Beans Bolt
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Deteriorating crop conditions and poor weather in the
forecast are heating up buying pressure and have led to a gap up opening in
soybeans for a second straight session. Beans are up 11 1/4 and soybean meal
from the Momentum-5
List are also up sharply.Â
The prospect of an interest rate hike is being reassesed
following Tuesday’s economic data which is showing a seven-year high in monthly
new home sales and a near-record high in consumer confidence. September T-bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating)
are off 12/32 to 99 15/16.Â
Weakening fundamentals and a weaker cash market continued to hit the leading
contract on the
Implosion-5 List,
feeder cattle. October live cattle
(
LCV0 |
Quote |
Chart |
News |
PowerRating) and feeder cattle
(
FCV0 |
Quote |
Chart |
News |
PowerRating) are
both trading at multi-month lows, down .225 and .175, each.Â
October lean hogs
(
LHV0 |
Quote |
Chart |
News |
PowerRating) and January pork bellies
(
PBF0 |
Quote |
Chart |
News |
PowerRating) are also off
sharply as traders follow cash players and sell. Â
Orange juice, another Implosion-5
component, although only down slightly, is remaining near its low of the
year in a narrow-range setup, usually the harbinger of a bigger continuation
move.Â
