Cocoa And Coffee Crumble
Cocoa and coffee fell more than 4% each today. From the Implosion-5 List, December cocoa [CCZ9>CCZ9] dropped to a new contract low, ending down 38 at 840.
Erratic rainfall in Brazil has resulted in volatile trading in coffee [KCZ9>KCZ9]. The December contract fell 6.50 to 103.85.
Also in the softs, March sugar [SBH0>SBH0] fell .15 to 6.94 and November orange juice [OJF0>OJF0] finished at the top of its range, gaining 1.15 to 91.20.
December T-bonds [USZ9>USZ9] hit a 20-day high, adding 12/32 to 113 17/32. Today’s action sets bonds up for a Turtle Soup Plus One Sell reversal tomorrow below the old 20-day high of 113 17/32.
Stock index futures ended mixed, falling from early gains. December Dow futures [DJZ9>DJZ9] slipped 87.0 to 10,606.0, the S&Ps [SPZ9>SPZ9] fell 10.0 to 1352.50 and NASDAQ 100 futures [NDZ9>NDZ9] gained 5.50 to 2643.00.
Currency futures were quiet. December dollar index futures [DXZ9>DXZ9] closed .11 lower at 99.03 and British pounds [BPZ9>BPZ9] gained .0040.
Energy contracts closed lower ahead of closely watched American Petroleum Institute (API) inventory and OPEC production data. December crude [CLZ9>CLZ9] lost .12 to 22.39 and unleaded gas [HUZ9>HUZ9] slipped .0084 to .6286. Natural gas [NGZ9>NGZ9] fell .077 to 2.837.
December gold [GCZ9>GCZ9] gained .9 to 292.4 and copper [HGZ9>HGZ9] moved .90 higher to 81.40.
In the grains, soybeans gained after official production estimates were revised lower. November soybeans [SF0>SF0] gained 5 to 482 1/2 and December soymeal [SMZ9>SMZ9] rose 2.5 to 149.9. December wheat [WZ9>WZ9] added 3 1/4 to 255 1/4.
Finally in the meats, February pork bellies [PBG0>PBG0] approached their daily trading limit, rising 2.825 to 63.250 and December lean hogs [LHZ9>LHZ9] gained .500.