Financial
ADP jobs up 120,000 versus 170,000 expected and was the table setter for defensive trade
Dow off 17 late and S&P at 1401
DAX down .8%
13 of 27 EU nations have double digit unemployment
The bankrupt Greek economy has 50% jobless rate among the young
Crude falls to $105
Dollar holds gains following weak data coming out ofEurope
WatchEuropetomorrow morning
Livestock
Meat mangled again with cattle off $.95 down to $112.75 on June
June hogs drop $1.65 to $84.20 the lowest in over two years
Boxed beef no help off $.79
Pork cutout not stable enough to support cash
Fund sellers beat up cattle and hogs
Hog slaughter weights 276.1 # versus a 270 # five year average
Features are budget conscious with no cook out offerings
Nebraskacash at $120 off $1-2
Grain and soybeans
Day long grain hammer comes down on beans late causing a reversal of 27 cents or down 22 on July
July wheat takes out support at $6.20 ending at $613
July corn rock bottom at the day close down 18 at $6.11 ½ with support from $6.00 to 6.05
Great wheat crop coming in HRW and spring wheat in this country more than offsets dryness concerns inEastern Europe
10 days forecast looks ideal for HRW
Dollar holds rally weighing on exports
Unknown exports of 204,000 tons of beans and 130,000 were not enough to stem the negative tide
Reduced meal movement out ofS Americacould not support the beans either
Argentine and Brazilian corn prospects looking up
Export sales Thursday but big corn business is not likely to be repeated
Volatility goes on and will only be more intense when trading hours are increased in the CME grain and soybeans
12:30 update
Grains getting pounded corn off 15 and wheat down 19 cents with beans drifting
10 days of good moisture in HRW country
Meal supplies tightening out ofS. America
Ethanol stocks up 12% from last year
Iranbuys 60,000 of Aussie wheat
Lebanonpending on 50,000 tons of milling wheat
Dollar holds rally
12:12 update
Meats sinking hogs off $.95 at new low
Cattle just $.25 lower but lurking near the bottom
July wheat near support at $6.20
HugeKansascrop 54 bus/ v 40 last year
July corn slumps $.8 on profit taking
Beans tread water July holding at $15.06
Dow marking time 50 lower
More soft signs inEuropeas half of EU have double digit unemployment
10:10 update
Dow off 56 early
Nebraskacash cattle light at $120 off $1-2
Packers hold cash bids
Is pork cutout stable enough to support cash?
Hog cash call lower today
Dollar strong on Euro zone weakness
13 of 27 EU nations have double digit unemployment
Kansaswheat tour yield 53.6 versus 40 last year
204,000 tons of 12-13 beans to unknown
30,000 bean oil toChina11-12
130,000 corn to unknown for 12-13
Gulf corn bids firm on tightness of supply
Financial
Weak ADP jobs report at 119,999 versus 201,000 in March and 170,000 estimated drops Dow 50 points in pre opening trade
Euro zone PMI soft at 45.9 versus 47.7 last month
DAX off .4%, FTSE down .8%
Dollar up 45 ay 79.27
Gold off $6 at $1657
Crude oil $.37 lower at $105.76
Dow Tuesday hit a new four year high at 13,338
Livestock
Cash cattle offers at $122-23
Boxed beef steady and will be the key to ultimate cash trade
Smaller show lists
Mildly better margins
Kill normal at 126,000 and hogs 411,000 both about 7000 lower for the week thus far
Pork cutout off $.18 with loin’s down $1.76 and hams up $1.61
Front page features: $1.88 spare ribs, $2.98 round roast and $8.98 walleye fillets
Grain and soybeans
Choppy week thus far
CME trading hours in grains to expand to 22 closed only from4-6 PMand open during USDA crop reports, as if it is not wild enough
80 Degree temps the next few days with scattered thunder storms and next week cooler, which is OK.
Last week’s big corn sale 1.56 MT has not been followed up
Export sales Thursday
S American crop losses are mostly in the market
$15 July beans now become a support base
November soybeans above $13 are a good hedging starting point for many analysts