Wow! The word of the day in the commodity markets was inflation with many commodities making new highs for their respective moves. The counter to the commodity strength was the new 12 month low for the U.S. Dollar index near 75.00.
Corn and soybean markets posted impressive rallies today with corn up 13 to new highs and November beans closing over $10.00 for the since Mid-August. The market strength was partially attributed to poor harvest weather progress and forecast for more of the same but also by outside market influences. Pick your commodity sand it was pretty much higher today with crude oil up $2.00 and now over $80.00 for first time since last October gold was up $5.00 to $1063 and ounce.
It was a slow day harvest day today and some of us actually had time to speak to Fox Business Channel. Their main topic of discussion was the strong corn and bean markets and the hedge fund money that seems to be investing in commodities again...
Phil
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