Grains Remain Soggy

• June 14, 2000
• Marc Dupee

More Midwest wet continues to pressure soybeans, corn and wheat. Forecasts for
rain later in the week are also pressuring grains. Hints of this morning’s
downside potential came from the Pre-Opening
Outlook and the and from Implosion-5 List. The
Pre-Opening
Calls also called beans down 4 and corn down 2; beans have descended as
many as 11 and corn a total of 7. 

However, grains are making a comeback with soybean meal
(
BON0 |
Quote |
Chart |
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PowerRating) making good on a Turtle Soup buy reversal–a trade above a previous
20-day low (more than four days ago).

The bottom is dropping out from underneath pork bellies.
An unexpected movement of supply into CME warehouses is pressuring the contract,
now trading at nearly a four-month low. August hogs are lower as well. 

Gold is attempting to retest Monday’s gap-up opening and
is up over $4 after hitting a
New 10-Day Highs on Monday. Gold has shown signs of possible upside inertia
recently: the August contract registered on the Momentum-5 List June 5 through
8. 

Leading the Momentum-5
List, sugar gapped open but is pulling back from fresh contract highs.

Here are the highlights around noon Eastern time:
 

Stock Index and Bond Futures

September T-bonds [USU0>USU0]: -16/32 to 97 7/32 September S&Ps [SPU0>SPU0]: +3.50 to 1498.00 September Dow futures [DJU0>DJU0]: +35.0 to 10,825.0 Â

Currencies

September dollar index futures [DXU0>DXU0]: +.11 to 106.20 September British pounds [BPU0>BPU0]: -.0076 to 1.5040

Energies

July crude [CLN0>CLN0]: +.06 to 32.62 July unleaded gas [HUN0>HUN0]: +.0258 to 1.0880

Metals

August gold [GCQ0>GCQ0]: +5.2 to 293.4 July silver [SIN0>SIN0]: +7.0 to 509.5

Grains

July corn [CN0>CN0]: -5 to 202 3/4 July soybeans [SN0>SN0]: -3 1/2 to 507 July soybean oil [BON0>BON0]: -.1 to 176.7

Meats

July pork bellies [PBN0>PBN0]: -1.525 to 84.200 August lean hogs [LHQ0>LHQ0]: -.800 to 67.250Â

Softs and Fibers

July sugar [SBN0>SBN0]: +.10 to 8.82