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Hansen: Seize the corn and cattle momentum
Being aware of the momentum in commodity trading is crucial for success; if you can interpret the trends correctly, your chances of success will soar. So what do the charts suggest is happening to the price of corn, cattle, wheat and sugar? Ole Hansen, Saxo Bank's Head of Commodity Strategy explains his thinking.
Sugar is still definitely on a downward trajectory having dropped by more than eleven per cent over the past month. A speculative betting frenzy on high prices went spectacularly wrong, he says, because the fundamentals simply didn't support the price.
Live cattle currently holds on to negative momentum but sentiment is changing, notably over the past few days. Demand is certainly picking up ahead of Christmas.
Corn is still reeling from a summer of plenty and prices are still lingering near their lowest level since 2010. However, recent dollar weakness has helped stabilise the price for March delivery.
Wheat is also stabilising amid signs of harvest problems in Australia and Argentina. Paris Milling Wheat has had a positive momentum for more than forty days on strong export demand.
Click on this link to get more details of Ole's research:
http://www.tradingfloor.com/posts/fortunes-land-agriculture-695555942
02:25 minutes
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