AgMaster 10/2/2019
1mo ago

DEC CORN Well all of a sudden, the USDA is admitting that corn stocks aren’t quite as plentiful as advertised – estimating Qtly stocks well [...]

Industry Headlines:

U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CST .


December live cattle started the week under moderate pressure but were able to defend the lower end of last weeks trading range, 118.20-118.525. So long as the bulls continue to defend this pocket, they remain in clear control.Corn futures were softer to start the week as market participants continued to digest Friday’s delayed WASDE report. The delay provided a pop from algo buying but was short-lived as participants realized it wasn’t a bullish report.U.S benchmarks snapped back after the open yesterday to pare Sunday night losses. The tape remains firm ahead of the bell today with a speech from President Trump at the Economic Club of New York in focus. The speech is scheduled to begin at 11:00 am CST .Corn drifted lower yesterday on another lackluster export sales number, 487,900 metric tons. This was up from the 4-week average and within the range of expectations, but the bull camp NEEDS to see....China’s Foreign Ministry announced yesterday that the two sides would agree to roll back tariffs in phases upon signing an interim “Phase One” trade deal. The headlines sound very copasetic, right? The only problem, the U.S had not confirmed this “great news”.Oliver Sloup breaks down the trading day before WASDE report in grain futures markets. The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent.


DEC CORN The only positive from Friday’s USDA Report was on the corn side where they reduced the yield to 167.0 (Oct – 168.4) & [...]


DJ CBOT Delivery Intentions: Totals – Nov 12 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]


We kickoff this Full Moon and winterlike fall day with certain reports delayed for the Veterans Day holiday. President Trump will address the Economic Club [...]


Iran raised a few eyeballs after Iranian President Hassan Rouhani said that Iran has a new oil field that would increase Iran’s proven reserves by [...]


One of the questions I have been frequently asked by traders this year is how the ongoing “trade war” with China will affect grain prices, [...]


A new DFA article by Rizova and Saito (2019, “Investment and Expected Stock Returns”) [ref]Sadly this article is currently only available to clients of Dimensional Fund Advisers[/ref] rehashes previous arguments in Fama and French (2006, 2015) on the investment factor. The core arguments are as follows: Valuation theory predicts that expected investment is negatively [...] - was originally published at . Please read the Alpha Architect at your convenience.


Corn drifted lower yesterday on another lackluster export sales number, 487,900 metric tons. This was up from the 4-week average and within the range of expectations, but the bull camp NEEDS to see....China’s Foreign Ministry announced yesterday that the two sides would agree to roll back tariffs in phases upon signing an interim “Phase One” trade deal. The headlines sound very copasetic, right? The only problem, the U.S had not confirmed this “great news”.Oliver Sloup breaks down the trading day before WASDE report in grain futures markets. The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month. January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness.


U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month.


U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness.



Futures put in their lows early in the session. Once the equities opened, futures marched steadily higher, reaching the top of their session range by midday, closing just off those levels.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Corn futures were softer to start the week as market participants continued to digest Friday’s delayed WASDE report. The delay provided a pop from algo buying but was short-lived as participants realized it wasn’t a bullish report.


Iran raised a few eyeballs after Iranian President Hassan Rouhani said that Iran has a new oil field that would increase Iran's proven reserves by an impressive 53 billion barrels of oil. Overnight, this would increase its proven reserves by about one third.


What’s Up The stock index trader index lead the pack last month, up 1.19% and 5.05% for YTD led by Kinkopf Capital Management’s S&P Select program. What’s Down The trend was not your friend for the second month in a row, as the trend following strategy index dropped 2.32% anchored by Mulvaney Capital Management’s Global Markets Fund’s 12% slip. CTA Spotlight: Tianyou Asset Management. In February 2018, markets looked pretty dire for manyoption writers. The VIX had spiked 250% in less than a week and options sold a few days before were selling for many multiples of their original value.The


On the Corn front the weather outside is frightful and the markets are trading numbers that defy logic. December Corn is currently trading at 374 [...]


Are Early Stage Investors Biased Against Women? Michael Ewens and Richard TownsendJournal of Financial Economics, forthcomingA version of this paper can be foundhereWant to read our summaries of academic finance papers? Check out ourAcademic Research Insightcategory What are the Research Questions? Recent studies of startup activity in the U.S. find that only roughly 10–15% of [...] - was originally published at . Please read the Alpha Architect at your convenience.


COTTON General Comments: Cotton was higher as USDA cut production and ending stocks for the US in its reports on Friday. The reports also [...]


Oil prices are starting out a bit weak on this Veterans day as OPEC is signaling that there will be an extension of the current [...]



Oil prices are starting out a bit weak on this Veterans day as OPEC is signaling that there will be an extension of the current production cut but nothing bigger. This comes as the market deals with yet another drop in rig counts and a rebound in OPEC production.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Every minute of every trading day, trading signals are assessed on a portfolio of30 futures marketsand tracked in a veryhigh level of transparency and accountability.


Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.


Progressive Capital Partners, a Swiss investment boutique specialized in niche alternatives and managed futures strategies, has agreed to acquire Vontobel Asset Management's hedge fund arm. Financial ...




Every minute of every trading day, trading signals are assessed on a portfolio of30 futures marketsand tracked in a veryhigh level of transparency and accountability.


Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.



DJ CBOT Delivery Intentions: Totals – Nov 8 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]


We kickoff the day with Wholesale Trade and FED Brainard Speech at 7:30 A.M., Michigan Consumer Sentiment at 9:00 A.M., Crop Production USDA Supply/Demand and [...]


Oil prices started out strong on U.S.-China trade talks only to fade as reports of whether all in the Trump administration are ready to lift [...]





Corn drifted lower yesterday on another lackluster export sales number, 487,900 metric tons. This was up from the 4-week average and within the range of expectations, but the bull camp NEEDS to see....


Every minute of every trading day, trading signals are assessed on a portfolio of30 futures marketsand tracked in a veryhigh level of transparency and accountability.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Oil prices started out strong on U.S.-China trade talks only to fade as reports of whether all in the Trump administration are ready to lift tariffs. With U.S. trade war uncertainty, oil is continuing its volatile uptrend.


Oliver Sloup breaks down the trading day before WASDE report in grain futures markets. The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month. January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness. Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT.



The collapse in interest rates, combined with historically high valuations (at least for U.S. stocks), have led many endowments, pension plans (especially those with large unfunded liabilities) and high net worth investors (such as those with their own family offices) to seek alternative investments that might offer more attractive returns. For example, over the 20-year [...] - was originally published at . Please read the Alpha Architect at your convenience.



DJ CBOT Delivery Intentions: Totals – Nov 7 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]


The market softened up yesterday on the delay of a potential Phase-1 trade deal. The market has tried to claw back some of those losses this morning on headlines that the US and China have come to an agreement to roll back tariffs.Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month. January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness. Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT. January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago.


We kickoff the day with Export Sales and Jobless Claims at 7:30 A.M., EIA Gas Storage at 9:30 A.M., 4 & 8- Week Bill Auction [...]




Are you ignorant or do you have an agenda? Well, maybe both. One reason I might be both is that I was shocked at the [...]





Are you ignorant or do you have an agenda? Well, maybe both. One reason I might be both is that I was shocked at the stunning 7.9-million-barrel increase in crude oil supply reported by the Energy Information Administration (EIA).


Relatively tame overnight, except for an early morning leg down on China meeting news. This moved picked up steam as rumors of a tariff rollback circulated. Futures continued lower all day, finishing just off their session lows


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.



DJ U.S. Corn, Soybean Production Estimates — Survey CHICAGO–The following are analysts’ estimates for 2019 U.S. corn and soybean production in millions of bushels, [...]


We kickoff the day with FED Evans Speech at 7:00 A.M., Unit Labour Cost and Non-Farm Productivity at 7:30 A.M., FED Williams Speech at 8:30 [...]


Corn futures continued to bleed lower yesterday, marking the fourth consecutive lower close. Harvest pressure and concerns over dismal demand continue to be a thorn in the side of the bull camp.December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month. January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness. Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT. January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago. It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.



The crude oil price gained on reports of more shale pain along with reports that Saudi Arabia wants to cut production and an American Petroleum [...]




The crude oil price gained on reports of more shale pain along with reports that Saudi Arabia wants to cut production and an American Petroleum Institute report that showed a big build in crude supply but a disturbing drop in gasoline and distillate.


December lean hogs managed to breakout above the top end of the recent range on the back of demand firming up. The bulls need to see follow-through buying while defending support.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.


Livermore portfolio witnessed a further rise in gold and gold miners followed by a sudden sell-off. Livermore used this opportunity to de-risk portfolios by selling down gold holdings to lock in profits. Livermore almost doubled investment in many portfolio companies in the past 12-months…



DJ CBOT Delivery Intentions: Totals – Nov 5 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]





The Truth About the Panic of 2008 (And the Botched Regulatory Response) Ask 100 Americans what caused the 2008 financial crisis, and 99 will supply some version of the “Standard Narrative.” That is, they will say that the crisis was caused by some mix of the following factors: Excessive official faith in free markets, Wall [...] - was originally published at . Please read the Alpha Architect at your convenience.


The Truth About the Panic of 2008 (And the Botched Regulatory Response) Ask 100 Americans what caused the 2008 financial crisis, and 99 will supply some version of the “Standard Narrative.” That is, they will say that the crisis was caused by some mix of the following factors: Excessive official faith in free markets, Wall [...] - was originally published at . Please read the Alpha Architect at your convenience.


December corn futures were softer to start the week as the lack of bullish headlines coupled with harvest pressure was too much for the bulls to overcome. Crop Progress was released after the close, showing corn conditions unchanged at 58% good/excellent. U.S benchmarks are holding at record highs and the risk-environment remains very healthy amid fresh U.S and China trade anecdotes. Expectations are mounting for President Trump and President Xi to sign an interim “Phase One” deal this month. January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness. Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT. January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago. It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending. December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.


We kickoff the day with U.S. Trade Balance at 7:30 A.M., ISM Non-Manufacturing Index at 9:00 A.M., API Energy Stocks at 3:30 P.M. and host [...]




There is the OPEC report that is discussing the outlook for lower market share for OPEC oil on one hand, and then on the other [...]




Futures in a relatively tight range and options volume perked up overnight. The day session saw option volume really pick up as futures and volatility moved lower throughout the day.


Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.


There is the OPEC report that is discussing the outlook for lower market share for OPEC oil on one hand, and then, on the other hand, you have the OPEC Secretary-General saying...


Quiet overnight leads to a tame day session. Markets showed little interest in economic numbers and instead took their cue from equities, which advanced on more trade wars talk. Futures finished near their session lows.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Do-It-Yourself tactical asset allocation weights for the Robust Asset Allocation Index are posted here. (Note: free registration required) Request a free account here if you want to access the site directly. Exposure Highlights (bold implies a month over month change):[ref]The information contained herein is only as current as of the date indicated and may be [...] - was originally published at . Please read the Alpha Architect at your convenience.




DEC CORN US/China trade rhetoric is like a yo-yo – up & down – good & bad – and the mkt has appropriately reflected that [...]



DJ CBOT Delivery Intentions: Totals – Nov 4 Source: CME Group Contract Quantity Next Trade Commodity Month Delivery Day Assigned Today Date [...]


Responsible Investing: The Environmental, Social, and Governance (ESG) - Efficient Frontier Lasse Heje Pedersen, Shaun Fitzgibbons, and Lukasz PomorskiWorking PaperA version of this paper can be foundhereWant to read our summaries of academic finance papers? Check out our Academic Research Insight category What are the research questions? What is the importance of the main theoretical [...] - was originally published at . Please read the Alpha Architect at your convenience.


January soybeans were under pressure in the first half of last week’s trade on the cancellation of this month’s global summit in Chile, due to protests in Santiago. Both sides seemed hopeful that they would have been able to sign a Phase 1 deal at the summit.U.S benchmarks are poised to open higher and extend record levels. The Dow joined the club overnight, achieving its first record high since July 15th. Call it momentum, an upbeat trade narrative, strong earnings, an accommodative Fed or seasonal bullishness. Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT. January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago. It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending. December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.


We kickoff this first day of November with Factory Orders at 9:00 A.M., ISM New York Index at 9:45 A.M., Export Inspections at 10:00 A.M., [...]



In October I attended an institutional investor conference in Toronto that reminded me about the significance of alternative investments. It used to be that these were fringe discussions, on the cutting edge.Even the name "alternative", conjures up visions of something edgy or rejecting the mainstream. Alternative music, alternative lifestyles, alternative energy.When it comes to investing, alternatives are still considered by many retail advisors to be a non-mainstream choice. Fast forward a few years, and now many in the institutional space consider alternatives to be part of the mainstream.This acceptance seems to fly in the face of the pitch of old for "Alts"; that they generate higher returns by taking greater risks along with the potential benefits of low correlation to more traditional assets like stocks and bonds.Alts were considered sophisticated and opaque, adding to the exclusive allure.When looking at institutional investors, we generally consider them a group that has the role of protecting capital first and foremost, while also looking to achieve investment goals.In practice, this is often the case for groups like pensions, and endowments. These groups realized many years ago that they needed to look at alternatives to achieve return goals along with the goal of reducing the stock market risk as asset allocation became their focus. They were early adopters of investing in private equity, infrastructure, real estate and these are now considered "traditional" alternatives. These three categories alone often make up nearly 50% of institutional portfolios.Adding "hedge funds", now often referred to as "absolute return", rounds out the typical institutional Alt focus.These strategies have now found their way into retail portfolios in varying degrees. Given interest rates are very low and the stock market has rallied for over 10 years, the challenge of finding new reasonable returns at modest risk is becoming more challenging for institutional and retail investors alike.While the cost and complexity of alternative investments has always been a criticism,efforts have been made provide lower cost solutions via delivery mechanisms that all investors can access including ETFs and mutual funds. Many alternative strategies that historically were structured with hedge funds like fees of 2% management fee and 20% performance sharing are now available for management fee only to meet investor and regulator needs. While some global retail markets have embraced alternatives, looking to invest more like the institutional investors, some markets have lagged. While Europe and the US have been very progressive, with a system of many independent RIAs (registered investment advisors) acting like mini-institutions and employing the same philosophies as the respected Yale endowment model,Canadian investors are indeed behind. Most retail investment, largely controlled by the Canadian bank monopoly, has provided little in the way of alternative solutions. As of 2019, this has started to change, with the advent of a new regulatory framework for liquid alternatives in Canada – and not a moment too soon.To quote the CEO of one of the largest Mutual fund companies in Canada:The democratization of alternative investments has just begun in Canada with the increasing availability of “liquid” alternatives – funds that make use of hedge-fund-like investment strategies – which debuted in January for Canadian retail investors. Prior to this, they had been mostly within the domain of large, sophisticated institutional investors, such as public pension plans, sovereign wealth funds, endowments and foundations, and high-net worth individuals. -Barry McInerney is the President and CEO of Mackenzie InvestmentsTo learn more about the innovative Auspice alternative investments and the potential portfolio benefits, please give us a call.Disclaimer belowIMPORTANT DISCLAIMERS AND NOTESFutures trading is speculative and is not suitable for all customers. Past results are not necessarily indicative of future results. This document is for information purposes only and should not be construed as an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice. Auspice Capital Advisors Ltd. makes no representation or warranty relating to any information herein, which is derived from independent sources. No securities regulatory authority has expressed an opinion about the securities offered herein and it is an offence to claim otherwise.QUALIFIED INVESTORSFor U.S. investors, any reference to the Auspice Diversified Strategy or Program, “ADP”, is only available to Qualified Eligible Persons “QEP’s” as defined by CFTC Regulation 4.7.For Canadian investors, any reference to the Auspice Diversified Strategy or Program, “ADP”, is only available to “Accredited Investors” as defined by CSA NI 45-106.



All of a sudden it seems all is right with the oil world. A much stronger than expected jobs number set off a rally that [...]




SOFR futures volume and open interest increase aided by new participants and continued usage in repo market applications.


All of a sudden it seems all is right with the oil world. A much stronger than expected jobs number set off a rally that continues into today. Oil prices are popping on China's trade optimism, strong spot market demand and signs that U.S. shale producers are packing it in.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Crypto prices are marginally positive this morning but none of the Top 10 is up more than +5%. Volumes have once again fallen off a cliff with 24-hour activity back to some of its lowest levels of the year.


Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.


Every minute of every trading day, trading signals are assessed on a portfolio of30 futures marketsand tracked in a veryhigh level of transparency and accountability.


The investment seeks positive absolute returns. The fund seeks to achieve its investment objectives using two principal strategies, a Futures Strategy and a Fixed Income Strategy. To pursue its ...



Each afternoon Ira Epstein gets you up to speed on what happened inthe metals futures markets. He focuses on relevant economic and geopolitical topics that affect the precious metals and base metal markets.




Here is a link to our podcast on "Rational Reminder": Today we are joined by Wesley Gray who is the CEO of Alpha Architect, a firm in the US that specializes in concentrated factor strategies. Having completed his MBA and PhD at the University of Chicago – the Harvard of the finance world – Wes [...] - was originally published at . Please read the Alpha Architect at your convenience.


COTTON General Comments: Cotton was lower in response to weak export sales. The demand is not good right now and the harvest is about [...]


Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT. January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago. It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending. December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend. Oliver Sloup from BlueLine Futures breaks down the livestock futures markets in his weekly "2 Minute Drill".


We kickoff the month of November with Unemployment at 7:30 A.M., Market Manufacturing PMI Final (Oct) at 8:45 A.M., ISM Manufacturing Index at 9:00 A.M., [...]


The price of crude had its worst week being down over 4% on a freak crude oil supply build and worries about a U.S.-China trade [...]


During the month of October, the top 3 performing sectors were: Metals (4.78%), Livestock (3.37%) and Grains (2.94%). Palladium, platinum and silver led the way in metals, live cattle led the way in livestock, and natural gas was up 13% as more cold weather approaches. The bottom 3 sectors were:… - The post appeared first on managedfuturesinvesting





Every minute of every trading day, trading signals are assessed on a portfolio of30 futures marketsand tracked in a veryhigh level of transparency and accountability.


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Stocks have been tested this week and now face one last gauntlet. Nonfarm Payroll came in strong and ISM Manufacturing follows is at 9:00 am CT.


Chicago wheat took a hard hit yesterday, much of what was likely technical selling. Export sales yesterday morning came in at 493,800 metric tons, up 31% from the 4-week average.


Crypto prices are marginally lower overnight. A 'flash crash' took place on the Deribit crypto-settled derivatives platform yesterday afternoon resulting in customer losses (see Crypto Headlines).


There were some largeinterest rate block trades overnight, but futures moved in a relatively tight range prior to the NFP release. Futures hit new lows after a strong number gave credence to the idea of a pause in Fed rate cuts.


The price of crude had its worst week being down over 4% on a freak crude oil supply build and worries about a U.S.-China trade deal and the ridiculous impeachment of a President.


In February 2018, markets looked pretty dire for many option writers. The VIX had spiked 250% in less than a week and options sold a few days before were selling for many multiples of their original value. The biggest firm in the space, LJM Partners, went under and some of the best names faltered. Tianyou reduced risk as any good manager should but not in time to stave off a 25.46% drawdown, the worst in their history. Most of their customers stuck with the program and by the end of the year they were down just 4% and now are


January soybean futures were a laagered yesterday as optimism around a phase-1 trade deal diminished after the Summit in Chile was canceled, due to protests in Santiago. It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending. December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend. Oliver Sloup from BlueLine Futures breaks down the livestock futures markets in his weekly "2 Minute Drill". There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.Earnings and trade optimism have lifted the S&P back to highs of the week. Although it is flirting above a crucial marker at 3008.50, the NQ trails slightly in relevance to highs set Tuesday and last Thursday.


COTTON General Comments: Cotton was higher in continued narrow range trading. Support for the deferred months came from follow through buying tied to more [...]


We started the day with Challenger Job Cuts coming in at 50.275K and John Challenger had a forecast of 80K so this is pretty good [...]



It’s close to midnight and something’s selling oil in the dark. Under the moonlight, you see a drop that almost Stops Your Stop. You Try [...]



Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


It’s close to midnight and something’s selling crude oil futures in the dark. Under the moonlight, you see a drop that almost Stops Your Stop. You Try to Scream, but the computer.....




Phil is joined by Chief Analyst for the Rohr International Company Alan Rohrbach to discuss if the markets are ready to “rip and roar!”



The investment seeks to provide positive returns that are not directly correlated to broad equity or fixed income markets. Under normal market conditions, the fund invests in a portfolio of commodity ...


WHEAT General Comments: Wheat markets were lower again yesterday as the market is worried about finding demand. Egypt bought more Wheat yesterday but it [...]


What is the relationship between insider trades and anomalies? Anginer, Hoberg and SeyhunA version of the paper can be foundhere. Want to read our summaries of academic finance papers? Check out our Academic Research Insight category What are the research questions? Anomalies such as Value and Momentum have been exploited for years, yetthe source of [...] - was originally published at . Please read the Alpha Architect at your convenience.


At 6:00 A.M. MBA Mortgage Applications came out at 0.6% versus the previous -11.(% while the MBA 30-Year Mortgage Rate came out 4.05% versus the [...]


It’s a jam-packed Fed Day and U.S benchmarks are flat looking to the open. Earnings remain in the spotlight when Facebook and then Apple report.The Live Cattle market has been overbought for the better part of the last two and a half weeks and there’s no real sign of it ending. December corn futures have been drifting lower for the last two weeks as concerns over dismal demand continue to trump concerns overproduction. Yesterday’s weekly export inspections came in at 381,000 metric tons.It was a strong start to the week with all four major U.S benchmarks gaining at least 0.5%. The ES and NQ each set fresh record highs and the board is stable ahead of the bell. Earnings remain in the spotlight.Corn futures continue to drift lower on the back of harvest pressure and a lack of flashy bullish headlines. This afternoon’s crop progress report is expected to show corn harvest at 47% complete, well behind the five-year average pace, 64%.November soybeans finished yesterday’s session near unchanged as we head into November options expiration today. Typically strike prices with high open interest tend to act as a magnet, with many of those being below the market we could see pressure into the weekend. Oliver Sloup from BlueLine Futures breaks down the livestock futures markets in his weekly "2 Minute Drill". There’s not a lot of flashy headlines expected as we look to round out the week, attention continues to be on harvest reports, money flow, and technicals.Earnings and trade optimism have lifted the S&P back to highs of the week. Although it is flirting above a crucial marker at 3008.50, the NQ trails slightly in relevance to highs set Tuesday and last Thursday.Soybeans tried to rally yesterday on the back of the recycled headline: “Renewed Trade Optimism”, but ultimately failed to hold those gains through the floor open.


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