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Financials: As of this writing (6:00am) December Bonds are 11 higher at 163’20 up n1’11 for the week. The Dec. 10 Year Notes are up 6 overnight and 22 higher for the week. The 5 Year is 3.5 higher at 123’25 up 14 for the week. Keep in mind that the Dec. contracts are trading discount to the now deliverable and expiring Sept. contracts. The discounts are as follows: Bonds approximately 1’14, 10 Year 25 points and the 5 Year 14 points. Yields are 3-7 basis points lower for the week with the 2 year at 0.21%, the 5 Year at 0.77%, the 10 Year at 1.29% and the 30 Year at 1.91%. Fed Chairman Powell’s speech at the Jackson Hole Symposium was somewhat dovish as he addressed the tapering issue by intimating that it is under consideration for the not too distant future and should not be construed as a rate hike which is “off the table” at the moment. Support for Dec. Bonds is the 161’08 area and Resistance the 164’15 area. Average guesstimates for Friday’s non-farm payroll report is for an increase of 748,000.
Grains: Dec. Corn is currently 3’0 lower at 519’6 and Nov. Beans 3’0 lower at 1274’4. The Grains have been in freefall the last few sessions due to improving weather and rain in the areas that needed the moisture. Add to that the closure of Gulf ports due to electrical outages as a result of Hurricane Ida and the result was a 40’0 break in Corn and 55’0 break in Beans. Last weeks support levels of 532’0 for Corn and 1284’0 for Beans were handily penetrated. Support in Corn is now 512’0 and in Beans 1268’0.
Cattle: Oct. LC closed 67 higher yesterday at 127.57 down 272 for the week and Oct. FC up 30 at 168.05 down 120 for the week. Live Cattle came under pressure as demand fears over the covid Delta variant once again entered the thoughts of traders as we once again experience masking mandates and conversations of shutdowns. Feeder Cattle rallied off of recent lows as feed grain prices tumbled. Support for oct. LC is now 125.80 and Resistance 129.15.
Silver: Dec. Silver is currently 6 cents lower 24.16 up 60 cents for the week. Still too volatile to trade for the short term.
S&P; Sept. S&P’s are 11.00 at 4532.00, up 43.0 for the week. This market still making new highs. Support currently is 4482.00 and Resistance 4541.00.
Currency: On the sidelines at the moment.
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