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Commodity Currents: The Week In Review.

Corn continues to pop higher looking for 750 while keeping the 2011 high of 779 within reach although prices are quite overbought with no significant support seen until 600 some idea just how fast prices have advanced while Wheat continues to push higher albeit at a slower rate with 900 within reach but no significant support until 740 as both play catch up to Soybeans which has its sights on 1636 its 2008 high far from nearest chart based support at 1400. Coffee made some upside progress this week pushing over 180 now with its sights set on 200.00 with support seen at 180.35 with Sugar building on gains breaking over 20.00 now with support at 22.18 to base off from it can try for 23.77. Cocoa was turned away from 2,400 now testing support at 2,197 and if can hold it can try to advance with resistance at 2,252 to overcome. Orange Juice reversed direction but still trending higher and should it challenge support at 115.75, could be a great launch point to move higher and challenge 137.50 its upside objective while Cotton pushes through 70.93 resistance which has capped gains for a few weeks with new support behind it now it looks ready to challenge 80.00 is next upside target. Hogs sold off after being unable to push through 95.000 taking out several support levels looking for 88.325 unless buyers can stop the decline with resistance seen at 91.150 and Cattle was slaughtered after falling under 120.00 with 115.875 next stop with resistance seen at 119.100. Gold sold off falling back under 1593.80 but managed to hold the line at 1551.00 keeping the sellers at bay but buyers need to do more then just holding action so stimulus rumors aside the short-term trend remains lower with Silver struggling to hold the line at 27.125 while unable to mount any significant rally to challenge 27.955 and Copper attempts to move higher after holding 3.4060 with a band of resistance coming in at 3.6000 having its work cut out should it continue higher. Crude finally made up its mind what it wanted to do heading higher getting a close over 85.75 putting 90.00 within reach after trading on either side of 83.580 for almost one month while Natural gas consolidated refusing to sell off after being rejected from 3.060 with support seen at 2.578 while a test of 3.303 can't be ruled out either. Its the moment of truth for the Dollar after a nice run consolidating under 84.00 poised to make a run for 86.00 if can get a close over 84.00 or is that the end of the move with support seen at 82.695 and at 81.290 should the profit-takers show up while the 10yr Treasuries remains just under 135-00 while overbought showing little sign of selling off either with support seen at 133-21. The stock indices saw initial selling testing support at 1323 but it held resulting in short-covering taking the S&P500 back over 1350.25 if these gains hold putting 1400.00 within reach as the Nasdaq 100 didn't quite make it to challenge 2,500 but did close over one level, 2546.75 but failed at another area at 2621.70 so need to see if that level can be taken out or will prices turn over and test 2429.20?


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