Signs that the global commodity crash may be over have been supported by the gold market for many weeks and more recently by "commodity currencies" gaining on the US dollar and the Euro currency.

The Canadian and Australian dollars, for example, have been rising on the Euro currency, hinting that the economic commodity-producing and exporting countries may emerge with stronger foundations than more industrial, highly populated countries now facing greater threats from unemployment, housing and lending crises (and the resulting bailout programs).

Canada and Australia, though sparsely populated compared to Europe, are rich sources of agricultural, metal and energy resources, which support economies in those nations and, hence, their monies, as trade enhances demand for raw materials. One trader commented that, even if the world falls into a prolonged financial depression, Europeans will have to import food and fuel.

Speculation that the European Central Bank will cut interest rates next week added to negative thoughts regarding Europe's currency. Recent soft economic data in that region exert pressure for the bank to lower rates, which is analogous to "lowering the rent" on the Euro currency.

Separately, on Monday, the USDA is scheduled to release its latest revision to crop production and usage. Corn, wheat and soybean traders will be watching for confirmation that the harvest bottom has been completed.

Opinions expressed solely are those of the writer. Walt Breitinger is vice president of commodities at Wachovia Securities. He can be reached at (219) 738-6460.