The U.S. Treasury is scheduled to sell a record high $81 billion of debt this week, starting with $40 billion of three-year T-notes today that went for a median yield of 1.37%. The bid to cover ratio was 3.33, the best demand since 1990. The December U.S. T-bonds were up 2/32nds at 118.16/32nds.
Policy makers from this weekend’s G-20 meeting in Scotland tried to assure investors that central banks are not yet ready to withdraw stimulus from the world’s economy. The December U.S. dollar index fell .805 to 75.135, near the contract low. December gold closed up $5.70 at a new contract high of $1,101.40.
Grains and Cotton
According to Bloomberg news, China’s corn crop will be down 13% this year to 144.4 million tons, due to drought. December corn jumped up 19 cents to $3.86.
January soybeans closed up 17 cents at $9.72 ahead of tomorrow’s monthly USDA estimates.
Tropical Storm Ida is expected to bring more rain to the already-wet southeastern U.S. December cotton closed up 1.07 cents at 67.61.
After the close, the USDA said that:
37% of the corn crop was harvested, down from the five-year average of 82%....Continue ReadingLeave a Comment