The overnight trade continues to show that margins are causing $ flow to exit the building as frustration seems to be taking over. The beans have lost double digits again, meal fell by nearly $5, corn gave back 6-8 cents, and wheat has lost 7-8 while bean oil is the shining star trading on the positive side by 3 points.
Welcome to Wednesday’s Morning Coffee Break – U.S. markets start the third session of the week after two straight days of uneven trading. One positive take away from yesterday’s session was the break in the final hour sell off that has persists the last few weeks.
The weak tone of yesterday’s session indicates that oil prices may move toward the lower end of the two-week consolidation near $89.00 in the near-term. Focus will be on DOE inventories and ADP payrolls today, which may offer modest pressure. Pressure could also come from a lack of investment moving into energy markets at the start of Q4, concerns over global growth, and a slow pace of reform in Spain and Greece. Support may be found from favorable car sales reported yesterday, and relative strength in the euro. We’d look for prices to test support at $88.95 (Sep 26th low) over the next few days.
The S&P is up over 14% on the year, $ follows $ and the world loves equities over nearly everything else, is it any surprise to see a surge in equities yesterday while grains get punished and it happened to be the 1st day of the new quarter?
Welcome to Tuesday’s Morning Coffee Break – U.S markets started off the 4th quarter with strong trading intraday gains, although the Dow Jones and S&P 500 indexes did close solidly in the green the markets did exhibit the most recent trend off lately of selling off into the close. U.S. indexes closed well off their intraday highs with the NASDAQ falling into negative. The averages ended the day well off
Looking at the iShares Silver Trust (SLV, quote) ETF from the viewpoint of a technical standpoint the SLV is testing its previous high
Looking at the iShares Silver Trust (SLV, quote) ETF from the viewpoint of a technical standpoint the SLV is testing its previous high
Welcome to Monday’s Morning Coffee Break – Today’s U.S. session is the session of first – first day of new week, first day of new month and first day of a new quarter. U.S. markets finished off the September and the 3rd quarter in the green albeit the bulls loss some steam the final week of trading.
Welcome to Friday’s Morning Coffee Break – U.S. futures are moving lower on the last day of the week and quarter on fears from the Euro Zone fears and U.S. economic data. After mix data from the U.S. economic calendar traders are looking towards Consumer Income, Spending and Sentiment reports.
What a difference a month makes, just 30 days ago the bean and corn markets were pushing near all-time highs with thoughts of another 10% surge, there wasn’t many anticipating that the 10% move would be lower. The seasonal tendency all points towards September being a dismal month to be long grains, but this year was different…right? Apparently not. So what does the market do from here?
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