Support Off Lows
As the debate continued in Washington over a long-awaited stimulus package, longer-dated maturities were supported off their lows for the session. This was caused by the impression that the economic stimulus package is dead in the water and that there may be
a smaller supply of Treasuries than previously anticipated.
The US House early Thursday approved an $89 billion economic stimulus package on a 224-192 vote, but the legislation headed to an
almost certain death in the Senate.
Meanwhile, Argentina’s escalating debt and social crisis was not provoking a flight-to-quality bid into
Treasuries. The March ’02 30-Year T-Bond
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PowerRating) was unchanged at 101’16. The March ’02 10-Year T Note
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U.S.
wheat futures traded both sides of unchanged early Thursday as the U.S.
Department of Agriculture has yet to officially confirm any large sales to
China, as has been the talk in the marketplace. The March 2002 Wheat contract
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gave back some of yesterday’s gain to close at 287.4 down -5.4. The March 02 Corn
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CH2 |
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In the Oats market, March ’02
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OH2 |
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and in the “Bean†market, the Jan. ’02 Soybeans
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PowerRating) had a modest gain of 0.4
to close at 435.4.
In
the Meats, Feb ’02 Live Cattle
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PowerRating) dropped -0.55 to close at
68.42. Feb ’02 Lean Hogs
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for the second day in a row to 73.57 with a -0.72 loss, and Jan ’02 Feeder
Cattle
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PowerRating) lost -0.15 to close at 83.07.
In
the Metals, Feb. ’02 Gold
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PowerRating) closed at 67.30.
The
Broader Market index futures all dropped in trading today. The March ’02 Dow Jones Industrial Futures
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close at 9988. The March ’02
S&P 500
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Nasdaq 100
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PowerRating) lost 69.00 to close out at 1564.00.