What’s Fueling Momentum For Beans
Soybean futures, which have been making
some
strong moves to the upside, soared even higher today. The big news that
moved the bean markets today was when the US Department of Agriculture
released the projection of just under 73 million acres in U.S. soy seedings.
Some estimates had pegged seedings as high as 75 million acres.Â
Today’s move could fuel further momentum and extend
soybeans’ five-month rally.
The news caught
investors by surprise. In addition to the hot weather in the region, it could
add to the increase in soybean prices. Soybean prices immediately jumped more
than 10 cents a bushel to $5.32 1/2 after the announcement.
August soybeans
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Riding on the coat-tails of beans was August soymeal
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adding
3.39 cents or 1.97% to close at 176.30.
December corn
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the USDA report showed planting acreage moderately higher than expected. Corn
initialy gapped higher to 2.48, than drifted down after the report to close at
$2.43 a bushel down $1.50.
Wheat also dropped following the previous session’s big gains. On a separate
report, it was documented that spring wheat plantings exceeded trade estimates.
Wheat for September
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The second quarter of 2002 closed its books on
what has been the worst first half since 1970 on the S&P 500. Today the
September S&P 500 futures
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988.50 below the key 1,000 level.
The September Nasdaq 100 futures
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as it pulled back and closed at 1053 down 6.50. The September Dow Jones
Industrial Average futures
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In precious metals, profit takers robbed the gold
vaults, and took whatever profits they could, as gold for August
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spilled over into the silver market. July silver
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sent or 1.04% to close at $4.833 an ounce. And copper for July
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August Crude oil
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eked out
a small gain today to close at $26.87 a barrel up .02. August heating oil
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