As the trading deadline approaches in Major League Baseball the deadline of growth to Corn and good yields is approaching the end of the rope. We are seeing a stressed crop and it will show up in futureprices. In the electronic session the December Corn is trading at 396 ½ which is up 2 ¾ cents. The trading range has been 397 to 393.Continue to ride this rally!
On the Energy Front the September Crude Oil is trading at 7784 which is down 52 points at this writing. The range has been 7845 to 7757.After trading above $79 a barrel bulls are banking profits. We must continue to focus on issues in the Middle-East and Asia and the economy. There also some tropical activity in the Atlantic.
The market also hinges on the argument to let Bush tax cuts expiring. Federal Reserve Chairman Ben Bernanke's opinion to roll the cuts over should be what this economy needs. As opposed to Treasury Secretary Tim Geithners belief in raising taxes in economy that is stretched by ridiculous spending and printing of greenbacks that is not going to be a band-aid for long with no new jobs being created.
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There is substantial risk of loss trading commodity futures and options.Past performance is not indicative of future results.