The KUIK Morning Market Report for Tuesday, January 2:
Markets are up.
Index
Direction
Change
Units
Index
Time
Change
Dow Jones Industrial Average
Up
113
points
24,832
7:14 AM
S&P500
Up
0.6%
percent
2,690
(0.02)
Nasdaq Composite
Up
1.0%
percent
6,973
(8.63)
30 Year Treasury
Up
5
Basis Points
2.79
Annual Yield
The Wall Street Journal reports we’re drowning in milk. Organic milk sales have cooled as the shoppers who drove demand for the specialty product not long ago move on to newer alternatives like Almond milk, leaving dairy sellers and producers grappling with oversupply. A yearslong surge in demand prompted food companies and dairy farmers to invest in organic production, which requires eliminating pesticides and antibiotics and allowing cows to graze freely. Now, organic-milk supplies have ballooned as demand has stalled. Packaged-food companies that invested in producing organic milk are cutting capacity or looking to turn it into cheese or other products.
Oil prices have had their strongest start to a calendar year since 2014 onanti-government protests in Iran and ongoing OPEC-led production cuts. February crude is trading at $60.24 a barrel on the New York Merc, it hit its its highest level since June 2015. Brent crude is at $66.58 a barrel after hitting it highest level since May 2015. It’s the first time since January 2014 that both crude oil benchmarks have opened the year above $60 a barrel.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
