Rains Can Grains, OPEC Sluggish
Widespread rains across the Midwest sent grain prices sharply
lower in Project A trading over the weekend, resulting in gap-down openings in
beans and corn. Corn, trading at a year-to-date low and soybeans, trading at
their lowest level since mid-February have both been tipping their hand by
registering on the
Implosion-5 List.
The lower prices were reflected in TradingMarkets.com Opening
Calls.
Crude oil, unleaded gasoline and heating oil gapped open and
are rallying on fear that OPEC will not increase output prior to its next
scheduled meeting June 21. The market has been expecting OPEC to raise
production once the 20-day moving average of OPEC crude rose above $28. What was
thought to be an automatic plan to raise output evidently will not kick in
automatically and this point was reinforced by OPEC
Secretary-General Rilwanu Lukman Sunday. The energies have been tracing bullish
pennant patterns and traders combining TradingMarkets.com Futures Indicators
signals will have noticed that heating oil indicated it could make a
larger-than-expected move by registering on the
6/100 Low Volatility
List while unleaded gasoline suggested upside potential by posting on the Momentum-5
List.
Here are the highlights around noon Eastern time:
Â
Stock Index and Bond Futures |
|
Currencies |
|
Energies |
|
Metals |
|
Grains |
|
Meats |
|
Softs and Fibers |
|