<<<I mean, exactly what has propelled the market up today? >>>
I believe it was a technical move to the upside today musk. The market stretched to far away from the 50 day average, and found some support from a support from some levels reached in March. Look what happened to the S&P500 when it dipped hard below the 50 day average in later March. When you stretch that far from the average... you get snapback. http://finance.yahoo.com/q/ta?s=^GSPC&t=6m&l=on&z=l&q=l&p=%2Cm50&a=&c=
<“This is a very, very tight stocks situation, representing just 19 days of supply,” Todd Davis, an economist at the American Farm Bureau Federation in Washington, said today in a statement. “Farmers can still make up for planting delays brought on by flooding, but they clearly need cooperative weather in July and August to make a good corn crop.”
Planted acreage was forecast at 90.7 million acres, down 1.6 percent from last month’s projection. In a survey released in late March, farmers indicated they planned to sow 92.178 million acres with corn this year. The USDA will update its estimate of farmers’ intentions in a report on June 30.
The USDA forecast the yield from this year’s crop at 158.7 bushels per acre, unchanged from a month ago and up from 152.8 bushels last year.>
A lot of that corn being used for ethanol doesn't make sense if oil goes lower or corn goes higher.
Also, I just don't know if this the time to be in commodities with the fed stopping QE2 in three weeks, and the country questioning the value of any more stimulus. If dollars get tighter, all commodities should fall.
and DE and cat and pot all on my watch list ,, but did not pull trigger, maybe tomorow , if friday pullback !>>?? I bought another phoenix autocall today.12 month. bnp.pa , Hal , Rio.l , 1.2% monthly , 60% downward proteccion.