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Financials: As of this writing (6;45am) Dec Bonds are up 11 at 160’00 and up 17 for the week. 10 Year Notes are up 6 at 131’13, down10 for the week and the 5 Year note up 4 over night at 122’11 down 14 for the week. Yields on the 2&5 year are slightly higher for the week at 0.35% and 1.06% respectfully. The 10%30 year are slightly lower at 1.53% and 2.04% slightly narrowing the yield curve. Support below 158’00 on the Bonds was challenged as the Dollar rallied early in the week and CPI came in at 5.1%, slightly above expectations before the market rallied into the 160’00 area. Long term support remains in the 153’00 area and near term support remains just below the 158’00 area. Resistance remains at 161’15. Expectations remain that the Fed will be more specific as to their plans for beginning “tapering” monthly Bond and Mortgage Backed Securities purchases at the next FMOC meeting.
Grains: Dec. Corn is 2’0 higher at 514’4 down about 19’0 for the week. Nov. Beans are 4’0 higher this morning at 1199’2 down 46’0 for the week. Tuesday mornings’ Crop Report showed average Corn yield per acre of 176.5 bushels vs. guesstimates of 176.0 bushels per acre. Corn crop production was pegged at 15.01 bushels higher than the average estimate of 14.973 bpa. Soybeans were also higher than pre-report estimates showing a yield of 51.5 bpa and production at 4.44 billion bushels. The trend in Corn is sideways with Support remaining in the 502’0-512’0 area and resistance at 543’0-545’0. The near term trend in Beans remains down having penetrated the 1188’0 level interday. Resistance is now 1232’0.
Cattle: Dec. Live Cattle closed down 25 points at 129.00, up 77 for the week. Nov. Feeder Cattle closed 82 lower at 160.97. up 2.85 for the week.
Less costly feed helped support the feeders which are now trading at last weeks resistance number. The near term trend for both LC and FC remain sideways to up.
Dec. Silver is 24 cents higher at 23.40 up 80 cents for the week. Long term the trend remains down, near term the trend is sideways to up.
S&P’s: Dec. S&P’s are 41.00 higher at 4396.00 about unchanged for the week which has seen a low in the 4318.00 area and a high in the 4420.00 area. Near term the trend remains down. I will need to see consecutive closes above 4420.00 to call for a change in trend.
Currency. The Dec. Dollar Index is 15 lower at 93.93, down 30 for the week and 60 points below recent highs. Resistance has developed in the 94.50 area.
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