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Commodity Currents: Which Way Wednesday.

Inside day in the S&P500 as another rally attempt stalled approaching 1388.75 keeping a lid on further upside, have to see if this level holds or if bulls can push prices higher whereas a close under 1372.00 could retest support at 1360. 10yr Treasuries bounced off 131-12 to reverse higher but unable to make much upside but succeeded in getting a close over 131-16 keeping alive upside possibilities if prices can gain at these levels but significant resistance looms at 132-00. Same old for the Dollar as it tried to rally again but turned back from 80.02 again but still supported at 79.67 roughly confined in its half point narrow range. Gold drifted lower unable to move beyond 1655 trading back to1640 with the path of least resistance lower especially if 1640 while inside day for Silver with an almost mirror image of yesterday as it slowly churns going nowhere fast confined between 31.000 and 32.000 and Copper tried to move higher only to be rejected at 3.6725 possibly setting u another leg lower if 3.6200 fails whereas a close over 3.6550 could test 3.7000. Crude slipped as longs decided to sell after prices failed at 105.00 setting the stage for further declines if prices can't regain103.34 and Natural gas tried to bounce but that was proved short lived with sellers waiting as prices approached 2.000 sending prices back to the lows. Hogs were slaughtered with buyers unwilling to chase prices higher resulting in new contract lows with still no signs of a bottom yet prices can decline further possible to 85.00 with Cattle churning lower taking out 116.00 but there might be hope as bargain hunters waited at the lows at the lows possible base building for a bounce from these levels if 114.0 holds. Profit-taking in Corn dropping under 600 a level that held for more then one year while Wheat continues to churn lower although buyers supported at the lows. Even Soybeans sold off when prices couldn't move over 1440 and a close under 1407 could result in more profit-taking likely taking prices possible to1360. Coffee continues to hold 175.00 although buyers are in no hurry to buy either with a wide ranging day in Sugar souring upside prospects for longs as prices challenge 22.00 support with a close under might take prices to 20.00. Cocoa made it to 2,284 before being turned away from the 100day average although prices were supported by 2,229 for now keeping further upside possible. Border line day in Orange Juice trading back to 145.00 now have to wait and see if prices recover or fall to 140.00. Cotton jumped over 2 percent out of nowhere hitting 92.00 before pulling back from the best levels but should be supported by 90.00 and 88.00 at lower levels