Corn Pops
Marc
Dupee will be out of the office today. In his absence this column will be
written by TradersWire’s Daniel Beighley.
Stock futures were given an
injection of bull juice as Microsoft stated their fourth-quarter outlook would
be better than expected. Meanwhile, Yahoo beat its earnings expectations by a
penny, further adding to the rally. Nasdaq futures (NDU1)
shot up 61 points to 1721 on a one-day pullback from its downtrend, S&P 500
futures (SPU1)
are up 20 to 1205.50, and Dow futures (DJU1)
are up 150 to 104.35.
Lean Hogs (LHQ1)
are down .225 at 68.05 in a four-day pullback. Lower cash reserves and a weak
outlook have put a dark cloud over the contract. Pork Bellies (PBQ1)
are up 1.10 at 86.05 in a 50% retracement from the May 23 low.
Corn (CU1),
up 7 at 231, is continuing its rally for the eighth consecutive day and holds
the top position in TradingMarket’s Momentum
5 List. Wheat (WU1),
up 281 1/2, continues to rally from its low of nine days ago. Soy Beans (SQ1)
continue its strong rally up 10 at 520 and is also on the Momentum
5 List. Â
Heating Oil (HOQ1),
down .011 at .6980, is breaking below a bearish flag. Unleaded Gas (HUQ1)
is down .0068 at .7240, consolidating just below its low made July 2.
Silver (SIU1),
up .01 at 4.27, is consolidating near its July 6 lows. Gold Coin (GCQ1),
down 2 at 266.70, is currently consolidating near its July 6 lows.
30-year bonds (USU1),
up 4/32 at 101 5/32, are rallying from their July 6 low. Treasury (TYU1)
10-year notes are up 1/32 at 104 2/32 with little action.