Commodities: Cautious Grains, Constructive Silver

The commodity complex could be coming to the end of its short-term correction, bolstered by strong global equity market performance over the last week. Indeed, the CRB Index has continued to edge higher and a weekly close above support around 239 could presage further gains towards 245 in the coming days. This would be particularly likely should equity markets continue to firm and in particular, should the Dow Jones breach the 8,800 level we have been highlighting. However, we remain guarded with respect to commodities and continue to stress that selectivity is key. For instance, we are cautious grains given

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