Forex Zone (Forex Zone)
Commodities  |  August 13, 2012 10:55:32

G20 is concerned about possible food crisis


Our site focuses on trading currency pairs. As traders, however, follow other markets, whether due to correlations with currencies, or due to an interesting long-term opportunities. For several months watching the market maize, which is in a strong uptrend. The reasons for this are mainly fundamental uptrend. Worst drought in the U.S., which is the world's largest exporter of this commodity in the last 50 years have a devastating impact on the local harvest.

Drought not only affected corn, but also other agricultural commodities and their prices rise. Maize has surpassed its peak in 2008. G20 countries have decided to convene a crisis forum where they want to coordinate a response to rising prices of agricultural commodities. In the U.S., also reopens topic using corn to produce ethanol that is mixed into the fuel. It will be interesting to see whether the current situation will want to take advantage of the Republicans in the presidential campaign. According to available information, the G20 meeting to take place in late September or early October.

From our perspective, the uptrend on the maize market and a lot of really strong emotions supported. In the last two weeks, the market moves in the commercial margins, suggesting a calm situation. But it is not clear whether this is a break before the next price increase. Technically, the current situation from our point of view seems more correct price. Given that this market is strong but emotionally affected and attach technical analysis, only a small weight.
 

Maize - the daily chart

As regards developments in the monitored pair EUR / USD, so that during Friday's European session declined ... Interested in our daily analysis of the currency pair EUR / USD? For the rest of the analysis , click HERE

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