ENERGIES
December Crude Oil is once again under pressure overnight. Talk of a U.S. recession is putting pressure on the crude because of expectations of decreased consumer and producer demand. Look for the next move to be through 90.00.

METALS
December Gold and December Silver are under pressure in trading overnight. Traders seem to be convinced that the House will pass the banking rescue plan, thereby taking out the bank failure premium that has been built into current prices. The possibility of a recession is also helping to put pressure on these markets.

GRAINS
The downtrend should continue in Soybeans and Corn as elevators continue to sell inventory to free up cash. Credit is tight and funds need to be raised to pay farmers. Look for more downside action as the harvest increases. The downtrend should continue until normal credit conditions can be returned to the markets and there is a pick-up in global demand.

SOFTS
Trading in the softs complex has been mixed overnight. Fundamentally demand is down as the world seems to be bracing for a global recession. Fund liquidation continues to put downside pressure on the markets as funds raise cash. The weaker British Pound is putting the most downside pressure on both Cocoa and Coffee. Demand is expected to be down in Cotton because of renewed talk of a U.S. recession. There are also some concerns as to whether there will be shipping available for delivery. Firms are having trouble getting credit for shipped goods.


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