Crude Oil is currently getting spanked, trading around the 78 dollar level..I wrote last week that perhaps a 13 dollar rally in 17 days was a little unsustainable… Also I noticed that my friendly neighborhood gas station jacked prices from 266 to 286 just to get ahead of the curve… I wonder if today, they’ll drop it to 266 again, somehow I doubt it…
In any event, the stronger dollar is having an inverse affect on the oil, and indirectly on the grains… Perhaps OPEC better hurry up and have some more secret meetings with China Russia and France about dropping the dollar as the currency of choice…Right now it looks as if shorts in the dollar who came to the party late on that news are having their opinions sorely tested…
For the rest of the day in the grains, it looks as if as crude goes, so goes the grain complex.