COCOA - Continues its decline. I am still expecting a 2-4 day bloodbath on the downside as the smart money has been heavy sellers and the Fund traders will only be able to support this market so long.
CORN - A move to new lows for this decline may end the first leg of the decline. However, at what price the first leg ends is any ones guess. We will just have to continue to monitor the market and see what it tells us. The Long Term on Corn remains down and still has a long way to go before any substantial bottom is put in place.
SUGAR - Broke to new lows yet again. I am still awaiting a strong confirmation that this decline has terminated. There is some serious upside potential in Sugar, but we need some good solid confirmation that a bottom is in place before it is even considered.
CRUDE OIL - Look for strong resistance at $66.20 basis the June contract. The Intermediate term trend remains negative.
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