Today's market was mixed. Investors saw energies climb higher, led by crude oil and natural gas. The grain market had an interesting session. Soybeans ended 32 cents higher as we continue to see traders buying futures contracts. China and the U.S. are leading the charge, covering record shorts. Wheat contracts saw prices drop due to profit taking down 22 1/4. Corn had a less exciting day, down 4 cents on very little of its own news. Soft markets have been strong overall this year. Cocoa had been hitting historically high levels. Today the market pulled back due to a strong U.S. Dollar. The fundamentals of cocoa should take over again. Supply and demand - supplies are low in Ivory Coast, demand is higher this time of year and these two factors lead to rising futures' prices.
Equities are continuing to stay relatively high. The indexes traded higher as the Fed continues to give hints on its path. Investors appear to be less concerned with inflation. Stock earnings will headline some stories this week. Oracle's stock dropped in the after hours as revenue came in weaker than expected. There are two big earnings days coming up Tuesday and Wednesday, with hundreds of companies reporting.
We'll see what becomes of the market as we get closer to end of 2023.
Disclaimer: Past performance is not indicative of future returns. Opinions are my own. Profitable trades are not guaranteed.
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