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Commodity Currents: Wandering Wednesday.

With few exceptions, most of today's price action was mostly non directional. 10y Treasuries were higher from initial buying in the pre-market with buyer's first objective to get a close over 129-04 as that area represents key resistance. Bonds put in similar performance with upside objectives of 137-15 and 139-21 to overcome. The Dollar tried to challenge 80.000 again and consistent with past attempts was turned away keeping a lid on further appreciation increasing the risk of a sell off if buyers can't exceed 80.03 while a close under 79.804 could drop prices to 79.22. The Euro is having its own problems closing over 1.3252 encountering stiff resistance while the Yen reversed higher on increased buying interest with its first objective being a close over 1.2032. More consolidating in the metals with Gold remaining stalled under 1670 and closing off its highs suggesting lack of buying support at the moment while an inside day in Sliver following yesterday's sell off as the market decides where to go. Copper attempted to move higher but was rejected at 3.8580 sending it back to support as it remains confined in its 14 cent range. Crude remains directionless at the moment not moving much in either direction around 107.00, a great trading market if it stays this way with Heating oil closing back under 3.2508 again as sellers reversed another move up whereas an indecision day in Gasoline. Natural gas floated higher off 2.310 although conviction is lacking by both buyers and sellers, it needs a close over 2.400 to try for 2.600 but a close under 2.300 might bring new lows. Minor pull back continues in the grains with Corn falling likely looking for 638 as sellers are still in control, Wheat continued lower after failing at 646 with next objective likely to be 630 however Soybeans headed in the other direction getting a close over 1353 keeping the up move alive as buyers were supportive into the close. Bearish reversal in Oats with sellers sending prices back under 330 but prices need a close under 312 to risk the up-trend. Coffee woke up buyers as prices spiked almost reaching 190.00 before sellers pushed back but unable to force a close under 184.47 which could be a place to buy if 184.00 supports on a subsequent retest setting the stage for a bounce to 193.00. Another rejection of the highs in Sugar kept buyers on the defensive as sellers waited at 26.00 sending price back to the lows setting the stage for a trade lower to 24.84. Cocoa retested its 100day average again but it has been having trouble staying over that average more then a few sessions before pulling back so far its holding 2,347 and a close over 2,400 could result in 2,500. More selling in Orange juice finally taking it under 170.00 with 163.30 next downside target and Cotton backtracking from a failed test of 89.30 but if it can stay over 88.00 it could try again but needs more committed buyers which thus far have been out of the market.