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Commodity Currents: The Moment Of Truth Thursday.

Two sided trade in equities with S&P500 still stalled at 1388 while struggling to say over 1371 after an intraday drop to 1365.00 although prices managed to recover somewhat into the close. Also notice the increase in one percent intra-day swings as volatility measured by the VIX which bottomed at 14 is approaching 19.00. 10yr Treasuries held 131-14 looking like they are about to make another push higher which could be the case as long as 131-14 supports. Indecision day in Gold going nowhere fast with buyers supporting on a trade under 1640 but thus still unable to get a close over 1654 where sellers wait keeping the market confined for now with a similar situation with Sliver largely range bound between 31.200 and 32.000 but did get a close over 31.650 which is slightly positive. Crude is slowly trending lower with more selling evident as prices are unable to make significant upside suggesting only a matter of time before buyers give up and we get a trade south of 100.00. Natural gas plumbed new contract lows again showing that no low is too low in this continuing slow motion train wreck, there are better opportunities elsewhere. Inside day in Hogs from recent selling have to see if this can lead to a bounce whereas Cattle managed a close over 115.75 which could lead to a bounce if prices continue to hold over 115.00. Lot of Green in the grains with Corn bouncing over 3% after hitting a three month low prior but falling short of 620 however lead by Wheat bouncing to 630 but unable to close higher over said level. Soybeans attempted to rally but failed to recover 1430 and the third day under 1440 so now need to see if prices can stay over or fall under 1410. Action cooled in Coffee with 175.00 holding for now as sellers seem unwilling to push the bear case but buyers not wanting to step up to buy either, stay tuned. Sugar fell through 22.00 further souring the long case after another reversal with new lows highly likely as short term direction is clearly negative, Cocoa was unable to cross the 100day average again sending it lower but it managed to stay over 2,222 after a test to 2,200. Orange Juice continues to hold 145.00 although unable to mount any significant bounce yet and Cotton tried and succeeded to move higher scoring a close over 90.58 the first step toward higher prices with next hurdle 91.18.