Financial
Dow limps home 46 higher and S&P closes unchanged
Bernanke testimony holds no surprises as few financial arrows remain in the Fed’s quiver
Any further stimulus will require further review
ECB looking at options for a Spanish bank bail out but noting has worked there either
Gold got hammered down $43 and that indicates underlying concerns
Crude up early sagged back to close at $83.94
Livestock
Cattle expected to cash out at steady money
Boxed beef mixed
Rise in boxes has squeezed retail margins
No local steak features for Father’s Day
Pork cutout was $1.75 better with loins up $3.10
Beef exports just fair at 18,100 tons
Lead contract cattle closed up over 100 points
Grain and soybeans
Financial slumped after agricultural close at1:15
The southern one-third of Illinois,Iowa and Missouriare short of top soil moisture and the delta region is worse.
Monday rains appear to be less then previously forecast so watch it
Weekly export sales were weak in all categories
S/D next week expected to show about a 20 million bushel reduction in wheat, corn and soybeans old crop carry over
Parts of China hot and dry (North)
Almost totally speculative electronic trade comprises about 92% of CME volume
Big computer driven funds dominate the NYSE as well; just watch the absence of people in shots of the trading floor.
12:39 update
Bernanke says nothings expected as he has few arrows left in his quiver
Dow holding up 94
Crude dips to downside
Gold pounded down $43 as there remain deep economic problems
S&P resistance at 1334 with a 1329 high
S/D next week expected to show about 20 m bushels reduction in wheat, corn and soybean old cop carry over
Russian wheat seen down 4-6 MT and China 2-3 MT
Watch dryness in China (North)
10:35 update
Dow up 104 earlier 199 was in error
Gold falls $28 to $1606
Crude up $.98 at $86
Tread lightly as speculators are in control
Financial
Talk of US stimulus and of ECB recapitalization of Spanish banks sets an s speculative fire under equities.
Dow up 199 early
DAXZ 4% better
China cuts rates
Bernanke testifies before congressional committees
Over sold markets stage spec recovery
Dollar down 46 at 81.92
Gold steady
Crude up to $85.46
Livestock
Cash $118b -$124 a
Boxed beef mixed with choice off $1
Rising boxed prices have cut retail margins
No local steak features for holiday weekend
Pork cutout up $1.75 with loin’s $3.10 higher, hams $.77 and bellies $4.88 better
Kills 127,000 and 407,000
Grain and soybeans
Spec surge extended over night
Beans very choppy
Weekly exports on light side in all
Current weather perfect with a warming coming on the weekend
Rains at top of week have been downgraded
Southern growing area dry
Highly volatile trade so beware