Actual and anticipated global growth for 2018 and 2019 should be 3.9 percent-plus.

 The U.S. dollar sideways to down against most major global currencies. This will be as important for the Chinese economy as it is for the U.S. economy.

 U.S. and global sovereign bond yields need to make moderate moves in the direction of normalcy, and the moves must be gradual and highly calculated, otherwise they become highly counterproductive and stroke recessionary fires.

Most U.S. and global equities sideways to up in a manner that minimizes bubble concerns and lengthens the life of the business cycle.

Commodities as a group should start showing signs of increasing price strength due to stimulative global growth.

 Inflation should be supportive of policy objectives and global growth or enough inflation to meet the U.S. Federal Reserve target objectives.

Watch oil and base metal price stability or orderly demand-driven price movements. 

 Watch rice, grains, and most soft-commodities for signs of competition of a bottoming and basing process.

Closing above $3.00 would start the consideration process of a trend reversal, difficult presently to see the 10-year above $3.30 this year

 Higher yields have been in part a function of U.S. and Global market intervention activities designed to extend domestic and global growth and the business cycles.

 Lower yields are a function of: Demand, Economic Weakness, Event Risk Concerns, or Other Market Concerns/Factors could take the yield lower.

 A significant decline is now underway, so first give consideration to 87 before correcting followed by a move lower possibly to 78.

Given global macro considerations coupled with no significant global anomaly event moving forward this index may have some serious weakness.

 Unless Middle East, North Korean, European, Venezuelan or other anomaly events start to dominate market participant decisions, then we are still in search of a major low for the dollar.

Policy intervention’s impact on macro factors and chart structure imply continued cautious optimism, though some back filling may be in order.

 Global Government and Central Bank actual and anticipated intervention indicate a building fruit bearing process underway.

Fundamentals and global uncertainties increasingly supportive of this market.

 Price action to $73-plus a consideration. 

A complex and volatile market focused on global uncertainties like Saudi Arabian and Iranian building friction, other Middle East challenges, North Korea, market structure, geopolitical considerations and building possibilities of a Venezuelan civil war are just some additional considerations, all deserve heightened respect in a world with building economic, social, political and homeland security uncertainties.

 2018 is likely a good year for grain prices, but near term it is still not obvious that this market has either fully corrected or found a bottom, so presently still give consideration to prices revisiting the 2017 low of $9.00, before turning bullish.

  A world awash in liquidity, building economic momentum and many hard assets seemingly overvalued, be careful not to overlook the possible attractiveness of this asset to speculators, investors and end-users.

 Searching for a low, so assume bearish until price action becomes more supportive of a bullish case and give consideration to prices possibly moving to their previous 2016 lows of $3.15 or below.

  This market likely has more weakness than strength as market participants digest potential of significant expansion of 2018 U.S. long grain rice planted acres.

Remain aware of potential near term uncertain global economic crosscurrents related to currencies, bonds, equities and commodities as they go through a rebalancing process.

 Cotton prices are in a slow grind to the upside. Closing and holding above 88.50 cents implies possible significantly higher prices.

 Wheat had an interesting week, a follow through to $4.91 would be very bullish

 Trend remains up, but a cautionary time period.

Consolidation or correction desirable not required. 

Allow price action to provide guidance.

 Passive investors have lifted this market to a level that one should at least consider the risk vs reward.

Allow price action to provide guidance.

  Trend remains up.

   Momentum regained.

   Allow price action to provide guidance.

  A cautionary time, but momentum regained.

 Allow price action to provide guidance.