Finally, A Close Above 300
Grain and soybean futures were slightly mixed on
the Chicago Board of Trade. Traders were cautious ahead of key government
reports, disregarding positive export sales
numbers amid concerns about China’s role in the global market and a seasonal
February slump.
March corn
(
CH2 |
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today off of their lows to close at 204.50.
Wheat for March
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WH2 |
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soybeans
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SH2 |
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SNH2 |
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climbed to 149.80, up .60.
Precious metals gained ground in early trading.
April gold
(
GCJ2 |
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above the key $300 an ounce level. March silver
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SIH2 |
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to 4.34 an ounce. March copper
(
HGH2 |
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.70. Copper broke up above a bullish flag pattern.
On Wednesday, the U.S. Energy Information
Administration report cut its estimate of U.S. oil demand in the first quarter
of 2002 to 19.45 million barrels a day from 19.69 million barrels a day. The
report comes on the heals of Department of Energy data that showed a
2.4-million-barrel inventory in U.S. crude stocks last week.
After the news, March crude oil
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CLH2 |
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fell .10 to 19.68 a barrel on the New York Mercantile Exchange. Unleaded gas for
March delivery was unchanged at 57.10. March heating oil
(
HOH2 |
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.54 cents to close at 52.25 a gallon, and March natural gas
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NGH2 |
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dropped .06 cents to $2.16 per 1000 cubic feet.
March lumber
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LBH2 |
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in a tight range on light volume after moving higher on Wednesday. Lumber ended
at 267.50, down 2.00. Support for lumber is at 260 and overhead resistance is at
277.38.
March coffee
(
KCH2 |
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PowerRating) futures settled lower to 44.80, down .30.
The March S&P 500 futures
(
SPH2 |
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1077.20 to 1094.50 and closed near the lows at 1077.800, down 5.50. There is a
lot of support at this 1077.00 level. The March Nasdaq 100
(
NDH2 |
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lower to 1415.00. The March Dow Jones Industrial
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DJH2 |
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dropped 50.00 to close at 9595.00. Initial support is at 9500.00.