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Today’s action
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tex
Posted 7/1/2022 21:47 (#9730080 - in reply to #9729932)
Subject: RE: Today’s action


Copper, cotton and grains have fallen apart.

Oil and heating oil are on the bottom of the upward channel. As much as high diesel hurts , I am afraid the only thing that will really bring grains up is if oil can resume the uptrend. Weather can still be a wildcard if dry heat comes in even in the fringe areas. It is ironic how just a week ago the talking heads were saying it would take a year and many more rate hikes to get inflation under control.

The oil market is not dead yet, only chance for broad base commodity buying and crb index going up is if oil cranks higher.

It would be hard to believe Powell could turn the market with a measly 3/4 point hike.

Russia did get pushed off Snake island and said it would be up to Ukraine to get rid of the ocean mines. Putin has got to be running low on bombs. If he decides to negotiate and Ukraine grain comes online and oil market falls apart, grains could push lower than anybody thinks. September corn has already lost over 20% off of the 7.80 high, 20% is usually considered a normal drop after weather scares fade.

Edited by tex 7/1/2022 22:06
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