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DOLLAR (MAR 10) Open - 80.615 High - 80.865 Low - 80.315 Close - 80.45
The dollar continues to consolidate in the 80.50 area. Like most markets, volume has thin and the ranges fairly tight. The next move in the dollar, albeit higher or lower, should help drive volume back into other markets. Although we don't trade the dollar directly, we would keep an eye on it as it will affect other markets. Our key levels are 81.50 on the upside and 79.50 on the downside.
CRUDE (APR 10) Open - 81.30 High - 83.03 Low - 80.81 Close - 81.97
Crude oil is currently trading at six week highs. Crude looks like it wants to test the 84 - 85 levels, which are contract highs. We do see strong resistance, but never count out crude out, it always can move higher. Any break above 85 would signal a new bull move and we would be buyers. Crude oil is up over 15% since early FEB.
CANADAIN DOLLAR (MAR 10) Open 97.45 Close - 97.50
The Canadian Dollar is another market trading at two month highs. Since early FEB, the loonie is up almost 5%. Although there is resistance at 98, the fundamentals are in place for another leg upward. We would be buyers on any pop above 98.
WHEAT (MAY 10) - Open - 488'6 High - 492 Low - 478 Close - 485
The USDA once again raised its estimates for world and US ending stocks. Although planting will be at its lowest levels in over 10 years, I believe the over supply concerns coupled with a stronger dollar equals lower wheat prices. We are sellers at 468
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Opinions expressed are subject to change without notice. This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or commodity option thereon. The risk of loss in trading futures contracts or commodity options is substantial, and investors should carefully consider the inherent risks of such an investment in light of their financial condition.
