Wheat prices continue to fall, hitting $7.50 this past week. Corn is still trading up around the $6 level while Soybeans may be in a short term up-trend. Rice continues to pull back from the mid-April highs.
Sugar looks like it is heading back down to the .10c area. Cotton may have bottomed near 70 and Coffee is in a short term up-trend.
Oil is hitting new highs in the $127 area, while Natural Gas closed just over the $11 mark. Gasoline and Heating Oil/Diesel are both higher as well.
Gold closed just above $900 after the recent pullback to $850 -not sure if we will see any more pullbacks before it resumes the up-trend. Copper is still holding up just under $4.
Looks like the Euro did top out around $1.60 (see previous post). The British Pound is still trading around $1.95 while the recent US dollar rise against the Yen may be topping out near the 105 level. The US Dollar Index is still in a small up-trend.
Stocks are still inching higher, now that many of the big companies have reported their earnings. See my Stock Market Blog for more details.
Note: Charts are 'live' so comments above refer to the appropriate time on the chart.
News Stories:
Cheap oil may be history as $100 becomes norm
Rebuffed by Saudis, Bush calls for domestic oil exploration
Gold futures close near $900 as oil prices surge
Corn stocks expected to fall sharply to 13-year low
Memorial Day travel hit by high fuel costs
Holiday drivers shrug at record gas prices (last year's headline!)
