GRAINS: 09/09/09 Higher closesfor soybeans, soymeal and soyoil while lower forrough rice, Minneapolis , Kansas City and Chicago wheat along withoats. Minneapolis , KC and Chicago made new contract lows andcloses onceagain all obviously looking very bearish during harvest time. Corn(Dec.)flirted once again with the 300 area(302) before having a small rally to close higher. Corn has good resistance from 325 to at least 335 which will be tough to penetrate andis going to have to rely on the bean complex for any rallies unless we see drastic changes in the weather outlook! Iexpect corn to test 300 where many stops should reside below.Ricemade its highesthigh since November '08 before breaking sharply to close 20 cents lower in reversal type action. However, its long-term trend is still higher overall.Oats continue to fade with a lower close for the 6th trading session in a rowstill at the lower end of a support area. The bean complex closed higher this time with the beans, meal and oil making new recent lows first in reversal type action. However, the bean complex is still in a solid down-trend at this time.
CURRENCIES: 09/09/09 Higher closes yesterday for theBritish pound, Aussiedollar, Euro Fx ,Swiss franc and Japaneseyenwhile lower for the Canadiandollar and dollarindex.The euroand franc settled sharply higher making new recent highs and closes finally breaking out of their respective consolidation patterns. The yen also had a strong close looking to continue higher overall while theCanadian dollarsettledlower after making a new recent high but still in an uptrend overall.The pound and Aussie dollar settledhigher with the former needing to close over 16500(Dec.) to give me a new buy signal. Of course, the pound is stillin a long-term uptrend. The Aussie dollar made a new recent high and close acting very bullish. The dollarmade a new contract low and close looking like it's heading towards a free fall!