Coffee And Soybeans Rally On A Dry South America

  • December 20, 1999
  • Marc Dupee

Dry weather in Brazil is giving a boost to coffee and soybeans Monday morning. Brazil is the world’s largest producer of coffee and trails the United States as the second largest exporter of soybeans.

Coffee is also getting a boost from speculators’ bets that a Brazilian Agriculture Ministry’s estimate on coffee production (expected in the next few days) will show significant damage to the crop. The coffee market has been volatile recently, in part due to uncertainty over the extent of damage caused by dry weather.

Soybeans gapped open and filled a gap left six days ago.

Stock indexes are mixed. From the Momentum-5 List, Nasdaq 100 futures are rallying while Dow futures are trading lower and making good on their Turtle Soup Plus One Sell setup.

Here are the highlights around noon Eastern time:






























Stock Index and Bond Futures


  • March T-bonds [USH0>USH0]: unchanged to 91 26/32
  • March S&Ps [SPH0>SPH0]: -1.00 to 1443.50
  • March Dow futures [DJH0>DJH0]: -52.0 to 11,375.0
  • March NASDAQ 100 futures [NDH0>NDH0]: +30.00 to 3444.00



Currencies


  • March dollar index futures [DXH0>DXH0]: -.14 to 101.72
  • Japanese yen futures [JYH0>JYH0]: +.0038 to .9863


Energies

  • January crude [CLF0>CLF0]: -.26 to 26.48
  • January natural gas [NGF0>NGF0]: -.055 to 2.600


Metals

  • March silver [SIH0>SIH0]: -3.2 to 523.0


Grains


  • January soybeans [SF0>SF0]: +6 1/4 to 458 1/2


Meats


  • February pork bellies [PBG0>PBG0]: -.375 to 77.950


Softs and Fibers


  • March cocoa [CCH0>CCH0]: -21 to 819
  • March coffee [KCH0>KCH0]: +6.10 to 138.50