March Begins Monday
On a very uneventful shortened trading day,
US stocks
dropped as Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) and United Technologies
(
UTX |
Quote |
Chart |
News |
PowerRating) fell
in response to a possible bankruptcy filing by United Airlines
(
UAL |
Quote |
Chart |
News |
PowerRating). Wal-Mart Stores
(
WMT |
Quote |
Chart |
News |
PowerRating) slid as the holiday shopping season began.
The December S&P 500
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) ended at 93, a loss of just 2 points, and the Nasdaq 100 for
Dec.
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) lost 7 points to close at 1117.
Today is the first notice day for the Dec.
Treasuries. Beginning Monday Dec. 2, we will begin watching the March
2003 (H3) Treasuries. Dec. 10 year T-notes
(
TYZ2 |
Quote |
Chart |
News |
PowerRating) ended at 112 165 a
gain of +110 and the Dec. 30-year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating) added + ’15 to 109
’06.
Energy
Jan. crude oil
(
CLF3 |
Quote |
Chart |
News |
PowerRating) ; Jan. unleaded
gasoline
(
HUF3 |
Quote |
Chart |
News |
PowerRating);
Jan. heating oil
(
HOF3 |
Quote |
Chart |
News |
PowerRating);
Jan. natural gas
(
NGF3 |
Quote |
Chart |
News |
PowerRating) were closed today and will resume trading on
Monday Dec. 2.
Metals
The metals were closed today. Feb. gold
(
GCG3 |
Quote |
Chart |
News |
PowerRating);
Mar. silver
(
SIH3 |
Quote |
Chart |
News |
PowerRating) and
March. copper
(
HGH3 |
Quote |
Chart |
News |
PowerRating)
will resume trade on Monday.
Meats
After Wednesday’s close, the USDA said that the
October pig crop was 8.33 million head, down 2% from a year ago. Sows and gilts
on November 1st totaled 5.83 million head, also down 2% from a year ago.
February hogs are steady to lower in spite of the report.
February hogs
(
LHG3 |
Quote |
Chart |
News |
PowerRating) closed at 54.20 up .100.
Feb. cattle
(
LCG3 |
Quote |
Chart |
News |
PowerRating) dropped .225 to 78.475.
Grains
The USDA showed fairly good export sales last week
for corn and soybeans. So far this marketing year, corn exports are down 18%
from a year ago, soybean exports are down 6%, wheat exports are down 5%, and
cotton exports are down 25%. Also, the USDA said today that 110,000 tons of
soybeans were sold to China.
At the Chicago Board Of Trade (CBOT),
Jan soybean oil
(
BOF3 |
Quote |
Chart |
News |
PowerRating) rose .10 to
22.77;
Jan. soybeans
(
SF3 |
Quote |
Chart |
News |
PowerRating) gained 1.50 cents to $5.78 3/4 a bushel
and Jan. soy meal
(
SMF3 |
Quote |
Chart |
News |
PowerRating)
dropped 1.0 to 167.4.
March
corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) lost 2 3/4 cents to close at $2.41 1/2 a bushel and
March wheat futures
(
WH3 |
Quote |
Chart |
News |
PowerRating) ended at $3.79 3/4 a bushel a loss of .04
cents.
The USDA’s latest drought monitor shows Oklahoma
and Texas in good shape, but severe to exceptional drought conditions hanging on
in Kansas and Nebraska.
Foods
The precipitation maps at the Climate Prediction
Center are showing that southern Brazil had good amounts of rain over the past
seven days. March coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) was closed today and will resume
trade next on Monday.
Rebels have reportedly taken control of Man in
the Ivory Coast, a city 300 miles northwest of Abidjan known for its
cocoa plantations. March cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) was closed today and will
trade again on Monday.
After Wednesday’s close, the USDA said that
2002-2003 world sugar production will total 138.8 million tons, up from 133.9
million tons in 2001-2002. However, 2002-2003 ending stocks are expected to
fall by 2.04 million tons, the first estimate of a production deficit this year.
The estimated ending stocks to use ratio is 23%, the leanest scenario of the
past four years. March sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating) resumes trading on Monday.