Chronic low inflation to an aggressive simulative reflation economic setting

S. Central Bank’s monetary accommodation to managing economic activity in a rising interest rate environment

Neutral: the 10-Year Treasury Yield acting a little bullish with a lower yield potential

This is a market that likely builds a trading range for the next one to two years maybe between 2.0 and 4.0, but too early to tell

We simply need to allow chart activity to provide guidance

Present market structure suggests financial institutions and borrowers are winners at these levels

Some suggest the 35 year bull bond market will be over with a yield that holds above 2.6, others at 3.0; Actually, global fiscal and policy intervention may make picking these points premature

This is a market that could simply move sideways for a few years and even revisit the previous low or make a new low

Neutral - The following determines sideways consolidation for a period or a resumption of the Dollar’s move to the upside:

Potentially bullish near term

Near term building momentum

Potential near term strength

Potential near term strength

Possible corrective price action before heading lower

Trend remains up

Trend remains up

Trend remains up

Trend remains up

Positive momentum appears to be building

Positive momentum appears to be building

Positive momentum appears to be building

Positive momentum appears to be building

Positive momentum appears to be building

This China equity remains neutral

Possible bottom being formed

Positive momentum appears to be building

Price direction likely dependent on oil price firmness

India is presently dealing with a number of internal issues

The CRB Commodity Index appears to be building a base to move higher, which near term would be a primary function of oil price strength leadership and/or broad commodity support, reasonably stable dollar, and belief and confidence in the near term future.

A market which appears in search of higher highs, some corrective price action should be anticipated

A challenging market being influenced by economic and geopolitical issues

Washington Leadership likely bullish U.S. production

OPEC and other oil producers have major role in defining 2017 price structure

Global uncertainties supportive of prices

Near term price strength remains, which makes one revisit 2016 price action in March, April and May. Given fundamentals I remain concerned about additional price weakness and the culmination of a bottoming process

Additional Thought:

Consolidating, but this market continues to act more bullish than bearish, closing and holding above $3.69 likely implies a move into the $4.15-plus

Neutral – Price weakness remains defined in part by global economic, political and social uncertainties

Overplanting in 2017 without additional demand source could be highly problematic for 2017 marketing year prices

Bullish prices likely into the 84-cent area. Near term if prices fall below 68-cents, then likely corrective price activity underway

Consolidating, needs to close and hold above $4.40 to maintain any upward momentum