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Financials: March Bonds are currently 5 higher at 156’06, up 8 for the week. 10 Year Notes 1 lower at 128’17, down 3 for the week. % year notes are 2
1 lower at 119’23 8 lower for the week. Yields are slightly higher on short dated treasuries and slightly lower on the long bond. Comments by Fed Chair Powell were somewhat less hawkish as he testified that rates will be raised as needed to fight inflation, this also caused a sell off in the dollar. Long term support remains at 153’00 on March Bonds.
Grains: March Corn is 4’6 lower at 594’2, down 6’0 for the week. March Beans are 16’4 lower at 1382’6, bout unchanged for the week. Yesterday’s stocks report was slightly bearish as supply was slightly more than expectation Yesterday’s stocks report was slightly bearish as supply was slightly more than expectations. Support and resistance for March Corn is currently 572’0-610’0. For March Beans 1360’0-1410’0’
Cattle: Feb. LC closed at 136’57 yesterday, down 110 points. I still suspect that packers are sitting with excess inventory. Support remains at 135.90.
Silver: March Silver is 5 cents higher at 23.26, up $1.22 for the week benefitting from a weak Dollar. Long term the trend remains down, however, near term the trend has turned up. Resistance is currently the 23.50-23.70 area.
S&P: March S&P’s are 12.00 higher at 4728.00. Near term trend is up with resistance at 4740.00. Support is 4692.00.
Currency: The Dollar Index has reversed trend falling below the important 95.40 support level. March Dollar Index is currently 24 lower at 94.665.
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