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Financials: As of this writing (7:00am) Dec. Bonds are 1 lower at 162”18 and down 1’02 for the week. The 10 year Notes are down 2.5 overnight at 133’05.5 down 17 for the week and the 5 Year Note down 2 at123’17, down 8 for the week. Yields are somewhat higher with 2 Year at 0.22%, 5 Year at 0.80%, 10 Year at 1.33% and the 30 Year at 1.93%. The ECB met this morning at left key interest rates unchanged. They did note that their asset purchasing program will be at a moderately slower pace (tapering?) and that inflation will moderately exceed expectations but this will be transitory. I suspect that at this months” FMOC the Fed will give a more concrete idea of when the Fed will start their “tapering” of Bond and other securities purchases. Support remains at 161’08 and resistance at 164’15 for Dec. Bonds.
Grains: Dec. Corn is currently 4’4 lower at 505’6 and Nov. Beans 6’6 lower at 1273’0. Average estimates for tomorrows Crop Report call for a slight decrease in yield per acre over the last month and an increase in acreage planted for Corn. Dec. Corn is currently in support in the 502’0 to 512’0 area with resistance in the 540’0 area. Support for Nov. Beans remains at 1268’0 with resistance at 1335’0.
Cattle: Oct. LC closed yesterday 65 lower at 123.10, down 447 for the week. Oct. FC finished the day 77 lower at 159.25, 827 lower for the week. A strong Dollar and demand destruction due to fear of fear of Covid mandated lock downs and declining boxed beef demand due to the end of some unemployment benefits all worked together to push this market lower despite lower feed grain prices. Support for Oct. LC is now 122.10 and resistance is 125.85.
Silver: Dec Silver is 10 cents higher at24.15. Still too volatile for me. The weekly range has been 23.83-24.81.
S&P: Sep. S&P’s are 3.00 lower at 4509.25 rallying from the 4497.00 area since the ECB announcements. Support remains at 4482.00 and Resistance 4541.00.
Currencies: As of this writing the Sep. Euro is 4 lower at 1.182, the Yen25 higher at 0.9098, the Pound 56 higher at 1.3838 and the Dollar Index1 lower at 92.65. Trends have turned from down to sideways to up on the Yen and Pound.
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