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Financials: Sept. Bonds are currently unchanged at 142’24, 10 Year Notes up 9 at 120’23 and 5 Year notes up 9 at 113’18. Yields in the cash market are as follows: 2 Year 2.97%, 5 Year 2.82%, 10 Year 2.78% and 30 Year 3.08%. The 2-10 Year yield curve remains inverted. Yesterday th FMOC raised rates 75 basis points putting Fed Funds at 1.50%. Later comments suggest that the Fed will keep raising rates until a significant break is seen in inflation data. I still have resistance for Sept. Bonds above the 143’00 level.
Grains: Dec. Corn is 12’6 higher at 615”6 and Nov. Beans 9’0 higher at 1418’0. Trends have turned up. Hot weather, drought, Russia continuing to break agreement to safely export Ukrainian grain through black Sea ports, And a 3.0% decline in crop progress all point to higher price action.
Cattle: Oct.LC closed slightly lower yesterday at 142.32. Short term trends have turned down for basically all the issues stated above pointing to higher grain prices. Support is 140.60 and resistance 143.80.
Silver: Long term trend remains down Sept. Silver 1.08 higher at 19.67.
S&P: Sept. S&P short term trend has turned up, long term remains down. Support is now 3870.00 and resistance 4045.00.
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