Green Acres Paint Grains Red
Farmers sowed more acres of wheat and corn than even the
most optimistic analysts’ estimates, taking grain markets by surprise and
throwing the contracts within the group to steep losses.
The United States Department of Agriculture report on
plantings and stocks also showed a buildup in the number of bushels of corn and
wheat, indicating a slowdown in demand. December corn
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fell 8 1/2 to a new contract low. December wheat
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losing 13 1/4 to 288 1/2 and
soybeans
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September T-bonds
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but, nonetheless, concluded the first half of 2000 with their best half-yearly
gain since 1995. The government buy-back of debt has triggered purchases of the
once-benchmark interest rate futures, causing T-bonds to perform like
commodities in a tight supply situation. September 10-year notes
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gained 3/32 to close at 97 10/32.
Stock index futures traded mostly higher throughout the day, drifted lower in
the afternoon, then sprinted the last hour into the closing bell. September S&P futures
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added 10.10 to 1468.10, making good on their Turtle Soup Plus One Buy
setup. NASDAQ 100 futures
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edged 30.0 higher to 10,550.0.
The expiration in the July sugar contract resulted in a volatile session as
traders switched from the expiring month to later months. September sugar
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rallied on the open, then broke down below Thursday’s support and accelerated to
a 5% loss, losing .46 to close at 8.48.
Going the other way and from the Implosion-5 List,
coffee
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an Off The Blocks trade below Thursday’s low for a net loss of 1.50 on the day
to 87.45.
Also tumbling and tanking in the fibers, Implosion-5 List
component
December cotton
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year-to-date low of 56.76.