The past few weeks saw a serious weather market play out in the grain futures markets. With the big sell off in the soybean market on Tuesday, that was likely the nail in the coffin for this weather market. And weather forecasts for early August show very mild temperatures, although some more rain is still needed in parts of the western Corn Belt. Stay tuned!–Jim
Archives for August 2017
World Markets Quieter Ahead of U.S. Jobs Report Friday
Wednesday, August 2–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mixed overnight. However, technology shares worldwide were supported by upbeat earnings released Tuesday afternoon from technology leader Apple. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
Gold prices are moderately lower in pre-U.S.-session trading today. The market is seeing some profit taking from recent gains and is pressured a bit as the U.S. dollar has stabilized at mid-week, after its recent sell off.
Busy Day for U.S. Economic Reports Tuesday
Tuesday, August 1–Jim Wyckoff’s Morning Markets Report
OVERNIGHT DEVELOPMENTS
World stock markets were mostly higher overnight, boosted in part by upbeat corporate earnings reports and upturns in several raw commodity markets. U.S. stock indexes are pointed toward higher openings when the New York day session begins.
Gold prices are slightly lower on mild profit taking from recent good gains. The gold bulls still have the overall near-term technical advantage as prices are in an uptrend on the daily chart.