The whole hullabaloo surrounding these investment banks getting out of commodities trading and commodity market manipulation is still doing the rounds. It is unfortunate that these institutions feel the need to look for any opportunity to exploit commodity markets and even worse it seems as though their actions go unpunished. Anyway you shake it, it just doesn't add up. We shall see what comes of the latest revelations but I think there will be more to come.
Corn bouncing this morning up 2 to 3. Finally.
Wheat up 3 to 5 as well and beans are up 2 to 6 with my screens all green this morning. It's a much better way to start off the day. With two more days left in the month and some decent economic indicators still to be released, I am wary of some funny moves between now and tomorrow afternoon.
Oil at $103.75 down .80 cents and gold down $4.52 at $1323.50.
Stocks are waiting the CaseSchiller home numbers as well as consumer confidence numbers. The consumer has been our savior but has been stalling as of late.
Tomorrow we get growth numbers and unemployment on Friday. Should be an interesting week.
Re: OptionEye....July 30th
The reason why the buyers control the market (at least 70%). The produced never leaves.
There is always a price at which the speculator and the end user will stop.
But production does not stop at any price. In fact it increases as prices go down.
Maybe the market is trying to stimulate production. 🙂