Retail sales rise strongly, autos give a boost * Sales ex-autos up 0.6 pct, core sales rise 0.5 pct * Consumer inflation muted, supports low interest rates… read more
Monthly Archives: April 2010
Early soybean outlook
SOYBEANS – Down 1 to 2 cents per bushel. Profit-taking and pressure from good soy harvest weather in South America and outlooks for good early spring and summer crop weather in the U.S.… read more
Wheat and Corn Calls
WHEAT – Up 1/2 to 1 cent per bushel. Follow-through technical buying after Monday’s firm close. Wheat market was oversold and due for a bounce but bullish momentum lacking amid plentiful supplies CORN – Down 1 to 2 cents per bushel. Forecasts for good U.S. corn planting weather this week weighs on market countering some… read more
CPI [4/14/2010]
By MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — Consumer prices edged up a modest amount in March with prices outside of food and energy rising at the slowest pace over the past 12 months in six years. Despite the good inflation news, household budgets remained under pressure as hourly earnings fell again. The Labor… read more
Coffee turned lower by the up-sloping median line. [chart]
This chart, of the May Coffee, is a good illustration of the significance of the median (center) line. The line acts as dynamic resistance as the market trends higher. Coffee tested the median line three times during the cycle and failed after the fourth test on April 5. The swing pattern failure signaled an end to the upward trend and triggered… read more
U.S. Trade Balance [4/13/2010]
WASHINGTON (AP) — The U.S. trade deficit widened more than expected in February as exports rose to the highest level in 16 months but this gain was offset by a bigger jump in imports, reflecting increased demand for consumer goods from televisions to clothing. The wider deficit was a sign of a rebounding U.S. economy.… read more
Grains calls
WHEAT – Up 1/2 to 1 cent per bushel. Follow-through technical buying after Monday’s firm close. Wheat market was oversold and due for a bounce but bullish momentum lacking amid plentiful supplies. CORN – Down 1 to 2 cents per bushel. Forecasts for good U.S. corn planting weather this week weighs on market countering some… read more
Crude oil is setting up for the next swing higher. [chart]
Crude zoomed through the ascending median line and closed above the prior swing high of 85.43, posted on January 11, 2010. Having used its energy, Crude pulled back to an area of support provided by two action-reaction lines and the 20- day sma. This price action has formed a bullish reaction swing, above the median line, and set up… read more
Livestock Outlook 4/12/2010
CME Livestock Outlook: Mixed Hogs; Cattle Mostly Firm CHICAGO (Dow Jones)–Pit-traded Chicago Mercantile Exchange hogs may open mixed Monday as traders probe the market for early-week direction. CME pork bellies may open mixed as traders wait for market leadership that so far is lacking from fresh belly values that were unquoted Friday. Follow-through buying after… read more
Opening Grain Calls
WHEAT – Up 3 to 5 cents per bushel. Weak dollar and short-covering after the declines on Friday lift wheat futures. CORN – Up 2 to 3 cents per bushel. Short-covering after the decline Friday and weak dollar combine to lift corn futures. Gains limited by improved U.S. seeding weather. Trade expecting USDA late on… read more