Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 13 lower at 164’00, 10 Yr. Notes 4 lower at 128’18 and 5 Yr. Notes 1 lower at 120’00. The prospect of some easing of the tensions and progress with Iran over nuclear armanents has eased some of the safety factor on the interest rate markets. Last Thursday we recommended selling out of 1 or 2 of the 5 Yr. Notes in our long 5-5Yr. Note/short 3-10 yr. Note spread leaving us spread even (3 by 3). Today I’m recommending taken profits on the remaining positions on any further breaks.
Grains: May Corn is currently unchanged at 391’0, May Beans 1’6 higher at 969’0 and May Wheat 4’0 higher at 511’6. We are evening up all positions before tomorrow’s Planting Intentions Report. We are taking profits on the short May Corn 390’0 straddle below 22’4 cents (currently trading at 22’2).
Cattle: Live Cattle, Feeder Cattle and Hogs look lower this morning as a result of a negative Pig Crop Report which showed an increase in Hogs and Pigs on U.S. farms of 7& slightly above expectations. We are currently short Live and Feeder Cattle and long the June Hog 82/86 call spread. I’m going to give these markets a day to see how things play out. We are currently at a loss on these positions.
Silver: May Silver is currently 40 cents lower at 16.67 and June Gold 16.00 lower at 1184.00. We remain long a reduced position in both Gold and Silver having taken partial profits last week.
S&P's: June S&P’s are currently 11.00 higher at 2063.50. Treat as a trading affair between 2040.00 and 2080.00. We have basically been on the sidelines since last Thursday.
Currencies: We are currently on the sidelines.
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