Where Momentum Is Looking To Continue
Corn prices powered ahead
for the second day
in a row, continuing the rally started on Monday. Momentum is looking to continue. Once again, traders are
worried about drought conditions in the Midwest and about positioning themselves
ahead of Friday’s acreage and quarterly stocks report from the government.
December corn
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Wheat for Sept. delivery
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climbed 1 3/4 cent to $3.00 a bushel.
July soybeans
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in price after initially posting modest gains following a weekly crop progress
report that didn’t reflect as much improvement in crop conditions as
anticipated. July soybeans fell 1 3/4 cents to $5.03 1/4 a bushel.
It looked as if there would be a follow-through rally from yesterday’s
rally in the September S&P 500 and Nasdaq 100 Futures, but low consumer
confidence and skepticism about stronger company profits caused the broader
markets to retreat back down, close to the September 2001 lows. The September S&P 500
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below this key area to close at 974.29, down 22.80. The September Nasdaq 100
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NDU2 closed at 1028.00 down 35.50 or 3.34%
Profit-takers stepped into the precious metals
market today. August gold futures
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$318.50 per ounce and by the end of the trading session, gold was trading at
$320.50, down 4.20 or 1.29%. July silver
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and dipped to 22-day lows of $4.835, down 3.20. July copper
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rallied from that point to close at 74.95 a pound, up .90 or 1.22%.
In the energy market,
Crude oil for August
delivery
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Mercantile Exchange, but by the end of the session, crude oil was trading lower
and closed negative at $26.30 down .17. August heating oil
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dropped .52 of a cent to 66.79 cents a gallon. September unleaded gasoline
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August
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