March index futures are stronger as the Dow has breached 20,000. Markets seem to have adopted a “risk on” attitude in the wake of pro-business Trump cabinet appointments and rhetoric towards deregulation.
April gold futures are lower, trading near $1,199 (-14.4), with silver down at $16.96 per ounce. The March S&P contract is up near 2293 (+18.25 pts.) and the Dow is in the green by 162 points at 20,006. March bond futures are the inverse, down to 12325 (-14) and 14914 (-1.05) for Notes/Bonds respectively.
Crude oil is running into headwinds above $53 ($52.62 currently), as the market weighs Keystone/Dakota pipeline approval, higher rig counts and bearish inventory numbers this morning. Natural gas futures continue to trend upward, in the green at $3339.
Large crop supply and favorable South American weather have weighed upon agricultural futures. Corn ($3.66), wheat ($4.24) and soybeans ($10.05) are near unchanged at today’s close. Monthly Cattle-on-Feed will hit the wires at 2 pm CST on Friday.
End-of-week economic news will include Q4 2016 GDP data and Durable Goods revealed at 7:30 am CST, with the FOMC looming on Tuesday. Saturday begins the Chinese New Year, extending through the next week.
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Senior Market Strategist
John Kennedy is a Senior Commodity Market Strategist at RJO Futures. He earned a bachelor's degree in Business Economics from Ohio University, Athens. Upon graduation, John pursued a career in program management with a multinational automotive supplier, based out of Detroit, MI and Munich, Germany. International business experience, coupled with sales and client relationship building, proved valuable assets when John transitioned to Chicago and the futures markets. Living in the downtown area, John enjoys live performances, outdoor sports and politics.