How Much Will That Cup Of Coffee Cost You?
Although the session began on a high note, with AMD guiding higher, futures
on the major indices ended down, making it five straight declines in a row.
December S&Ps fell 10.5 to close at 908.50, while December Nasdaq futures
fell 14 to 1055.50.
Three days before the Iraq deadline, and in a flight to safety, bonds rose 22
ticks to 110-15.
The European Central Bank cut its key interest rate by .50% to 2.75%, with
very little impact on prices. The March pound was up .0030 to $1.5600.
Will that be a Tall or a Grande? Mexico is looking at possibly the worst
coffee crop in history, as farmers are neglecting crops because of low
prices. March coffee rose 1.00 to 71.10.
July wheat fell 6.25 cents to $3.065, as Canada said their wheat crop was
better than expected (but still down 24% from a year ago).
Protests against Venezuela’s President Chavez sent March crude oil up .52 to
26.80. A larger than expected drop in supply sent March natural gas up
11.9 cents to 4.263, while a fierce winter storm is blankets the East coast.
Late session commercial buying and short covering sent lean hogs higher.
December hogs closed near a four year high at 46.425.