Bespoke's Commodity Snapshot (5/19/08)

Below we highlight our commodity snapshot using our one-year trading range charts. The green shading represents two standard deviations above and below the commodity's 50-day moving average.

After breaking to new highs a couple of weeks ago, corn prices pulled back last week and broke below a tight trading range that had been in place since early April. Corn had been one of the only other commodities to keep up with rising oil and natural gas prices after the correction experienced a couple of months ago.

Metals rallied again last week for the first time in awhile. Platinum prices had the best run, and it is now trading into overbought territory. The double bottom it made earlier this month has proven to be an almost perfect technical setup on the long side. Fortunately, wheat prices continue to decline, and last week they hit their lowest levels since December 3rd of last year. Orange juice continues in its downtrend and coffee is trading right in the middle of its trading range.