Monday’s trade fell sharply and in stark contrast to the strong rally that was witnessed on Thursday. The focus was on forecasts for temperatures that did not show any more cold than what was seen on Friday, and actually warmed slightly.
Energy Price Outlook After a sobering week last week, oil prices are expected to be under pressure again in this week’s trade and potentially fall toward $80/bbl in WTI over the next few weeks. The dominant factors should be increased prospects for slow growth in the U.S., uncertainty over the fiscal cliff, events in Europe including Sunday’s vote in Greece, and OPEC’s cut in demand estimates on Friday. The
The overnight markets have made a feeble attempt of recovering some of the devastating losses that have occurred in the past 2 trading session. The beans as of 8:00Cst are hovering near 10 cents higher in the session, meal has gained $3, oil increased by 40-50 points, corn increased by 6-8 and wheat has gained 8-10. Its Tuesday and the markets have been punished over the past few sessions, don’t be too quick to jump back on the bull wagon as there has been extreme technical damage and the beans have a gap that should be filled down to 1478 that dates back to June.
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