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Commodity Currents: The Week In Review.

The S&P500 opted to sell off early challenging 1350 support but it held sending stocks heading in the other direction as they remain within reach of 1,400 and beyond that it could be the off to the races as the tech heavy Nasdaq 100 plays catch up after it challenged support around 2,600 area only to bounce lagging the blue chips with more upside work necessary before reaching new highs beyond the 2,800 area. 10yr Treasuries proceeded to move inversely to equities falling away from the highs finding support 133-30 and a close under could take prices to the next support at 132-00. The Dollar was the biggest causality this week soundly rebuffed from its second attempt to challenge 84.00 falling through 82.775 now looking for 81.650 as the next support area. Gold shined finally able to make some upside closing over 1600.80 but stopped by 1621.20 falling back to and holding 1,600 suggesting another move up to challenge 1620.80 is highly possible given there was new buying present and this benefited Silver finally moving up exceeding 26.615 after holding the 27.350 area for several weeks with the next upside possibility being 29.270. Crude shifted in high gear in an almost mirror image of last week driving over 90.36 like it wasn't there putting 93.90 within reach as more resistance is seen at 95.00 whereas an outside week in Natural gas as prices were soundly rejected from 3.216 although support at 2.788 should contain the selling offering a great buy point. Hogs were slaughtered forming an outside week as prices backtracked from 83.000 to end up challenging 75.885 which should support prices but a break could push prices at least 3 cents lower while Cattle tried to rally but was fenced in by 125.335 only to head in the other direction to challenging support at 123.315 and 122.925 roughly in the middle of its recent range of 120.00 and 125.00. Corn popped to new contract highs again but is looking fatigued here as pretty much all the bad news is probably baked into prices but still no sign of turning either with nearest support at 674 with Wheat experiencing an inside week rethinking upside prospects not in any hurry to move higher to challenge 950 but still not showing any signs of reversing either as nearest support remains at 806. Soybeans also experienced an inside week rethinking upside prospects stalled under 1700 marking time after recent gains as support is seen at 1491 which has yet to be challenged. Coffee cools off falling through support of 175.20 to remain within reach of 170.35 as buyers step back so have to see if sellers can push prices at least 10 cents lower or if buyers support with Sugar also pulling back from the earlier challenge of 24.00 testing support at 21.76 and 21.57 although a pullback to 20.53 is not out of the question. Cocoa rallied to challenge 2,400 but unable to close over so have to see what happens from here but can't rule out 2,525 if prices can continue higher while support is seen at 2,245, Orange Juice initially sold off but buyers supported sending prices right into resistance at 116.00 before pulling back off the best levels but remaining over 110.00 so prices could try to advance again and patience is its own reward with Cotton as buyers who waited for it to do something advanced 4.18% just under 74.00 after holding 71.50 for weeks on a spike of volume too makes me think prices could finally make a run toward 77.55.


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.