Beans Bolting Higher

• June 29, 2001
• Marc Dupee

Grain futures are rallying after an extremely bullish
report on soybean carryover stocks. Inventories were reported to be 25% below
expected levels. Acres planted were also below expectations. Soybeans
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are up as many as 18 cents.

Two positive signals from the
Market
Bias Indicators Page are working to boost stock index futures. 

Energies are higher on
forecasts that OPEC will leave their present quotas unchanged when they meet
next week in Vienna. Energies are also extremely oversold and coming back after
completing measured moves out of topping patterns. August crude oil
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heating oil
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unleaded gasoline
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September T-bonds
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digest the Fed’s .25% rate cut. The Chicago Purchasing Managers also came in
stronger than expected, hurting the bonds. 

The
Japanese yen
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setup.