10:08 update
Crude surges $3.45 to $87.20 and local gas was up 25 cents this morning
Factory orders better than expects at +.7%
Short day long on heat inNew York
Early planted crops are getting too late for rains to be much help
Watch slaughter weights in this heat
10:47 update
S&P above 1350 resistance with 1400 next target
Triple digit temps common into weekend
Dryness also an issue inE EuropeandRussia
Normalcloses today at CME and12:15inMinneapolis
35,000 tons of soy oil toChinafor 11/12
Hot 4th for meat consumption and weight gain also restrained
Cash call in hogs is lower and no cattle cash until Thursday
Financial
Employment Friday maybe 100,000 jobs
Quiet start to short day with close at noon
Factory orders expected up .5%
DAX up .4% is sputtering
Asia up on stimulus talk
Barclay Chairman resigns over Libor scandal
Crude up $2.08 at $85.78 on global stimulus talk
Gold up $18 at $6115
Dollar 15 higher at 82.02 or narrow ranging
Livestock
Cash cattle trade absent
Watch spot futures for hints on tone
Boxed quiet
Feeder cattle driven by spiraling feed cots
Pork cutout down $1.58 with loin’s $5.19 lower, ribs off $8.94 and hams up $2.60
Kill on par at 129,000 cattle and heavy in hogs at 420,000
Grain and soybeans
December corn resistance is at $6.73 ½ and November soybeans have surpassed the $14.43 ¼ level early
Private source sees 150 bushel corn and 41 bushel beans
It is getting too late for rains to help much
Corn condition and beans both fall 8% and that’s a lot
Spring wheat also down 6% and winter wheat harvest is 69% done
S America looking good thus far
Wheat has also broke out with French wheat at all time highs
How high is high? Maybe $8 plus corn and high teens in beans depending on final crop size