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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: gcrispin who wrote (24414)	11/9/2006 3:45:12 AM
From: jayt	Read Replies (1) of 37387

gcrispin - Still holding out with that last 1/3? Nice call as the price keeps getting sexier. A lot of the floor traders on the NYMEX took their oil profits and have been pumping them into corn and the like for the past two months (as per Eric Bolling's comments.) When do you take the profit on this trade is my question? Here's wishing you yet even more profits! RGRDS - JT Corn Hits 10-Year High; Gold Dips On Profit-Taking Following Election BY REUTERS U.S. corn soared to 10-year highs on Wednesday amid active buying by funds, taking soybeans and wheat sharply higher on the eve of a government report that will update crop production in the U.S. Gold futures tumbled 1.5% as investors cashed out profits on positions taken before the midterm elections Tuesday, while crude oil surged after a large drop in domestic supplies of distillates, which include heating oil. Corn was the market leader at the Chicago Board of Trade, the world’s largest grain exchange, rising to fresh 10-year highs as funds bought about 8,000 contracts — worth about 40 million bushels — on the day. The growing use of corn for the production of ethanol in the U.S., coupled with its use to produce animal feed and consumer products like corn syrup, supported the market. Investment funds have been raising their positions in the corn market, betting that demand from the various industries would continue to grow in the U.S., leaving the market vulnerable to any possible disruption in production. Analysts are expecting the U.S. Agriculture Department crop report to be issued Thursday will show a drop in corn output this year due to weather damage in the western Midwest, and to more of the grain being channeled into the ethanol sector. The sharp gains in corn helped rally soybeans. Traders said soybeans have to maintain a price ratio with corn to ensure enough acres of the oilseed are grown next year. Analysts were expecting the USDA to forecast this year’s U.S. soy crop at about 3.237 billion bushels — up 48 million bushels from its October estimate. If realized, it would be the largest soy crop in U.S. history, beating the previous record of 3.1 billion bushels harvested in 2004. CBOT December corn rose 6-3/4 cents to end at $3.57-3/4 per bushel. January soybeans rose 10-3/4 cents to $6.78 while December wheat rose 7 cents to $5.04. Gold futures at the COMEX division of the New York Mercantile Exchange fell as investors cashed out profits on positions placed before Tuesday’s midterm elections. Democrats wrested control of the House of Representatives from the Republicans and were close to winning a majority in the Senate in the wake of voter anger at President George W. Bush and his Iraq policy. December gold fell $9.40 at $618.30 an ounce, dropping under $620 for the first time in six days. December crude oil rose 90 cents to $59.83 a barrel.

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