Interesting Setup In Cocoa
Marc Dupee will be out of the
office until April 9. In his absence this column is being written by
TradersWire’s Duke Heberlein.
Cocoa
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its bearings again, rising 17 to end today’s session at 1064. This puts the
contract trading in a cup and handle sitting on the converging 20- and 50-day
moving averages. Coffee
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finishing up .60 at 61.75. The rest of the softs weakened Thursday, with May sugar
(
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76 and May cotton
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to head lower, down 1.87 to close at 45.69.
Dow futures
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ride in trading, gapping down on the open and plunging 50 more points before
staging a reversal and gaining 200 points to its intraday high of 9950. The
contract was unable to sustain the momentum, however, as it proceeded to give
most of it back closing down at 9865. Nasdaq 100 futures
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PowerRating) performed in similar fashion, closing near their low at 1580. S&P
futures
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May wheat
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WK1 |
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reports of Brazil placing a ban on wheat imports from Argentina due to
foot-and-mouth outbreaks in that region, up 3/4 to 265. Most trading was slow,
however, as players continue to play the waiting game in front of Friday’s USDA
prospective plantings report. Corn
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CK1 |
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at 207 1/4, soybeans
(
SK1 |
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PowerRating) lost .07 to close at 16.02 and soymeal
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1.6 to 151.10.
The energy complex made moves to the postive, yet many
analysts still consider the recent build in petroleum inventories to leave the
contracts vulnerable to further downside pressure. May
crude oil
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CLK1 |
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PowerRating) appears to be in the worst shape, due to heavy
builds. The contract ended the session up .01 at 26.32, heating oil
(
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PowerRating)Â was .0079 in the green at .7047 and unleaded gasoline
(
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PowerRating) added .0110 to .9135. Natural gas
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loser in the group, down .179 to 5.274.
10-year notes
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gain as the index futures struggled, finishing up ^04 at 105^27. T-bonds
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continue to break down under their 50-day moving average, losing ^03 today to
close at 103^29.
Metal futures continue to be mixed, with copper
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at 76.95. Gold
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and silver
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Cattle futures ended the day higher, mostly due to the
presence of commercial buyers, sending live cattle
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.50 to 78.825. The buying pressure also funneled over to feeder cattle
(
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PowerRating) which posted gains earlier in trading, but slid into the close, down
.025 to 86.075. Tomorrow’s USDA hog and pigs report put a tether on pig trading,
with lean hogs
(
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PowerRating) slipping .750 to end at 63.875 and pork
bellies
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Â
Finally, in the currencies, June dollar index futures
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continued to rally, up .67 to 116.79. Euro FX futures
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ECM1 |
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in inverse fashion, down .0038 to .88320 and the British pound
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PowerRating) lost .0098 to close at 1.4254. Japanese yen futures
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PowerRating) gave back some of the gains of the past couple of days, ending at .8175,
down .0086. Swiss francs
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PowerRating) were down a slight .0007 at .5805
and the Canadian dollar
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PowerRating)Â ended
the session at .6358, down .0037 at the end of trading.