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Grains: Dec. Corn is currently 1’6 lower at 557’4 and Nov. Beans 4’0 lower at 1336’0. Grain Report this morning. Traders will be looking at yields per acre of which the average estimate for Corn is 176 bushels per acre and Beans 52 bushels per acre. Given the recent price action I expect high volatility after the release of the Report. I will be watching to see if Dec. Corn fills the chart gap at 573’2 which could change the near term trend from down to up. For the moment Support on Dec. Corn is 542”0 and Resistance 573’2.
Cattle: Yesterday Oct. LC closed down 55 points at 127.57, down 140 for the week. Aug. FC closed down 55 at 158.77, down 45 for the week. The near term trade remains up. Should the Grain Report show production larger than guesstimated I suspect Live and Feeder Cattle to rally.
Silver: Sept. Silver is 21 cents lower at 23.28 down 2.22 for the week. Ideas of higher interest rates have had a negative effect on precious metals along with a strong Dollar. Too volatile for me to trade.
S&P; Sept. S&P’s are 1.00 lower at 4438.0up 35.00 for the week. CPI and monthly employment report gave this market reason to continue making new highs, but I will note that the degree of momentum has slowed.
Currencies: The Dollar index has turned from a down trend to a sideways market. The Yen is now neutral.
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