Errol’s Commodity Wire

Errol’s Commodity Wire

HEADS-UP! Urea Surging - - - Canola's Recovery - - - Cattle Hedger Alert - - - USD Safe-Haven Buying - - - Corn / Wheat Gain

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Errol Anderson
Oct 04, 2024
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The crisis in the Middle East plus ocean port work stoppages are now impacting global commodity markets. Price trends are quickly turning higher triggering renewed price inflation. It is said that for every day U.S. port workers are on-strike, it will take six (6) days of for the economy to recover.

Here’s a breakdown in some key commodity markets over the past few days . . . . King oil is leading-the-charge with escalating threats toward Middle East oil supply. This has impacted ethanol, bio-diesel, corn, canola, soyoil to mention a few.

Lets take at look at some key charts. Where are the chart resistance levels now given rising geo-political tensions? The oversold U.S. dollar has made strong recent gains. Precious metals red-hot, but overbought. And stock markets remain impervious to global economic concerns, still hovering near record highs. The dock workers strike has had little impact, yet on investor bullishness. There are now concerns about the financial stability of the Bank of America. This appear to be a market accident waiting to happen . . . .

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