The big March snowstorm that is going to bury the northeast, as well as cold and snow in the midwest, is already having an effect on a lot of different markets in a lot of different ways. We saw oil and products struggle as grounded airlines and snowbound travelers will reduce the demand for jet fuel and gasoline. We also saw electricity and power prices soar and a rally for natural gas as we get the demand we failed to get in February now in March.
It’s funny that the 81 economists forecasting February housing starts failed to factor in freezing temperatures and heavy snowfalls when calling for a 1.04 million annualized pace for home starts.
U.S. housing plunged to their lowest levels in a year in February, thanks to nasty weather and an economic soft spot.
Open interest declined by 84,000 in 10-year Treasuries as a result of yesterday's activity. Traders removed positions before they headed out the doors in New York in front of what might have been a record breaking storm.
Natural gas futures fell in New York as forecasts signaled lower demand following the impending Northeast winter storm.

New York officials told residents to stay at home as a blizzard forecasters call “life-threatening” may dump as much as two feet of snow from New York

Cattle deaths from a blizzard that began two weeks ago are expected to rise as to many as 20,000.
Undervalued hogs could offer some bullish opportunity, while demand for cattle starts to slip amid a stabilizing supply situation.
Hogs may have overreacted to short-term supply numbers, while cattle continues to deal with tight inventories.