Oil reacts to OPEC's reluctance to increase oil production and moves closer to $103 (it is highly unlikely they can increase production due to world wide peaking oil). Profit taking hits Soybeans, Corn and Bean Oil overnight but they remain in bullish patterns. Cotton, for the second day in a row is locked at limit move up. Yesterday limits on cotton were raised to 4 cents. Our long (12:00 Feb 28) is now up over $5000 per contract. The US$ gained a little strength early last evening but is eroding again this morning as the Yen and Euro move higher. Rates in Australia were raised last night to 7.5% but the Aussie fell in response to Central Bank comments that rate increases were nearing an end. Today Canada will release its interest statement and BOC Governor Carney is likely to cut interest rates. Expect some volatile action on the Loonie today.
Market indexes remain weak this morning as the trend to lower equity numbers continues today. Fed chairman Bernake speaks in Orlando at 9:00 EST about mortgage foreclosures . His comments may set markets in motion.
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