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Commodity Currents: Moving Monday.

Coffee prices gapped over previous resistance at 163.65 waking up buyers as prices advanced toward 168.85 as 160.00 was never really challenged but Sugar headed in the opposite direction as prices were rejected from 19.95 keeping the negative bias as another retest of 19.50 looms with Cocoa zooming higher as buyers rushed in not wanting to miss the move sending prices up to challenge 2,500 with support at 2,423. Orange Juice peeled lower but prices were supported at 111.00 to close well off the worse levels as buyers remain interested but is there enough conviction to push prices back over 114.05? Cotton continues its trek higher as support of 75.14 held sending prices back over 75.70 keeping 81.06 in play. Profit-taking cuts the grains down as Corn falls under more selling sending prices back under support at 809 as a drop of 50 cents from present levels isn't out of the question either with Wheat being rejected at 900 again apparently looking for 850 as Soybeans attempted another run toward new highs which only motivated the sellers sending prices back to the lows although it remains to be seen if 1646 can support. Sellers were waiting at the open in Oats taking prices to 380 at one point before buyers entered but unable to get prices back over resistance at 388. Hogs bounced on likely short-covering as 72.000 continues to hold but can't rule out more downside should these shorts return with Cattle continuing to fall after a prior rejection from 125.00 to challenge support around 123.550 with 122.00 the next likely downside objective. Another key reversal puts the brakes on Crude's advance as prices stalled at 97.50 again and this time falling under 96.15 with the next downside objective of 93.77 and Oct. Natural Gas dropped under 2.745 putting 2.579 in play as sellers return but in fewer numbers as 2.800 resistance capped prices early on in the session so have to see buyers will find value at lower prices or will sellers get motivated and drive prices toward the June lows at 2.357. Profit-taking dulls Gold as prices remain under 1,680 for the third day with chart based support at 1640 should prices drop under 1654.30 but Silver reversed lower in a rejection of 31.315 but prices should hold at 30.570 and Copper continues to be challenged by 3.5010 checking gains for the third time as support remains a distant 3.4255. S&P500 continues to do very little unable to move higher as sellers waited at 1416.00 sending prices back under 1410.50 again but not much else as 1400.50 is seen as support but Nasdaq 100 continues to fare a little better staying over 2,775.25 but unable to break over 2,800.00 as buying conviction is seriously lacking. 10yr Treasuries float higher on likely short-covering after holding 133-15 but pausing under 133-29 as buyers remain on the sidelines. The Dollar managed to drift higher on likely short-covering after holding 81.295 earlier but upside will be challenged by 82.000.

DISCLAIMER:

The risk of loss trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Trading futures without protective stops or options is not recommended. Past performance is not necessarily indicative of future results.