Financials: As of this writing (4:30am) Dec. Bonds are 9 higher at 155’16 up 1’28 for the week. The 10 Year Note is 2 higher overnight at 134’285, up 17 for the week and the 5 Year note unchanged at 124’18.25 overnight but up 14 for the week. The yield curve continues to flatten with the 2 Year Note now yielding approx.. 0.19% down basis points since last weeks “Report”. The 5 Year Note is down 4 basis points at 0.69%, the 10 Year down 6 basis points at 1.19% and the 30 Year Bond now yielding 1.84% down 5 basis points week over week. The spread in yield between the 2 and 10 Year Notes is now just 1.0%, a level not seen since Feb. and March. Yesterday’s ADP private jobs survey showed an increase in non-farm payrolls of 330,000 jobs, far below an average estimate of 650,000. This is often an indication of the monthly Unemployment Report due on Friday at 7:30am of which average guesstimates are in the 1-1.15 million new jobs area. I’m guessing that those pundits are resharpening their pencils so to speak. Technically the Bonds are once again in the 166’00 to 167’00 area. Support is currently the 163’20 area.
Grains: Dec. Corn is currently 2’0 higher at 548’6, down 2’4 for the week. Nov. Beans are 5’6 lower at 1320’0, down 12 cents for the week. Crop conditions in the Eastern Corn Belt still look near perfect, possibly making up for the hot and dry near drought conditions in the western and northern peripheries of the Corn Belt. Beans rallied late last week only to give up their gains on poor export numbers. Support for Dec. Corn is i8n the 536’0 are and Resistance is 573’0. Support for Nov. Beans is the 1280’0 level and Resistance 1375’0.
Cattle: Oct. Live Cattle closed up 82 points on Wednesday at 128.97, up 45 for the week. Aug. Feeder Cattle settled up 30 at 159.20, down 97 for the week giving up just a small amount f recent gains due to the set back in feed grain prices. The perception is that demand is picking up as people are feeling a bit more comfortable going to restaurants and gatherings as more people have been vaccinated. The fly in the ointment is if we once again have mandated masking and other restrictions due to the highly contagious Delta variant of Covid-19. Support for LCV is the 126.0 area and Resistance is 130.00.
Silver: Sept. Silver is currently 4 cents higher at 25.50 about unchanged since last weeks “Report: Support remains at 24.80 with Resistance at 26.03.
S&P: S&P’s are 9.00 higher at 4404.00up 4.00 for the week. Support is currently 4365.00 and Resistance remains at 4420.0.
Currencies: The Sept. Euro is unchanged this morning at 1.1847,down 35 for the week. The Yen unch. at 0.9129, up 20 for the week, the Pound up 18 at 1.3908, down 46 for the week and the Dollar Index also unchanged this morning at 92.27, up 19 for the week. Short term trends remain up on the Yen and down on the Dollar Index.
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