(click picture to enlarge)We saw a small rise in prices early in the month, but prices have dropped back since then (except for Rice). Wheat now trading near $8, Corn around the $5.80 level, and Soybeans around $13.75. Rice is now going up again.
Sugar has pulled back a bit to around .13c. Cotton continues to fall, and Coffee is up a bit.
Oil prices continue to drop in spite of hurricanes and other global events. Same for Heating Oil/Diesel and Natural Gas. Talk on the street is that a large number of hedge funds have been exiting the commodity market (some have experienced major losses as well).
Bonds
Bonds continue to rise as more money flows in to the fixed income market. The 10 yr Note and the 30 yr Bond have both been up this month, partly due to a lot of uncertainty in the stock markets, credit markets, and global markets. However, some traders expect to see a top in this market soon!
Currencies
This was a volatile month in the currency markets. The US Dollar Index continued to rise since most of the Financial stocks hit a bottom on July 15th, and because the Eurozone economy is now weakening. The Euro pulled back sharply based on weakness in that economy. Likewise for the British Pound which now seems to be in a freefall! Weakness also seen in the Canadian Dollar. The Yen has been both up and down for the month.
Stocks continue to rise a bit since the July 15th. bottom. 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:
Why you should keep a cool head on commodities
Mexican Production Disappoints Again in July - Big Time
U.S. Natural Gas Seen to Be Superabundant
Corn rises for fourth day to three-week high
CBOT Corn Review: Tumbles On Dollar's Surge, Weather
Crops To The Rescue
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