Cow Bids New Highs . . . Fed / Feeder Cattle Bids Up . . . Cocoa Price Explosion . . . Natural Gas Approach All-Time Lows . . . USD Recovers

Commodity movement over the past week: Gold prices continue to take-a-breather. Precious metals remain heavily overbought. Technically, gold remains more than 20% above its 200-week moving average. Coal was simply . . . a lump of coal. Prices continue to drop. Weakened China economy and buying driven driving coal prices lower. Corn, soybeans and canola are not quite so oversold anymore. In fact, soybeans and canola have risen for past 3 weeks after snapping a recent 10-week dive.

Wheat has been technically oversold for weeks. But wheat export price news remains excessively bearish. Discounted Russian wheat continues to dominate the export market. Ironically, wheat news is now so bearish, a short-covering rebound could trigger at any time. As the saying goes; the cure for low prices is low prices. There will be some form of a spark ahead.

Uranium and the Baltic Dry Ocean Freight Index remain in a steady price downtrend over the past six (6) weeks.

In the currencies, the U.S. dollar (USD) firmed-up over the past few trading sessions. This dollar recovery is creating problems for the gold market. Ideas of fewer than expected U.S. Fed rate cuts in 2024 supported the USD. The USD index has now recovered from a recent low 102.00 to 103.50. Again this dollar strength is creating issues for U.S. exports.