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Commodity Currents: Tempting Tuesday.

Corn tried to rally early on but once again sellers were waiting keeping prices under 810 for another session with support seen at 766 with a similar trading strategy of selling the high keeping Wheat under 894 for the second day as 875 is seen at near-term support with new highs of 1789 rejected in Soybeans but able to close fractionally higher nowhere near 1680 support. Outside day in Oats as new highs of 414 were soundly rejected but 386 did hold to end the session fractionally lower so have to keep an eye on this possible divergence. Quiet session in Coffee as prices managed to stay over 164.50 but unable to advance beyond 167.90 in a very narrow range this won't last for long as Sugar soured trading under 19.50 putting the June lows of 19.24 in play with more selling interest suggesting lower prices are in store unless buyers return and Cocoa made up its mind after last session's indecision day by falling as 2,504 is seen supporting. Orange Juice advanced beyond 119.20 putting 130.00 in play as 120.00 should support downside challenges but Cotton reversed under 76.38 with buyers supporting at 75.24 checking losses for now. Hogs challenged 73.400 only to bounce and close little change confirming for now a short-term bottom as long as prices remain over 72.000 and 74.825 next upside objective whereas Cattle roamed higher slowly toward 126.575 while still supported by 125.325. Crude reversed lower as sellers didn't wait for a challenge of 97.47 to put the brakes on the advance sending prices to within reach of 95.23 again but prices won't remain within a $2.50 range for too long and am expecting more downside from here and Natural gas heads higher but fell short of 2.900 trading up to 2.888 before being turned away as 2.820 offers support so there could be more upside from here if prices can close over 2.900. Gold continues to shine peeking over 1,700 first time since March as the near-term direction is higher with prices looking for 1720.00 and support seen at 1670.70 as Silver continues its breakout falling short of 32.495 but only matter of time before we see higher prices as support remains a distant 30.910 but Copper remained capped by 3.5000 while still supported by 3.4325 essentially going nowhere in a hurry while other metals advance. Two sided trade in S&P500 to end the day little changed although noteworthy to mention prices are unable to stay over 1406.25 with support seen at 1390 and Nasdaq 100 similarly able to remain over 2750.00 but having problems advancing beyond 2772.20 as indices continue to do very little here at these lofty levels. Inside day for 10yr Treasuries falling back after unable to trade over 134-00 as traders take profits with support seen at 133-00 and the Dollar tries to find its footing and rally but has its work cut out to move beyond stiff resistance at 81.400.


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.