markets monday, july 17, 2006
Corn started stronger in Monday night's trade, then ended on a neutral note. Beans were slightly higher and the gold market has been churning back and forth a bit. The market still isn't sure what to make the of new conflict in the Mideast. Odds are good that the churning will continue
- Sugar seems to be working on finding a base of support.
- Cattle were again weaker.
- Dec cotton may soon find support and present a buying opportunity.
Weather will continue to dictate the tide in the grains. Temperatures in the corn belt look to be more mild after mid-week. We'll see if that comes to pass or not. Tuesday's action could be telling in the corn market as to whether the breakthrough in support can be sustained. If there's no confirmation, then the bulls might regain some enthusiasm. If we linger in the same area or drift lower, then the bears might have enough ammo to start the seasonal slide with a bang. Either way, it's likely to be very choppy and frustrating to trade.
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