National Futures and Financial Weekly

Financial Commentary

Copyright 1997 by Consensus, Inc.
November 14, 1997 * * 1737 McGee, Kansas City, Mo. 64108 U.S.A. * * Full Edition

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  • THE ALLENDALE ADVISORY REPORT
    11/07/97 Prepared by Allendale, Inc.
    Commodity Wrap-Up For November 7, 1997
    Meal, Meal, Wheat, Corn And Then Meal
    That was the order for each day this week as to how the floor trade concentrated on the futures. On Monday and Tuesday the trade was thoroughly impressed with news how China was buying U.S. meal over India and the U.S.'s inability to produce enough meal. Between the two days there was more discussion as why China was, was not buying from the U.S.A., not the U.S.A. This much is known for now. The U.S. exporters are leaning towards India selling meal to China on a steady basis the past two weeks.

  • COMMODITY FUTURES FORECAST WEEKLY REPORT
    November 13, 1997 Prepared by Commodity Futures Forecast
    Soybeans Hold Strength
    Our attempt at picking a top in January soybeans was more conservative as we waited for a rally to 7.31 and 7.37. Thereafter, we quickly moved our stop to break-even when prices dipped to our 7.19 first objective. The subsequent rally took us out. Recent action suggests strong overhead resistance remains just below 7.50. A breakout above 7.50 would confirm fundamentals calling for more substantial exports.

  • PACKERS AND CATTLE FEEDERS BOTH IN THE RED!
    November 7, 1997 Prepared by Hales Cattle Letter
    Nebraska Prices Discount Texas
    Normally, Texas fed steer prices are slightly premium to Nebraska prices with only minor fluctuations from month to month. However, Texas prices this year have stayed well below Nebraska prices. Texas prices have surged from $1 under Nebraska in September to more than a $1 above Nebraska this week. Is this a signal that the fall rally is over?

  • COMMITMENT OF TRADERS ANALYSIS-CURRENCY CONTRACTS
    November 12, 1997 Prepared by Jack McIntyre
    Currency Contracts
    Summary: Latest MCM TradeWatch COT data analysis, a review of currency futures positions as of Tuesday, November 4th, shows that large traders are long the European currencies, short the dollar block (CAD$ and AUD$) and short the yen. Moreover, they have room to add to these positions so the trends which are currently in place, can stay that way from a positions standpoint.

  • MYERS ON FUTURES
    November 14, 1997 Prepared by Steven R. Myers
    Six Month Campaign Trade Update Beans, Meal, Bean Oil...Bulls!
    Bean Update Number 1
    Bean Update Number 2
    Yen Update Number 1
    Yen Update Number 2
  • NIKKO MARKET COMMENTS #1
    Prepared by The Nikko Securities Co. International, Inc.
    One Pill Makes You Larger; One Pill Makes you Small
    Ten Years After
    Growth: Yes! Acceleration: Perhaps?
    And The New Employment Report Shows!
    Outlook For The Next Week Ended November 14th

  • NIKKO MARKET COMMENTS #2
    Economic News
    Nonfarm productivity posted a larger than expected 4.5% gain in 97Q3. Nonfarm unit labor costs fell by 0.3%, in contrast to market estimates for a 1.0% rise. Output per hour in the manufacturing sector surged to a 9.8% annualized growth rate, outsizing the 2.5% to 3% rates in the first half of 1997. Strong productivity growth and a decline in unit labor costs counteract higher wages from transmitting pressure to consumer prices.

  • INTEREST RATE WATCH
    11/07/97 Prepared by R. J. O'Brien & Associates, Inc.
    Fundamental, Global
    It's our opinion that the longer the Fed waits and hopes for the unquantifiable effect of the Asian mess to occur, the weaker the U.S. Dollar will be. That is ordinarily bearish for bonds, and it should be a warning to U.S. investors who have been flocking to that investment sector.

  • THE TODD MARKET TIMER
    November 10, 1997 Prepared by Stephen Todd
    The Bull Still Lives
    Since about 1940, the kind of smashes seen on October 27 have tended to be buying opportunities, especially if they occur during bull markets and make no mistake, this is still a bull market. Excellent earnings growth coupled with low inflation have been the fodder of bullish trends for decades.
  • WEEKLY OUTLOOK
    11/10/97 Prepared at University of Illinois
    USDA Reports About As Expected
    The USDA's November Crop Production and World Agricultural Supply and Demand Estimates reports contained very few surprises for corn, soybeans, and wheat. Following is a summary of the changes.

    Copyright 1997, by Consensus Inc.  All American and Pan American rights Reserved. editor@consensus-inc.com

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