6-21-12 PM Comments
Financial
Dow suffers second worst day this year after Fed has nothing in the way of new stimulants to offer
S&P 500 down 30 to 1330 with support down at 1275
Crude pounded down to $78.13 on adequate supply and diminished world demand
Some of the Elliot wave theorists see crude falling to $40 which would be good for the gas tank but really bad from a gross economic standpoint
The dollar a better choice in a world full of troubled currencies jumped 76 to 82.38 and that is an export killer
DAX closing off .8% at10:30 CDTwas done for the day before stocks collapsed here
Watch German bonds as they are awfully rich in value and due for a corrective action
Bernanke had nothing but hopes for a European solution to their economic crisis and wishes and hopes don’t cut it
EU summit at the end of the month but they have had no answers so far
Livestock
Cattle soft ahead of the establishment of the cash trade
Boxed beef mixed about $.50 on select and $ .50 down choice
The best way to describe the cattle trade is sluggish
Hogs and pork cutout at $100 are historically high and watch for a pick in slaughter
Grain and soybeans
Corn and beans rock back and forth as scalper speculators are spinning the wheel
Some rain in the West but the storms tend to break up east of the river
Corn and soybean crop ratings are at 5 year lows
The weekly conditions report is now prime time as corn moves through pollination
Plantings and stocks report at months end
Stocks reports are the prime measure of domestic usage and can be a wild card
Corn and bean supplies are extremely tight
Bean stocks are never allowed to go below 100 million bushels but it is going to be close
Hyper rationing could send beans into the high teens
Watch dryness inRussiaandEast Europe
Also draw a bead on northernChina