The commodity markets overall have given up some ground recently, though we still see strength in the Energy complex, and we continue to see higher Rice prices (Costco and Sams Club announced last week that they were limiting customer purchases of bulk rice).
Wheat prices have pulled back significantly from the $13 level in March to around $8.00 last Friday. Corn topped out at $6 in April and is pulling back a little here, though the weather conditions for planting is still an unknown factor. Soybeans is also pulling back from the March high of around $15.50.
Sugar prices are also dropping, and may be basing out in this area (or heading back down to the .10c area). Cotton and Coffee have also dropped from their recent high.
Oil seems to be holding up in the $120 area, while Natural Gas is rising past the $11 mark. Gasoline is higher, and Heating Oil (diesel) seems to be consolidating at the $3.30 level.
Gold still looks like it wants to drop back to the mid $800 area. Copper is holding the high we saw in early March near $4.
The Euro might have topped out for now around $1.60, while the British Pound appears to be stuck in a trading range just under $2. The US dollar continues to gain against the Yen since the March 16th low. The US Dollar Index also gained some ground this past week.
Stocks are still inching higher, as we continue to see some volatility with earnings reports coming in, and the much awaited Fed decision on interest rates due next week. 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:
Food Costs Rising Fastest in 17 Years
World's food crisis deepens
Vietnam limits rice exports on food security concerns
Brazil Halts Rice Exports to Ensure Domestic Supply
Brazil Ethanol Consumption Overtakes Gasoline
World Bank tackles food emergency
Wheat prices down 40% from peak
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