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Financials: As of this writing (6:40am) March Bonds are 11 higher overnight at 172’23 and 9 lower for the week, 10 Year Notes 2 higher at 137’26 down 3 for the week and 5Year Notes 1 higher flat for the week. Not much in the way of fundamental news this week: Stimulus package still not settled as congress and senate agree on 900B funding giving citizens $600, the President wants to give $2000, should be inflationary and negative longer dated treasuries. Yields are slightly higher for the week, the 2 yr. note 0.12%, 5 yr. 0.37 up 3 for the week,10 yr. notes.0.93 up 1 and 30 yr. bonds up 4 basis points at 1,68%. I remain negative bonds and 10 yr. notes and suggest using a break even buy stop to protect short positions.
Grains: March Corn is unchanged at 447’0 up21 cents for the week, March Beans up 12’0 overnight at 1271’6 up 90’0 for the week and March Wheat up 1’0 at 630’0 up 28’0 for the week. Market has rallied on dry weather in S. America continued dock workers strike in Argentina and good export demand. I remain bullish and continue to be a buyer on breaks. 1300’0 Beans next week.
Cattle: Last week’s Cattle on Feed report was somewhat friendly as the numbers were right in line with expectations. Continued placements down for the last few months suggest a counter seasonal rally in Jun. and Aug. contracts. Yesterday Feb. Live Cattle closed 127 higher at 114.72 up 115 for the week and. March Feeder Cattle up just 7 points at 141.95 flat for the week. I recommend covering short biased FC positions and going long June or August LC on breaks.
Silver: March Silver is 7 cents lower at 25.85 down 11 for the week which saw the market make a new recent high of 27.50 when the Dollar broke below 90.00. The Dollar has since found some support and rallied consequently Silver broke to current levels. I’m still sensitive to the high volatility in Silver and continue to use an opposing position in the Dollar Index as a proxy.
S&P: March S&P’s are 7.50 higher at 3689.00 down 22.00 for the week. While trying to stay apolitical I feel I must note the silence from POTUS as to Covid vaccine and congress/senate negotiations on stimulus package and continued pursuit of voter fraud without any evidence. As stated the last few weeks “buy the rumor, sell the fact”.
Currencies: March Euro’s are up 14 at 1.2222, the Yen 3lower at 0.9662, the Pound up 102 at 1.3602 and the Dollar Index down 17 at 90.16 up 36 for the week. The pound has rallied on Brexit negotiation progress. Stand aside.
I wish you Happy Holidays and a healthy and prosperous New Year! I hop ethe Nemenoff Report has been a useful tool for you this past year. This will be the last Report for 2020. See y’all in 2021!
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