The MarketWatch Update Program Report
By: Scott Magnuson, Analyst
March 30, 2026
"Frustration's Building and Market Nerves are getting Frayed"
Iran is running out of Time to go with the Peace Plan... or was it a Peace-Pipe Dream to think a Regime of Suicide-Vested Tyrants would easily abandon their Religious Beliefs and trade their 'Martyrdom' for Diplomacy during Holy Week? I mean... Holy Moly!
Today’s Market News and Trading Highlights
The Impact of the Trump Dept. of 'War-in-Action' Update:
The United Nations warned today that we could face global food shortages as early as this summer as a product of Iran shutting down the Strait of Hormuz, through which a large portion of the world’s supply of energy and fertilizer products flow. That is a very real problem, but predicting mass global food shortages by this summer is a bit dramatic.
Will tighter fertilizer supplies result in lower global production? Yes, that will likely happen, leading to tighter world supplies of food-based commodities. The poorest countries will suffer the most. But it’s important to understand that we still see global surpluses of most food-based commodities to ease the shortfall this year.
Nonetheless, the headline of food shortages is increasingly common on Wall Street, gaining fund manager buy in, which impacts money flow. As such, it suggests that we could see more money flowing into the food-based commodities as long as the war continues to escalate in the Middle East.
Near-term, those markets are focused on tomorrow’s USDA quarterly grain stocks report – known for its surprises – and its annual planting intentions survey results that will be released at 11:00 Chicago time.
(source contributors: Reuters, Bloomberg, WSJ, St n X- MI, AP, BBC, LME, CME Grp., ICE, FCL Ltd. CNN)
Tomorrows Key Trading Reports
09:45 ET: Chicago PMI For: Mar | Trading Impact: Low | Forecast: 54.5 | Prior: 57.7
10:00 ET: Consumer Confidence For: Mar | Trading Impact: High | Forecast: 87.5 | Prior: 91.2
10:00 ET: JOLTs - Job Openings For: Feb | Trading Impact: Low | Forecast: 6.850M | Prior: 6.946M
(source: Briefing Data Svc)
New Trading Suggestions
May Cotton
All eyes are on Tuesday's USDA reports, with expectations pointing toward reduced cotton acreage. This report has a reputation of offering 'surprises' and abrupt market reactions. We will prepare accordingly.
Despite supply concerns fueled by extreme heat and drought in the U.S. Cotton Belt, the recent price rally is being tempered by sluggish demand. Importers remain cautious, adopting a 'wait-and-watch' approach that prevents prices from climbing significantly higher. Add to that importers are just as subject to the War Fog as anyone else in business right now.
Consider selling the May Cotton at 69.35 Stop day-order. If filled risk to 70.35 initially. First objective is 67.50.
(chart graphics: ICE Data Svc's-FS, Bloomberg, FCL Ltd, Reuters)
* * * * *
Current Open Trades and Position Management
We took profit on our long position in the June Live Cattle from 235.10 today at our target objective of 241.40 for a gain of 630 pts or $2520 per position. We well stand aside this market for the time being.
We sold the May Coffee today at 299.80 on our stop-entry suggestion and took profit on the position at our objective of 294.80 for a gain of 500 pts or $1875.
Continue working an open order to sell the July Corn at 4.67 Stop GTC. If filled risk to 4.76 initially. First objective is a selloff to the 4.58 area.
Hold short the May Cocoa from 3160. Move your protective buy stop from 3255 to 3206. Continue working an order to add to this position at 3075 Stop GTC. First downside objective remains a close below 3060.
Market Watch-List of Developing Opportunities
June Gold, July Wheat, May Cotton, Nov Beans
________________________________________________________________________________
Scott Magnuson, CTA : 888.861.1755
smagnuson@rjobrien.com : scott.magnuson@stonex.com
All futures and options strategies presented involve risk of loss and do not take into account individual investment objectives or risk tolerance. Trade responsibly. The strategies provided do not account for commission deductions and fees. Past performance is not indicative of future results.
- Precious Metals
- Grains & Oilseeds
- Energy
- Coffee
- Cotton
- Sugar
- Meats & Livestock
- Currencies
- Interest Rates
This material should be construed as the solicitation of an account, order, and/or services and represents the opinions and viewpoints of the individual authors or presenters. It does not constitute an individualized recommendation or take into account the particular trading objectives, financial situations, or needs of individual customers.
The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.
References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.
StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.
R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.
StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.
This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.
StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).
SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.
StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism.
StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.
StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.
StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.
The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.
© 2026 StoneX Group Inc. All Rights Reserved.
Discover more insights
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Related articles for Precious Metals
The MarketWatch Update
Today's commodity market news and analysis/advisory guidance.
- Precious Metals
- Grains & Oilseeds
- Energy
- Coffee
- Cotton
- Sugar
- Meats & Livestock
- Currencies
- Interest Rates
Morning Commodity Insight (MCI): Technical Analysis and Trade Setup in Major Commodity Markets
This daily commentary delivers a concise, expert-driven overview of global futures markets, designed for traders and investors seeking actionable insights. Each edition covers the technical setups, and trade recommendations across major commodity contracts, including grains, livestock, metals, energy, currencies, and equity indices.
- Grains & Oilseeds
- Base Metals
- Precious Metals
- Equities
- Energy
- Cocoa
- Coffee
- Sugar
- Meats & Livestock
- Currencies
Precious Metals Talking points 060826: StoneX weekly gold, silver round-up; gold MM shorts at lowest since 28th January
Politics, economic, geopolitics and investor sentiment
- Precious Metals
StoneX: We open markets
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.