What Made Beans Jump?
Soybean futures screamed higher, jumping to a five-month
high on an extremely bullish Department of Agriculture report. The DOA said
stocks of beans could come in 25% below expected levels and that fewer acres were planted than forecast.Â
The report resulted in bean’s biggest move of the year
and sent basis July
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inverted cup and handle.Â
Soy meal
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pattern, up 7.3 to 175.2 and wheat
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September T-bonds
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market continued to digest the Fed’s .25% rate cut yesterday. The Chicago
Purchasing Managers also came in stronger than expected, hurting bonds. USU1
ended down 27/32 at 100 10/32 and 10-years
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0/32.
Energies closed 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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The
Japanese yen
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The yen hit registered on the
New 10-Day Highs List yesterday as well as the Implosion-5 List.
In more bad economic news out on the country’s economy today, inflation rose to
a new high of 4.6% and the economy suffered its 10th straight month of
deflation. JYU1 closed down .0004 at .8079.
The
Canadian dollar
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List, also continued and made good on an Off The
Block
entry setup. CDU1 closed up .0035 at .6600.