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Home Editors Comments June 2017 Editors Comments

June 2017 Editors Comments

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Physical Commodities

Ever since April 2016, the CRB Index (go to; click on Free Charts; in the box under Sharp Charts, type in $CRB) has been trading in a range mostly 180-196.  At the end of April, it was testing the bottom of that range again.

It did so as the US dollar remained at or near its five-month lows and barely holding onto its 200-day moving average.  Crude oil remained weak, in the middle of its multi-month range of $43-55.  Gold was suffering a two-week long decline, but silver was barely holding multi-month lows just under $17.

The most recent bright spots for commodity bulls were cattle and suddenly? temporarily? grains.  Bull spreading was a feature in cattle, with cash over the nearby and successive delivery months racing higher after expiry of that preceding.  Only weeks after the USDA had reported winter wheat acreage as the least since the 1930s, primary hard red winter wheat growing states received as much as 12 inches of snow on April 30.  How much damage will there be?  Corn planting has been a little slow, and soybean and cotton planting just underway.

What will Mother Nature do?  How about the US$?

Maybe we should be ready to ...

Trade 'em,
Jerry Toepke
Last Updated on Tuesday, 02 May 2017 11:44  

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