Dry Brazil Weather Keeps Coffee Perking
Coffee broke out and is trading at a four-month high on news of an ongoing dry spell in the world’s largest coffee producing country.
Coffee, which registered on the Momentum-5 List, is up 5.53% on the day and trading at the top of today’s range. The dry spell is forecast to continue through the weekend.
T-bonds are higher following weaker retail sales data and productivity figures that grew at a faster-than-expected rate.
Also from the Momentum-5 List, energies are rallying and natural gas is rebounding sharply after hitting a six-month low yesterday.
On the downside, cocoa, a futures from the Implosion-5 List that has a well established downtrend (ADX reading of 27),
is trading at a new contract low.
The British pound and Swiss franc are down sharply: In his Futures Trading Outlook, Dave Landry wrote that these contracts could be interesting shorts in light of the dollar index futures pattern.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•December T-bonds [USZ9>USZ9]: +16/32 to 114 22/32
• December S&Ps [SPZ9>SPZ9]: +.10 to 1388.00
• December Dow futures [DJZ9>DJZ9]: +12.0 to 10,655
• December NASDAQ 100 futures [NDZ9>NDZ9]: -14.00 to 2852.00
Currencies
•December dollar index futures [DXZ9>DXZ9]: +.63 to 100.66
•December Japanese yen futures [JYZ9>JYZ9]: -.0074 to .9531
•December Swiss francs [SFZ9>SFZ9]: -.0078 to .6442
•December British pounds [BPZ9>BPZ9]: -.0134 to 1.6140
Energies•December crude [CLZ9>CLZ9]: +.20 to 24.536
•December unleaded gas [HUZ9>HUZ9]: +.0057 to .6965
•December heating oil [HOZ9>HOZ9]: +.0101 to .6540
•December natural gas [NGZ9>NGZ9]: +.118 to 2.640
Metals•December copper [HGZ9>HGZ9]: -1.35 to 76.70
Grains•January soybeans [SF0>SF0]: -3 3/4 to 463 3/4 (Implosion-5 List)
Meats•February pork bellies [PBG0>PBG0]: +1.325 to 72.900 (Momentum-5 List)
•December lean hogs [LHZ9>LHZ9]: +1.325 to 49.650
Softs and Fibers•December cocoa [CCZ9>CCZ9]: -15 to 795
•December coffee [KCZ9>KCZ9]: +6.45 to 123.00
•January orange juice [OJF0>OJF0]: +1.00 to 95.25