Headlines – 2009.01.09

STOCKS: The numbers should be bad but the market is expecting a bad number
BONDS: Without stimulus talk prices would have already rejected recent lows
CURRENCIES: Look to fade the initial reaction to the US payroll data
COPPER: Its hard not to expect a wave of selling after the numbers today
METALS: At least an initial dip but anxiety won’t be erased today
CATTLE: More base-building before turn up as lower meat production to support
HOGS: High futures premium to cash but cash trend up; hams on fire
BEANS: Fund buying reappeared yesterday after a 1-day hiatus. Correction over?
CORN: Corn has a greater likelihood of a correction than wheat or soybeans.
WHEAT: Major reports are due out on Monday. Above all, we would not get short.
ENERGY: Employment sets early tone, but bounce possible if payroll decline shallow
COTTON: Longer-term supply fears and a lack of demand fears due to stimulus
COFFEE: Outside market forces could impact but fundamentals more look positive
SUGAR: Positive inflation outlook continues to provide underlying support
COCOA: Employment report may be the catalyst that triggers move out of range