Yields are once again lower for the week

Financials:  As of this writing (7:00 am) June Bonds are 12 lower overnight at 158’05, up 1’30 for the week. 10 Year Notes down 5 this morning at 132’24, up 19 for the week, and 5 Year Notes down 3 overnight at 124’11, up 9 for the week. Yields are once again lower for the week with the 2 years down 1 basis point at 0.14%, the 5 years down 4 at 0.18%, the 10 years down 8 at 1.59%, and the 30-year bond down 9 basis points at 2.28%. This week’s housing reports were somewhat disappointing sending Bonds temporarily above 159’00. You might recall that last week’s resistance was the 159-160’00 level. Near term the trend remains up, long term the trend remains down. Near-term support is now 156’24. Of note: unemployment coming up next Friday.

Grains: July Corn is currently 3 cents higher at 628, down 34 cents for the week. The Dec. contract is up 5’o at 526’0, down 14’0 for the week. July Beans are 5’0 lower overnight at 1498’0, up 9’0 for the week. Nov. Beans are 2’0 lower at 1345’0, down 27’0 for the week. Trends for both Corn and Beans are near term down and long term up. Support for Dec. Corn is currently 517’O and Nov. Beans 1323’0. Resistance is at 547’0 for Dec. Corn and 1370’0 for Nov. Beans.

Cattle:  June LC closed 27 lower yesterday at 116.45, down 45 for the week. Aug.LC was down 77 at 119.32, down 80 for the week. Aug. FC were down 147 at 155.20, up 232 for the week. Last Friday’s Cattle on Feed Report sowed the following:

On feed at 104.69 vs. est. of 103.7%

Placements 127.2% vs. est. of 120.8%

Marketings up 32.8% vs. ear of an increase of 33.6%.

All figures were a bit of a disappointment. Feeder Cattle are still gaining on LC as feed grain prices continued to decline. Support for June LC remains at 114.60 and resistance at 118.40.

Silver: July Silver is currently 18 cents lower at 27.69, down 21 cents for the week. Support is currently 26.90 and resistance 29.08.

S&P: June S&P’s are 7.00 lower at 4186.00 up 84.00 for the week. Near term support is 4152.00 and near term resistance is at 4212.00.

Currencies: The June Euro is currently 14 higher at 1.2215,up 51 for the week. The Yen down 2 at 0.9163 up 38 for the week. The Pound up 56 at 1.4182 up 51 for the week and the Dollar Index down 10 overnight and down 7 for the week.  I am on the sidelines as my downside Dollar Index near term objective has been met.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.