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Financials: As of this writing (7:00am) Sept. Bonds are down 17 at 160’07, up 10 for the week. 10 Year Notes are down 5 at 132’10 up 3 for the week. The 5 Year Note is down 3 over night and down 1 for the week at 123’10. Yields on treasuries continue their 3 week trend as the yield curve continues to flatten with the 2& 5 year notes gaining in yield on longer dated treasuries. I will note that there is more chatter concerning tapering the Fed’s current purchasing of Notes, Bonds and Mortgage Backed Securities. The Fed still claims current inflation is transitory. I feel this will lead to higher rates down the road . Unemployment Report tomorrow, Estimate is for +700,000 jobs.
Grains: Dec. Corn is currently 19’4 higher at 607”2 after gaining the 40’0 limit yesterday. Nov. Beans are 21”0 higher at 1420”0 after gaining nearly 90”0 yesterday .Wednesdays Grain Report: US 2021 corn acres were est at 92.7 vs 93.8 expected
- US 2021 soybean acres were est at 87.5 vs 88.9 expected
- US 2021 wheat acres were est at 46.7 vs 45.9 expected
Both Corn and Soybean acreage were a million acres below average expectations and decidedly bullish given the market response.
Cattle: Yesterday Aug. LC closed 80 higher at 122.72 and Aug. FC 277 lower at 154.62. Given the scope of yesterday’s grain report it is no surprise the FC lost dramatically to LC. I feel that we will eventually see lower FC prices and fewer placement numbers given the high cost of feed. This scenario will also be constructive for LC as there will be fewer finished Cattle and lighter weights.
Silver: Sept. Silver is currently 22 cents higher at 26.43. This market is up for the week but in a down trend due manly to Dollar strength and a rise in short term yields.
S&P: Sept. S&P’s are 4.00 higher at 4292.50. a new contract high was made overnight at 4305.75 establishing new resistance. Near term support is 4269.00.Unemployment tomorrow morning.
Currencies: The Sept. Euro is 26 higher at 1.1891, the Yen 25 lower at 0.8982, the Pound 13 higher at 1.3818 and the Dollar Index13 lower at 92.29. The Dollar Index is approaching resistance above 92.50. The Yen is in support.
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