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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (48273)	7/11/2012 1:12:13 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70732

BNN Morning Newsletter: July 11, 2012 Keeping a close eye on commodities The chase by Marty Cej: Today will be a key day for commodities. The U.S. Department of Agriculture is expected to slash its estimate for this year's corn crop as a drought across the Midwest continues to wither the crop on the stalk. Corn prices have soared 23 percent so far this year, lagging the 30 percent rally by soybeans, which are climbing as crops wilt as well. Wheat is up 16 percent so far this year. The USDA report will also have big implications for shares such as Potash and Agrium amid expectations farmers will have to boost their yields next year to make up for this year's shortfall. Also keep an eye on Monsanto, whose patented genes are inserted into roughly 95 percent of all soybeans and 80 percent of all corn grown in the U.S. The report is due out at 8:30 am Eastern. Weekly U.S. oil inventories will be released at 10:30 am and are expected to show a decline of 1.38 million barrels, which could put some upward pressure on oil prices as well as Canadian oil producers, such as Suncor and CNQ. Also today, 2:00 sees the release of USDA cattle and hog slaughter figures, while 3:00 is the USDA Broil Eggs Set. I don't know what that is, but it sounds delicious. Like, with a little Tabasco and some little toasts? Nice. Gold and gold stocks will be under the microscope this morning after Goldcorp last night cut its full-year 2012 production forecast by almost 10 percent due to delays at its main Canadian mine as well as a water shortage at its key Mexican project, the Penasquito mine. Output will be 2.35 million ounces to 2.45 million ounces, short of the previous forecast for 2.6 million ounces. Shares of fancy-schmancy Burberry are slumping in London after the maker of luxury goods for the horsey set reported first-quarter sales that fell short of forecasts. Shares of LVMH and Richemont dropped in tandem with the British company. Keep an eye on Coach and other U.S. luxury goods makers this morning. A key to the close today will come at 2:00 pm Eastern with the release of the minutes from the last Fed meeting. Remember that this meeting resulted in lower forecasts for GDP and a higher forecast for the unemployment rate, as well as the extension of Operation Twist. BMO says one thing to look for is "any discussion of other easing options that were considered. At this point, it seems like the market is expecting a dovish tilt to the minutes, especially with the chatter that we've heard from a number of Fed officials in recent days." Also watch shares of Telus after Mason Capital sought access to ballots cast by the telecom company's shareholders during advanced voting on now-withdrawn dual-class share structure The U.S. hedge fund that thwarted Telus's share consolidation plan is using a legal tactic to force the company to reveal whether it remains in compliance with this country's foreign investment rules, while also increasing its ownership in Telus.prices.