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Grains Review on March 6th

Discuss news and views about pulses, cereals and grains over here


Grains Review on March 6th

Postby metalsguru » Tue Mar 08, 2011 3:59 pm

Grain prices continue to inflate as rising oil prices inflate commodity prices across the board, despite the momentary panic the other week as to the impact of high oil prices on the world economy. Bottom line is higher oil prices equals higher commodity prices even if the end result is that oil prices force a cycle shift in commodities – it hasn’t happened yet so it is still a bullish correlation. Brazilian corn supply could be hampered by rain, while most of the buying is coming ahead of the critical acreage plantings report later this month. Howe’s limit rule was fulfilled on both corn and beans, suggesting that a potential bottom was reached on February 23rd. It is important for those lows to be taken out to signify a long term bear trend, and until those lows are broken these markets remain technically bullish but fundamentally overpriced.

By James Mound
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Grains Review on March 6th

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