermediate is a U.S. light sweet variety of crude and is a significant crude oil benchmark.

ICE operates a fully electronic regulated futures and options exchange for global energy markets. It took control of the International Petroleum Exchange in London and converted it from an open-outcry marketplace to a totally electronic marketplace. ICE’s robust trading platform offers participants access to a wide spectrum of energy futures products. In addition to the new WTI crude oil futures contract, other important ICE contracts include the Brent global crude benchmark contract, gas oil, natural gas.

Trading Hours: London (01:00 - 22:00), New York (20:00 - 17:00) Chicago (19:00 - 16:00)

Unit of Trading: One or more lots of 1,000 barrels.

Quotation: U.S. Dollars and cents per barrel.

Minimum Price Fluctuation: One cent per barrel, equivalent to a tick value of $10.

Maximum Daily Price Fluctuation: There are no limits.

Trading Period: Thirteen consecutive months

Friday, February 10, 2006

Gold plunges again!

It was just this past Tuesday when gold futures fell almost $20 on massive fund liquidation. Then yesterday, Gold ended sharply higher, as commodity funds bought back their long positions. So today, the schizophrenic funds bailed out of the long positions again, giving back all of yesterday's gains. Read More....

U.S. Trade Deficit Sparks Up FX Pairs

FX pairs were refreshingly active today, after the release of the U.S. trade deficit. Early in the session, the Dollar sold-off against the Euro, as the headline "worst annual trade deficit ever" hit the wires. The Euro rallied stalled, however, shortly thereafter, and Dollar bulls staged an impressive rally, taking the the popular EUR/USD pair below 1.19. Overall though, the Dollar was mixed against other majors, with the Yen making gains on the greenback.

The Best Way to Start Trading Energy Futures


Want to participate in the energy markets, but you're new to futures trading, have limited trading capital, or simply wish to minimize your risk? E-Mini Crude Oil futures are just 50% of the size of a standard futures contract, and they trade totally electronically, nearly 24 hours per day. The E-mini Crude contact is a great way to get involved in the energy markets, but the smaller contract size means correspondingly less exposure to the market and less risk. E-Mini Crude futures trade under the symbol QM. There is also an E-Mini Natural Gas contract, which trades under the QG symbol.

In case you didn't hear, the New York Mercantile Exchange just recently listed E-Mini Unleaded Gasoline and E-Mini Heating Oil futures, too, on January 16th. These contracts are one-half the size of the floor traded contracts, which means they represent 21,000 gallons. The minimum price fluctuation will be $0.002 per gallon, or $42.00 per tick. February 2006 will be the first month offered. All contracts will be cash-settled, so there's no need to worry about having to make or take delivery of the underlying commodity. The trading symbol for E-Mini Gasoline is QU, and the symbol for E-Mini Heating Oil is QH.

Getting started with E-Mini energy futures can help you develop a disciplined, rational trading strategy, without excessively focusing on profits and losses. When trading full-size crude oil contracts, traders with relatively small balances tend to fixate on their equity fluctuations and sometimes base trading decisions on emotional reactions to these fluctuations. Many traders, for example, resist closing-out unsuccessful trades at a loss, because they hope that the market will turn in their favor. Conversely, many tend to immediately take profits when the market moves in the desired direction, rather than maximizing their gains by allowing profits to run. With less capital at stake when trading E-Mini energy futures, however, you can develop a disciplined trading methodology -- as well as the confidence needed to be a successful futures trader -- without the anxiety and distractions that come with large P&L swings.

Foreign Participation Higher Than Expected After 30 Year Auction

Major FX pairs were extremely quiet yesterday. The only significant development was the robust launch of the 30-year Treasury Bonds. Foreign participation was higher than expected at 65.4%, implying that overseas demand is still high for Dollar-based assets. Read More....

Can't Get Enough Of Those Bonds!

Can't get enough of those Bonds! 30-year Treasury Bonds have rallied the past two days, as the first auction of the long-term bonds since 2001 was very successful. Much of the demand came from pension funds, who need to purchase long term maturity Bonds to help meet payments to retirees. Read More....

Markets To Watch Today!

Natural Gas: Natural Gas prices have plunged over 50% in over the past two months and have reached their lowest point since July. With less than expected draws on inventories reported yesterday, total gas storage is poised to exit the heating season at its highest level ever. March Natural Gas closed at $7.497, down 25.6 cents for the session.

Gold: Gold may get a boost out of China. The country plans to introduce an investment fund based on the yellow metal. With a fund size of between $62 and $124 million, the China Gold Investment Fund must receive government permission to invest outside of the country. March Gold was trading at $562.50 down $5.60 by 753am CST.

Soybeans: Soybean prices rose yesterday, despite the higher than expected inventory report. Strong fund buying allowed the contract to break through key resistance levels. March Beans closed at $5.8775, down 9 3/4 cents for the session.

Thursday, February 09, 2006

Gold shines again!

Gold futures posted their second largest one-day gain of the year, as speculators jumped back into the market. The rally started overnight, with a possible nerve gas scare in Washington that started a short-covering rally. Even though the incident turned out to be false, the buying continued. Read More....

Firm Dollar After 30 Year Auction

Major FX pairs were extremely quiet today. The only significant development was the robust launch of the 30-year Treasury Bonds. Foreign participation was higher than expected at 65.4%, implying that overseas demand is still high for Dollar-based assets. FOMC member Moskow is also on record with recent hawkish commentary. All told, however, the Dollar was firm, though largely unchanged.

Will Wheat Retreat?

Will Wheat retreat? Since early December, CBOT Wheat futures have posted a 50 cent rally on the back of commodity index fund buying and drier than normal weather in the plains. However, some of these gains may be in jeopardy, as the USDA left all Wheat ending stocks unchanged at 542 million bushels. Read More....

Join Us Today For Our Platform Walkthrough!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

EUR/JPY: Double-Top Near All Time High

FX Pairs are essentially unchanged from recent sessions, heading into Thursday's trading day in the U.S. Today's initial jobless claims numbers were decent, rising only 4k to 277k (most estimates were calling for more claims). This brings the more telling 4-week average to a respectable 276.5K. There has been some suspicion that warmer weather has helped prevent seasonal claims from construction-related fields. Read More....

Futures Markets To Watch Today!

Sugar: Sugar, the other white fuel. It's not just an ingredient for making foods sweeter, exporters of sugar-cane are devoting more than half of their crops to ethanol production. President Bush called for increased investment in ethanol in his most recent State of the Union address, sparking awareness as the contract moves from a food crop to an energy crop. March Sugar closed at $19.07, up 27 cents for the session.

Gold: Gold bounces back after sustaining losses of over $21.00 this week. Some profit taking by the large funds triggered sell stops, but the overall uptrend remains intact. Gold is up $9 to $562.50 as of 8:49am CST.

Crude Oil: Crude Oil prices fell for the third straight day on the heels of the Energy Stocks report which revealed a small depletion in supplies. The decline was negated by a larger than expected increase in Gasoline inventories. March Crude was up 30 cents in overnight ACCESS trading to close at $62.85.

Wednesday, February 08, 2006

A wild and wooly day in Cotton!

It was a turn-around Wednesday in the Cotton market, as commodity funds, who were net sellers yesterday, bought back their positions, as a commodity-wide sell-off did not spread to a second day. The market was well supported right from the opening, as speculators used yesterday's market plunge as a chance to buy-in at a good price. Read More....

No New Data Causes FX Pairs Flat Line

Major FX pairs were deadlocked today in the absence of any new data. There were, however, a number of presentations from ECB members, as well as one from Alan Greenspan. It would seem that both banks are keen to raise rates at their next meetings. Greenspan's hawkish comments to a private Lehman Brothers meeting seeped into the market early in the afternoon, though the greenback was unable to hold-on to any significant gains. Many now feel that the peak rate is something over 5%, possibly 5.5%.

Join Us Today at Noon CST For Our Platform Walkthrough!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Currency Markets Quiet Ahead of 30 Year Auction

Tuesday was a very dull day in FX markets, with little data on both the European and U.S. calendar. Commodity prices, however, more than compensated for the sleepy FX activity, with large slips in Gold, Silver, Sugar, and Crude. Equity markets were also negative. The next potential market movers will be the 30-year treasury auction and the BoE meeting, which are both scheduled for today. Read More....

Will Corn Prices Collapse?

Will Corn prices collapse? Two consecutive down days have Corn bulls concerned that the rally may be over. Yesterday's sell-off in commodities has spread to the Corn market, with a sharp sell-off in the last 45 minutes of trading. Commodity funds, whose buying has contributed to the recent rally in Corn futures, turned seller yesterday, following the sharp breaks in energies and metals. Read More....

Markets To Watch Today!

Crude Oil: Energy traders await the Energy Stocks report set to be released this morning. Analysts anticipate more than adequate supplies. March Crude closed at $63.09, down $2.02 for the session.

Gold: Gold experienced a massive sell off yesterday, giving back almost $20 in gains. The April Gold contract remains steady this morning, trading at 554.00, up $1 at 8:24 CST.

Sugar: Sugar was subject to the sell off as well. After pushing near the $20 mark, sugar is now trading below $18. The March contract is trading at 17.95, down 22 cents as of 8:26 CST.

Tuesday, February 07, 2006

Metal meltdown!

Today was the day that bullish Gold traders feared, a sharp sell-off in the entire metals complex! The most-active April Gold contract gave back all the gains of the past 3 weeks today, dropping over $20 at one point, as commodity funds started to lighten-up on their long positions. Read Now....

Dull Day In Forex Markets

It was a very dull day in FX markets with little data on both the European and U.S. calendar. Commodity prices, though, countered the boring FX activity with large slips in Gold, Silver, Sugar and Crude. Equity markets were also negative. The next potential market movers will be the 30-year treasury auction and the BoE meeting, which are both scheduled for Thursday. FX traders will be keeping a lazy eye on the market response to the first 30-year auction in over 4 years. A poor appetite on the part of overseas investors might imply poor capital flows overall. This would be a Dollar-negative occurrence.

FX Markets Wedged

The Dollar is firm heading into Tuesday. With the thin calendar, the greenback is maintaining its strength based on higher rate expectations, which were bolstered after the last Fed meeting and last Friday's robust jobs report. Continued sluggish fundamentals from Europe have also provided little reason to sell Dollars. Read More....

Is Cocoa Ready To Pop?

Is Cocoa ready to pop? For the past 10 days, Cocoa futures have been caught in a consolidation phase, as speculators and commercial hedgers battle for the next move in the market. Politics are playing an increasing role in Cocoa, as the U.N. Security Council is about to impose sanctions, including travel bans and the freezing of assets against 3 rebel leaders. Read More....

Webinar Today with Jim Wyckoff!

As part of our ongoing commitment to leading the way in futures trading education, we're pleased to announce that XPRESSTRADE and Jim Wyckoff will offer monthly futures market outlooks, which you can attend online, in a virtual conference room. These live "webinars" will be held each and every month, and the first such event is scheduled for Tuesday, February 7, 2006.

Date / Time: Tuesday, February 7, 2006, at 12:00 PM CST (GMT -0600). The presentation is expected to last approximately 45 minutes, followed by a 15-minute Q&A session. Here's your opportunity to run questions by one of the most knowledgeable futures market analysts and educators!

How to Attend: Simply click this link at the designated time, and you'll be taken to our online conference room. Make sure that your computer speakers are turned on, and sit back and enjoy the presentation. There's no software required, nor will you need a user ID or password.

Webinar Objective: A variety of futures and forex markets will be discussed, using both short-term and long-term technical perspectives. The goal is to keep you apprised of interesting developments in the markets and alert you to potential trading opportunities. Jim will describe how to identify potential market set-ups, how to pick entry and exit points, how to manage risk, and how to avoid common mistakes.

About XPRESSTRADE: We're a leading online futures and forex broker, with clients in over 100 countries. We offer direct access to more than 300 futures products, both electronic and open-outcry, traded at the world's 25 leading exchanges. We also offer commission-free trading in 20 currencies in the over-the-counter foreign exchange market. We're highly regarded for our exceptional customer service, our integrity, and our complete package of powerful, yet user-friendly trading tools.

About Jim Wyckoff: Jim has been a student of the futures markets for over 20 years. He is currently Chief Technical Analyst for Dow Jones Newswires and is the editor of several newsletters, including “Jim Wyckoff on the Markets." Jim is also a renowned futures trading educator, having authored several books and countless articles on subject ranging from technical analysis to trader psychology. Jim enjoys a solid reputation for his honest, straightforward, no-hype approach to trading futures.

We look forward to the first of our new monthly futures and forex market outlooks and hope that you will be able to attend! Should you have any questions or concerns, or if you'd like to share any feedback after the presentation, please don't hesitate to contact us. We're committed to making these monthly webinars an invaluable resource for futures traders everywhere!

Markets To Watch Today!

Crude Oil: Crude Oil prices fell slightly yesterday even as 27 out of 35 members of the International Atomic Energy Agency voted over the weekend to refer Iran to the U.N. Security Council. Though the move was expected, this raises the stakes in a possible confrontation with the West. March Crude closed at $65.11, down 26 cents for the session.

Gold: Gold prices rose as traders look for a safe haven as Iranian tensions increase. A stronger dollar curbed some of the metals bullish momentum. April Gold closed at $574.30, up $2.70 an ounce. for the session.

Copper: Copper prices continue their historic run fueled by strong consumer demand. March copper closed at $2.3300, up 2.20 cents for the session.

Monday, February 06, 2006

Coffee Spills To One Month Lows:

Coffee spills to one month lows: Bullish Coffee traders are starting throw in the towel on their long positions, as prices plunge to 4-week lows today. Sell-stops were triggered once the March contract fell below 114.80, the recent lows. Commodity funds were seen to be holding a sizable long position of 23,699 contracts, as of the most recent Commitment of Traders report. Read More....

Thin US Calendar

After beginning the week firm in Europe, the Dollar maintained its strong posture during the U.S. session. Although there is little data on the U.S. calendar this week, the greenback may find strength in poor UK and EU data, as was the case today when soft German industrial orders were released. German industrial production figures will be the next test. They are due on Tuesday.

Pound Yen: A Reversal In The Making

The Dollar made a strong push Friday against the other majors, after the release of the influential non-farm payroll number. Although the number, at 193,000, was below expectations, it was above last month's revised 140,000. Read More....

Crude Market Filled With Uncertainty:

Crude market filled with uncertainty: Oil traders are on edge lately, waiting to see how the international community plans to deal with the growing concerns that Iran is planning on re-starting their nuclear program. The biggest fear is for sanctions against Iran that would halt Crude Oil exports. Read More....

Futures Markets To Watch Today!

Silver: Silver may find more demand upon the release of a new exchange-traded fund by Barclays Global Inventors. The fund is designed to mirror the day-to-day price of the commodity. The company already has a gold ETF, in which trading volume has increased 33% over the past 3 months. Both gold and silver are hovering around 25 year highs. The March Silver contract closed at $9.760, down 11.7 cents for the session.

Friday, February 03, 2006

Bears get squeezed in OJ:

Bears get squeezed in OJ: Speculators are starting to take control of the Orange Juice market, with their continued buying pushing prices to 3- week highs. Producer hedging has been notably absent, as growers are waiting for higher prices. Technically, the market is looking strong, with a major downtrend line having been broken on Tuesday. Read More....

Strong Push By The Dollar Today

The Dollar made a strong push today against the other majors, after the release of this morning's NFP number. Although the number, at 193,000, was below expectations, it was above last month's revised 140,000. The unemployment rate, however, slipped to 4.7% from 4.9%, which put an overall positive spin on today's figures. The Dollar rallied strongly against the Euro, reaching the 1.1968 level, before easing back to 1.2019. The pullback may have been helped by a soft preliminary Michigan survey, which came in at 91.2.

Soft Dollar Yesterday Affected By The Poor Performing Dow

The Dollar was soft yesterday, falling mildly against both the Pound and Euro after comments from the European Central Bank president implied rising Euro rates. The Dollar's troubles were also negatively affected by a poor performing Dow, which fell on a combination of inflation concerns and poor results from GM. In regards to ECB developments, many now suspect a quarter percent move upwards in March. Read More....

Unemployment rate lowest in nearly 5 years!

Unemployment rate lowest in nearly 5 years! There was something for everyone in today's Unemployment report. The headline non-farm payrolls figure came in at 193,000 new jobs in January. This was somewhat of a disappointing number, as most traders were looking for 250,000 plus gain. However, the real surprise was in the unemployment rate, which came in at 4.7%-the lowest rate since July of 2001. Read More....

Futures Markets To Watch Today!

Sugar: Sugar climbed to 25-year highs, breaking the $19 barrier and pushing for $20. With crude prices in the high 60's, more cane is devoted to the production of ethanol, reducing sugar output. Demand for sugar has surged with recent global economic growth and the world sugar market is in its third straight year of lower inventories. March sugar closed at $19.15, up 86 cents for the session.

Crude Oil: Crude Oil futures plunged on news the US will not immediately seek sanctions on Iran over their nuclear ambitions. The IAEA has referred Iran's case to the UN Security Council in an effort to resolve this standoff diplomatically. March Crude closed at $64.68, down $1.88 for the session.

High Grade Copper: Copper continues its bull run and maintains record highs, fueled by speculative buying and tight supplies. March Copper closed at $2.309, up 6 cents for the session.

Thursday, February 02, 2006

20 cents here we come!

Now that the 19 cent barrier has been taken out, traders are looking for the big 20 in world Sugar futures. Trade houses and speculative commodity funds were again the big buyers on the day. After the gap opening this morning, which took the lead month March contract to 19.00. Some profit-taking sell orders entered the ring, and took the market to the day's lows. Read More....

Falling Dollars After The ECB Press Conference

The Dollar fell mildly against both the Pound and Euro today after comments from European Central Bank president implied that Euro rates will be rising, possibly soon. Although this "upside risk" had been expected well in advance of the meeting, the Dollar nudged down some after the ECB press conference. A poor performing Dow also put pressure on the greenback today, as a combination of inflation concerns and poor results from GM gripped the market. Tomorrow is non-farm payroll day, with the number expected to be near 240,000, which would be a very strong number relative to last month's 108,000.

OneChicago January Volume Increases 343%

CHICAGO, IL – Feb. 1, 2006 – OneChicago, LLC today reported that 822,700 security futures contracts traded at the Exchange in January, 343% more than in January 2005. Average daily volume was 41,135. Open interest reached a record, standing at 1.63 million contracts on January 31. Read More....

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The Loonie and Retreating Natural Gas

The Dollar was strong throughout the day yesterday, especially against the Euro. The optimism was the result of elevated rate expectations in the U.S. after the quasi-hawkish commentary released by the Fed on Tuesday. The Conference Board's service sector PMI report also helped matters, as the number bettered the previous month's figure (Jan 54.8 vs. Dec 54.2). Read More....

Join Us Today at 1pm CST For Our Platform Walkthrough XPRESSTRADE!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Mixed Signals Keep The Bond Market Unsettled:

Mixed signals keep the Bond market unsettled: Economic reports out today presented a mixed picture of the US economy. On the employment front, jobless claims declined by 11,000 last week, dropping the four-week average to the lowest levels in five years. This surprised analysts, who were expecting an increase. Read More....

Futures Markets To Watch Today

Crude Oil: It was a roller coaster ride in the Crude yesterday, as the market rallied early on concerns in Iran and then went on the lose $1.36 after storage reports showed larger than expected inventories. Some fund selling also contributed to the late slide. March Crude closed at $66.56.

High Grade Copper: Copper, once again, hit new contract highs on news of lowered inventories in London and solid construction spending reported in the US. March Copper closed at $2.2550, up 2.05 cents for the session.

Sugar #11: Sugar dipped early in the session, giving traders a buying opportunity. Each dip seems to be a springboard, as the contract maintains prices near 24-year highs. March Sugar closed at $18.76, up $0.47 for the session.

Wednesday, February 01, 2006

Copper keeps charging higher!

Tight supplies and an increased speculative appetite for industrial metals has once again sent Copper futures to all-time highs. Nymex Copper futures followed the lead of the London Metals Exchange(LME), which reached an all-time high of $4,889.50 per ton today. Read More....

Strong Dollar Againist the Euro

The Dollar was strong all day, especially against the Euro. The optimism is the result of elevated rate expectations in the U.S. and a higher service sector PMI report, which bettered the previous month's figure (Jan 54.8 vs. Dec 54.2). Tomorrow may also see some moves with an ECB meeting scheduled. Although rates are not expected to move, many suspect the bank will give hints about an upward move in March.

Senior Analyst, Mike Zarembski, Comments on FCOJ

DJ Nybot FCOJ Review: Up On Spec Buying

DOW JONES NEWSWIRES

Frozen concentrated orange juice futures gained additional ground Wednesday
as speculative traders bought in the last 30 minutes of the session, sources
said, sources said.

Most-active March FCOJ rose 85 points to $1.2550 a pound, while May finished
70 points higher at $1.2550.

Traders were busy again rolling positions out of March juice and into the
May. That spread closed even Wednesday at $1.2550 and had narrowed in recent
sessions.

No fresh fundamental news was cited for the market's gains, rather continued
support came from speculative buying that lifted March FCOJ to nearly
three-week highs.

"The market opened up higher and then dipped, and I thought maybe we were in
for a little bit of a sell-off here. But once again at the end of the day it
looks like the specs came in and bid it up again," said Mike Zarembski, FCOJ
analyst and futures desk manager at Xpresstrade in Chicago.

The closing of the March-May spread and the ability of the market to rally
off of its $1.1450 low may indicate improving demand. "Maybe this is a sign
that we're actually starting to see some solid demand here even at these higher
prices. That's actually a very bullish sign," Zarembski said.

March juice has now gained 11 cents a pound since Jan. 20, when it bottomed
out at the $1.1450 level.

Zarembski pegs technical resistance on March FCOJ at $1.2750, the Jan. 9
high. Support is placed at $1.2325 and $1.2275 a pound.

In news, Brazil's January FCOJ exports rose 92% from December to 91,600
metric tons. FCOJ exports were also higher than year-ago levels.

Citrus canker was found on orange seedlings in four Sao Paulo greenhouses.
The affected properties were closed and are prohibited from selling oranges or
orange trees, according to Fundecitrus, a private plant health group organized
by orange growers and orange juice producers.

Citrus canker is a bacterial disease that causes lesions on the fruit and
weakens the trees, thereby cutting production. It is spread easily in rainy,
windy conditions.

Brazil, the world's No. 1 exporter of orange juice and the No. 1 orange
producer, is seeing scattered showers and thundershowers, with rain amounts
ranging from 0.20-0.75 inch. Mostly dry conditions are expected Thursday with
the possibility of a few light showers Friday through Sunday. Near- to
below-normal temperatures are expected on Friday, with near to above normal
Saturday and Sunday, DTN Meteorlogix said.

The increasing shower activity over Sao Paulo and Minas Gerais will benefit
the budding orange trees after recent hot, dry weather.

In Florida, mostly dry conditions are seen, with scattered showers and
thundershowers forecast Friday into early Saturday. Dry conditions are expected
to return later Saturday into Sunday, DTN said.

At the Nybot, FCOJ futures volume was estimated at 4,474 contracts, with
1,452 options traded.

Join Us Today At Noon CST For Our Platform Walkthrough!

Though we expect you'll find our website to be refreshingly intuitive and user-friendly, you might still like to join us for a live, online system walk-through. This is a new service that we've decided to offer, and we think it'll be a great way for both new and existing clients to learn about everything our browser-based trading platform has to offer.

These training sessions will be held twice weekly and take place online, in a virtual classroom. If you're interested in participating, you'll simply log into the training site at one of the designated times, and you can watch in real-time as a member of the XPRESSTRADE customer service team moves through the website, pointing out all the tools at your disposal. You can even listen to the instructor over your computer speakers.

At the end of each online group training session, you’ll have the opportunity to post questions for the instructor. Not only will you receive direct answers to your questions, but you might very well find that answers to questions from your fellow traders will be helpful to you, too. We encourage you to give this new complimentary service a try!

Every Wednesday at 12:00PM CST and Every Thursday at 1:00PM CST

Dollar Up on Rate Expectations

The Dollar is firm across the board this morning, primarily on interest rate expectations that were bolstered by yesterday's Fed commentary. For the record, the FMOC raised their target on the Fed funds rate an additional .25% to 4.5%, which was exactly what markets were expecting. Read More....

Loonie, AKA Canadian Dollar, hits 14-Year Highs Against The Greenback

Loonie hits 14-year high against the greenback: Thanks to the booming demand for commodities,and especially oil, the Canadian economy is experiencing firm growth. This is reflected in the soaring Canadian Dollar, which has recently made 14-year highs vs. the US Dollar. The most recent Canadian GDP figure was released yesterday, which showed a rise of 0.2% in November, which was in-line with analysts' expectations. Read More....

Futures Markets to Watch Today

Crude Oil prices fell slightly yesterday on news that OPEC will not take action to lower production. Iran also signaled that they will not halt exports at this time. In the face of US disdain over nuclear ambitions, Iranian Oil Minister Dazem Vaziri Hamaneh assured cartel members that there is no link between oil production and the country's nuclear dispute. The news gave some traders incentive to take profits, but as the overall environment remains uncertain and market participants remain bullish, new highs in oil remain within reach.

Gold continued to be the safe haven for investors as it reached a 25 year high yesterday. In the most-active April contract, some profit taking resulted in a drawback from the $577.30 high to close at $575.50. Overnight trading was light giving back another dime.

Coffee took a small hit as end of the month profit taking and technical-based selling ruled the session. The March contract closed at $1.182 a pound, down 3.7 cents for the session.