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Commodity Currents: Topping Tuesday.

Corn fell through 797 support and today unable to trade back over it adding another resistance level to work through before challenging 850 again with support seen much lower at 688 although selling conviction is notably lacking. Wheat traded under 855 which had been the lower end of its recent trading range after falling under 900 with more selling interest as near term support remains a distance 814. Soybeans traded under 1605 and unable to reclaim that level today but so far not selling off either remaining 50 cents over its recent range low and support still a distant 1500. Oats which is often seen to lead the complex also traded under support around 376 and didn't bother to retest the level opting to sell off and a trade under 360 could result in a test of 346. Coffee continues to grind lower after falling through 170.00 and not looking back leaving a bitter taste for longs as it heads for 160.00 with sellers in charge. Sugar continues lower as well showing no signs of reversing and can't rule out a challenge of 20.00 as buyers wait out this move with selling conviction lacking as well. A key reversal in Cocoa last session should have crossed the T in top but in true fashion the market reversed direction instead of dropping to form an inside day as buyers supported at 2,400 sending prices back over resistance of 2.433 but closing well off the highs as sellers check gains. Orange Juice continues to base inching higher after holding 110.00 challenging 116.10 after closing over 115.25 putting 125.00 within reach and a failed rally wilted Cotton as 73.00 caps gains sending prices back under 72.54 putting 71.30 in reach. Hogs continued higher after buyers didn't wait for prices to test 76.05 support before sending prices higher with the next upside objective 78.375 with Cattle advancing as well holding 126.00 on downside challenge and managed to close over 126.785 putting 130.00 within reach remaining in buy the dip mode for now. Crude continues to stall under 94.00 resistance but prices remain over 92.25 so something has to give one way or the other, upside objective for bulls remains 97.20 and for bears 90.85 and 89.58. Natural gas continues to frustrate both longs and shorts alike this time advancing on likely short-covering as prices held support of 2.745 to push through 2.805 now looking for 2.876. Gold lost some of its shine due to profit-taking after unable to make any progress over 1620 but managed to hold 1600 for now anyway with short-term resistance seen at 1611 with Silver sleep walking under 28.000 in no hurry to do much of anything although able to stay over 27.595 and Copper was turned away from 3.3825 after an earlier failure at 3.4000 with chart-based support at 3.3000. Stocks tried to rally but sellers were waiting but prices didn't sell off much either ending the day roughly where they opened while still remaining within reach of new highs although price action is starting to look fatigued, Nasdaq 100 put in a similar performance with sellers waiting as prices approached 2750 but with support of 2710.30 not yet tested. 10yr Treasuries continue to sell off falling through 133-15 pausing at chart-based support of 133-00 for now although next downside objective remains 132-16 although any selling in equities should support but for now the trend is lower. The Dollar continues to hold the line at 82.50 but thus far that's all it's able to do but if it can close over 82.58, next upside could be 82.75.

DISCLAIMER:

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.