ENERGIES
December Crude Oil is trading better. Economic uncertainty in the U.S. is encouraging traders to put their money into crude oil as a hedge. In addition, geopolitical issues - particularly the unrest in Pakistan - are helping to unpin the market. If the situation escalates then there may be more short-covering in the crude oil.

METALS
December Gold and December Silver are recovering from the last week’s late sell off. Many traders feel that the right side of the market is the long side as the uncertainty and instability in the U.S. banking system is expected to continue this week. Last week’s mid-week rally may have been too much too soon. Expect traders to attempt to rally this complex this week but at a slow steady pace.

GRAINS
November Soybeans and December Corn could feel pressure today as commodity prices are dropping due to the lack of buyers. With so many firms and funds financially strapped because of the crisis in the credit markets, many traders are refusing to participate in active trading. There may be expanded range trading today as volatility may increase because of thin trading conditions. It is hard to say when this complex will return to normal. When it does, these markets may feel downside pressure because of the harvest, but in the long-run look for higher trading because of low inventories.

SOFTS
Trading in the softs complex may be limited today due to the lack of interest from funds. Many firms are financially strapped because of the banking crisis. Money is being moved out of commodity funds and back into cash. It is hard to say when these markets will return to normal volatility and volume levels. Look for choppy-two-sided trading today as traders try to figure out how much liquidity will be available to trade. Overall commodity prices may feel downside pressure as world economies are weak thereby lessening the demand for food products and fiber.

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