Marc Nemenoff
PRICE Futures Group
Financials: March Bonds are currently 17 higher at 154’28 up 16 for the week, 10 Year notes 2lower at 127’15 down 8 for the week and 5-year notes down 7 at 118’28.5 down 11 for the week. Yesterday’s outcome from the two-day FMOC yielded no surprises leaving short-term (fed funds) rates unchanged. Of note: the Fed will stop the purchasing of Bonds in March and will discuss the selling of its inventory down the road so to speak. It was also mentioned that inflation is beyond expectations and the Fed will raise rates as deemed appropriate and that their target over time remains at 2%. Yields on treasuries were higher for the last week with the short end of the curve gaining on the long end.
Grains: March Corn is 3’6 lower at 623’2 and March Beans1’0 higher at 1441’0. Corn is up 15 cents for the week and Beans are up 43 cents. Expectations of increased export demand and poor growing conditions in S. America have been the driving forces behind this latest leg up. Support for March Corn is now 608’0 and for Beans 1413’0.
Cattle: Feb. LC are currently 17 lower at 137.87 down about 70 for the week. Support is 135.90 and resistance 139.15.
Silver: Mar. Silver is currently 92 cents lower at 22.88. down 58 cents for the week. The near-term trend has turned down. Support is 22.50 and resistance 24.65.
S&P’s: March S&P’s are 41.00 higher at 4381.00 down 180.00 for the week in yet another series of highly volatile sessions. The market has experienced a sell-off in my opinion due to newly hawkish Fed. Current support is 4220.00 and resistance 4436.00.
Dollar: The March Dollar index is 67 higher at 97.07. The trend has once again turned up as the market looks for higher yields.
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