Marc Nemenoff
PRICE Futures Group
Financials: Sept. Bonds are currently 18 lower at 139’07, up 1’11 for the week. 10 Year notes are 11 lower at 118’24, up 22 for the week. The 5 Year Note is 5 lower at 112’12.5, up 12 for the week. Yields are as follows: 2 year 3.02%, 5 year 3.01%, 10 Year 2.95% and the 30 year 3.14%.Except for the 2 year which gained in yield, the 5, 10 and 30 year all gave up a few basis points in yield . The dollar gained in strength against all major currencies with money flowing into the safety of U.S. treasuries and their comparative high yield. Even with the current set back in yields the fight against inflation should carry on with the expected hike in Fed Funds to the 3.5-3.75% by years end. Support for Sept. Bonds is currently 136’12 and resistance 141’04;
Grains: Dec. Corn is currently 12’0 higher at 597’0, down 48’0 for the week. Nov. Beans are36’0 higher at 1358’0, down 111’0 for the week. Hot and humid weather was seen as ideal growing conditions (rain makes grain). Support for Dec. Corn is in the 580’0 area and resistance is at 630”0 for the near term.
Cattle: Aug. LC are 50 higher at 135.00, up 282 for the week. Aug. FC are unchanged at 173.30, up 260 for the week. I must admit that I was looking for a bigger gain in FC prices given the break in Corn. The long FC/ short LC spread was about unchanged for the week. Aug. LC continues to gain on deferred contracts as it approaches parity with the 138.00 cash trade. Support for Aug. LC is 131.75 and resistance is 136.80-137.40.
Silver: Sept. Silver is currently 17 cents higher at 19.25. Trend remains down.
S&P: Sept. S&P’s are currently 40.00 higher at 3888.00, up 104.00 for the week. Long term trend remains down. Support is at 3730.00, resistance is at 3915.00.
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