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Terri Erickson's Commentary

AUGUST 20, 2010

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AUGUST 06, 2010

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AUGUST 20, 2010

  08/19/10 10:42:09 AM

Close for 08/20/10        
 
The CRB trend is still up, but lacks buying this week in general due to slowed economic recovery outlooks and high jobless claims. The Grain & Livestock sector (29%) was strong in Wheat on rumors Russia may need to import grain. Corn on tight reserves in China and large US exports, but looking tired from oversold conditions with record longs being held into upcoming harvest. Soybeans drift lower on better rains forecast for the dry areas of the US finishing up the crop for harvest of potential large carryout, but supported by large export pace. Cattle rallies to new contract highs on a surge in the cash market to $100 on tight supplies and good exports. Hogs hold close to contract highs on demand strength. The Energy complex (18%) is pressured by increased US inventories and poor US jobs data figures, showing highest jobless claims in nine months. Natural Gas lowers on cooling temperature outlook and lack of tropical storms. The Metal sector (23%) was steady to better as investors jump back in Gold on safe haven investing from riskier assets after disappointing US economic data. Copper steady to better from a slip in inventories. The Soft’s sector (29%) is divided with Sugar, Coffee, and Cotton higher due to tight cash supplies vs. demand ahead of harvests. Cocoa and Orange Juice sell off on lack of weather issues and profit taking.
 
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This Report includes information from sources believed to be reliable but we do not guarantee its accuracy or completeness, opinions expressed are subject to change without notice. Futures trading involves risk of loss and should be carefully considered before making any trades.

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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