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Financials: Dec. Bonds are currently 1’16 lower at 118’30, 4’06 for the week. The 5 and 10 Yr. Notes are about unchanged. For a change of pace the yield curve has slightly narrowed with the longer term instruments gaining in yield over the short term. Of note: Mortgage rates are now above 6.5% putting a bit of a top on housing prices. I believe we have seen a capitulation sell off over the last week and my bias has turned to neutral for the moment. Also on my radar is the situation in Great Britain as to who will be the next P.M. and what their economic agenda will be. The familiar of Truss will put lower taxes and Gilt purchases on the back burner so to speak.
Grains: Dec. Corn is currently 5’0 lower at 679’0, down 7’0 for the week. Nov. Beans are 11’4 lower at 1377’0,down 3’0 for the week. Short and long term trends in Corn remain positive with support at 672’0 and resistance at 706’0.
Cattle: Yesterday Dec. LC closed about 150 higher at 151.675, up about 350 for the week.
Feeder Cattle closed about 100 lower in response to yesterday’s higher grain prices.
The trend on Lc has turned neutral and remains down on Fc.
Silver: Dec. Silver is 2 cents lower at 18.67, up 14 cents for the week. Trends remain down.
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