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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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From: Jimfutu28	9/28/2010 12:29:48 AM
	of 12410

The Softs Review for The Week of September 27th, 2010 By PitGuru Jurgens H. Bauer After a week of needed correction among bullish leaders in the soft markets, those same leaders appear ready to try and resume the upside once again. As predicted, Cotton prices pulled back and held 96 cents well. Export numbers for cotton continue strong and while the recent highs may generate some interest in the potential for a trading range to become established, there is also good reason to expect new highs will fuel additional gains. So, if those highs give way, CTZ has a serious chance at seeing $1.16 to $1.20. A failure to hold new highs may result in additional consolidation. Sugar has received fundamental concerns with damaging rains which will encourage fresh longs to help push prices to my technical objective of 26.50. Coffee too, so far has been successful at defending against dramatic weakness as values held above 17800 basis KCZ. That 178-177 area may still require another visit, but short covering may play a role and help values advance for a test of the upside resistance. The ability to close over 195.50 should bring $2.00 and my objective of $2.08 into play. Cocoa prices need only receive technical help from a close over 2830 before they too set an advance into action, else perhaps another trip down will change my optimism. So for the coming week, expect to see the soft complex gain in favor among bulls. Hurricane Karl impacted late developing and maturing coffee across growing areas in Mexico and the damage reports are forthcoming. Same holds true for sugar. I expect initial reports to be followed by accuracy that will set the tone. Too difficult to predict the extent of damage, but be aware that there will be some. And hurricane season is still with us. So the potential for more will act as an underlying band of support. Louis Dreyfus and Olam are in merger talks. According to Reuters, investment strategists at Calstrs are recommending that the No. 2 U.S. pension fund invest up to $2.5 billion in commodities over the next three years. That means even more money flowing into the commodity sector. The weak dollar continues and will be supportive for such investment. For more futures reviews: pitguru.com

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