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Commodity Currents: Moving Monday.

Aug. 20, 2012 9:17 PM ET
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Corn was on the move after retaking 808 closing in on new highs over 849 although buying conviction is still lacking with Wheat following along for the ride advancing over recent resistance at 897 now over 900 but with more upside work before hitting new highs and Soybeans closed on the best levels of the day within reach of new highs of 1691 but without aggressive buying but this can always change should prices continue to advance. Oats also advanced toward 390 although remaining more then 10 cents away from new highs so it doesn't look like the grains are quite ready to top out yet. Coffee bounced as buyers perked up when 160.00 held prior session but resistance at 166.65 checked gains although prices didn't close too far off the best levels so this move could be buyable with Sugar looking sweet for longs as prices held support around 20.18 and made two challenges of 20.50 short-term resistance with a close over that level suggesting 21.13 is the next objective and profit-taking drops Cocoa but holding support of 2,394 keeping its bullish bias alive especially if prices can retake 2,437. Nov Orange Juice continues to advance now over 109.05 and looking for 114.75 forming what looks like a double bottom on the daily as long as prices remain over 110.00 and Cotton resumes its advance after remaining over 72.75 with the next objective likely 76.39 with support seen at 73.62. Hogs fell back under 76.100 continuing to trade around 76.00 as it looks like seller fatigue setting in as prices are unable to move meaningfully lower but in no hurry to advance either as upside objective remains 77.605 and Cattle remain fenced in between 125.910 and 125.00 as prices remain content to do little at the moment. Crude stalled at 96.83 with more resistance seen at 97.24 to keep a lid on further upside but prices have yet to challenge 94.47 support either although that could change and Natural gas advanced on short-covering as prices held 2.673 for the third time after another downside challenge was rejected as sellers still remain unmotivated and near-term resistance remains 2.760 and 2.795. Gold advanced after a downside challenge of 1612.60 failed resulted in likely short-covering as prices continue to float over resistance levels as next upside objective is likely 1,640 but Silver advanced over 2 percent challenging 28.885 although 29.000 should offer more resistance with support seen at 28.05. Copper headed in the other direction after being rejected from 3.4310 falling back under support 3.3860 frustrating bulls as 3.3000 still remains chart-based support. A very small outside day in stocks with the S&P500 not doing much in either direction a hallmark of recent trading action as prices remain stalled under new highs but refuse to sell off either as near-term support remains at 1407.75 and Nasdaq 100 inches toward its objective of 2,800 as new highs remain on the horizon with its support seen at a distant 2,750. 10yr Treasuries rallied on likely short-covering but turned away from 132-24 again suggesting there is more downside action to 132-00 and maybe 131-20 before its said and done. The Dollar tried to rally but was turned away from 82.785 sending prices back under 82.565 increasing the possibility of a drop to 82.000.


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.

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