Oil prices finally broke down from the recent top at $135, seeming to take down most commodity prices as well. The US Dollar is in somewhat of a rally mode, helping to push prices down.
Wheat prices are flat after the recent drop, still trading at around $7.50. Likewise for Corn -still holding up around the $6 level, and Soybeans at around $13.50. Rice continues to pull back.
Sugar did in fact make it back down to the .10c area where it is currently trading. Cotton dropped below 70 to close around 66c. Coffee is in a trading range between 1.30 and 1.40.
Oil finally pulled back to $126 area; Heating Oil/Diesel pulled back as well. Natural Gas closed just over the $11.50 mark -keep your eye on this one!
Gold pulled back again, this time to close around $880 -I'm still expecting another pullback in Gold before resuming the long term up-trend. Copper dropped as well.
The Euro seems to be in a trading range near $1.56. Likewise for the British Pound, the Yen and the US Dollar Index. The Canadian Dollar is about even with the US Dollar.
Stocks may be starting to break down at this level.
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:
Commodity Policies Set for Revision
1 comment:
I heard it oil will about $200/barrel by Christmas. That's just too much. What will heating oil and gas fro your cars cost then? It's a really horrible situation right now. I don't know how we're going to fix this. There is one way. Bioheat, it's oil blended with biodiesel. This B5 blend can help conserve 400 Million gallons of regular oil, imagine that. That would be great. Plus, while working for NORA, I hvae come to realize how "green" we need to be. B5 oil is biodegradable, produces NO greenhouse gases and reduces emissions. Here, check it out for yourself: http://oilheatamerica . com/index.mv?screen=bioheat
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