Grains And Energies Rally
Soybeans hit their highest level in months and energy contracts reached life-of-contract highs today.
Soybeans [SX9>SX9] showed an upside bias and a likelihood of making a large move after registering on the Momentum-5 and 6/100 Low Volatility lists. The November contract gained 22 1/4 to 520 1/2. Soymeal’s [SMZ9>SMZ9]
appearance on the Momentum-5 List gave the grains an additional upside bias: The December contract rose 6.7 to close at its highest point this year at 159.3. Wheat [WZ9>WZ9] moved up 3 3/4 to 292 3/4 and corn [CZ9>CZ9] gained 2 3/4 to 225 1/4.
Crude oil, unleaded gas and heating oil hit new highs, benefiting from comments by OPEC’s Secretary General who said production quotas would stay in place until March 2000. October crude [CLV9>CLV9] gained .61 to 22.61, unleaded gas [HUV9>HUV9] gained .0174 to .6650 and heating oil [HOV9>HOV9] rose .0162 to .5909. In two days, natural gas [NGV9>NGV9] has recovered almost all of the 10% drop it suffered last Thursday: The October contract finished .116 higher today at 2.677.
Despite Friday’s lower-than-expected employment and wage data, December T-bonds [USZ9>USZ9] fell 24/32, ending near the day’s low at 113 20/32.
NASDAQ 100 futures [NDU9>NDU9] continued Friday’s rally to set a new intra-day high of 2532.0, but couldn’t hold on to gains, ending the day down 11.50 at 2501.00. September Dow futures [DJU9>DJU9] fell 97 to 11,038 and the S&Ps [SPU9>SPU9] fell 10.10 to 1352.40.
September dollar index futures [DXU9>DXU9] advanced .10 to 99.95 as the Japanese yen [JYU9>JYU9] fell .0067 to .9032. The Swiss franc [SFU9>SFU9] also closed .0020 lower at .6627.
The metals had an up day today: December gold [GCZ9>GCZ9] gained 1.8 to 257.3,
silver [SIZ9>SIZ9] rose 5.2 to 522.5 and copper [HGZ9>HGZ9], from the Momentum-5 List, closed at a one year high of 82.65.
Livestock contracts also moved higher. October live cattle [LCV9>LCV9] hit a one-year high, gaining .625 to 67.725 and feeder cattle [FCV9>FCV9] gained .325 to 79.475.
February pork bellies [PBG0>PBG0] rose .975 to 55.550.
October sugar [SBV9>SBV9] continued moving higher, gaining .19 to 7.09. December cocoa [CCZ9>CCZ9] gained 20 to 939, while
coffee [KCZ9>KCZ9] fell 1.85 to 90.45.