The treasuries had yields of 2.895%, the highest in months and more attractive to buyers than the 2.873% yields dealers were forecasting on average, according to a Bloomberg survey. The two-year note was rising 2/32, pushing the yield down to 0.801%, the 10-year note was gaining 8/32, pushing the yield down to 3.459% and the 30-Year bond was up 6/32, lowering the yield to 4.526%. "Another mixed takedown with a sizable tail, but above average non-dealer bidding
NEW YORK ( TheStreet) -- Treasury bonds traded firmly on optimism about the treasury market after a lukewarm reception of the government's seven-year notes auction Wednesday.
(Published at 11:11 am) Natural gas futures rebounded Wednesday as fundamentals improved and traders finished taking profits after the expiration of the April contract on Tuesday. Natural gas for May delivery was rising 1.4% to $4.32 per million British thermal units.
Light sweet crude oil futures were falling on expectations of Libyan leader Muammar el-Qaddafi's impending downfall. Crude oil for May delivery was falling 0.4% to $104.34 a barrel and Brent crude was flat at $115.20 a barrel as Col. Muammar el-Qaddafi desperately clings to power.
Cotton and corn futures were trading lower amid stronger supply expectations. May cotton futures were tumbling 0.2% to $1.95 a pound and corn futures for May delivery were down 0.5% to $6.68 3/4 a bushel.
Coffee futures were rising as buyers took advantage of dips from the previous days. Coffee for May delivery was rising 0.6% to $2.629 a pound. Rosenberg of PFG Best hears that as coffee prices remain high, coffee growers around the world have been ramping up security to protect themselves against thefts. Murders have been reported in Latin America. Investment firm Waverly Advisors, which has a coffee position, is starting to see downside momentum in soft commodities as they inevitably come down from their highs on higher supply expectations. "We fully expect that coffee will be caught in any broad selloff, but will look to reestablish this position at lower prices."
The Australian commodity currency continues to enjoy gains against other major currencies including the greenback and Japanese yen amid soaring commodity prices. The Aussie dollar was heading for a second straight day of gains against the U.S. dollar, up 0.2% at $1.03124, and a third straight day of gains against the yen, up 1% at 85.638 yen. "We have been surprised by the strength in the AUD (Australian Dollar), and were fortunate to have put on a small position last week," said Waverly Advisors strategist Andrew Barber. "We cannot add at current levels without at least a few day's consolidation, so, for now, we are managing this position with a hands off approach."
The euro was falling 0.4% against the dollar at $1.4061 on continued concerns about the region's debt crisis. But despite ratings downgrades for both Portugal and Greece, observers believe in a euro rebound owing to expectations of a European central bank rate adjustment April. "In the meantime, out of the European bond market, Portugal's 5-year bond yield breached 9%, a new high, but Italy held a well-received auction of fixed and floating rate earlier today." European bank stress tests will be taking place on Thursday. >>Search for Highest Dividends by Rate or Yield
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