Financial
Lower call on US stocks
DAX off .3%, CAC down .7% and FTSE .5% lower
Asian stocks also eased
Greece bail out remains indefinite
Fiscal debate just starting as congress reconvenes
Ability to compromise has been compromised
Higher taxes expected and spending cuts but will we arrive at a real solution?
Capital gains taxes may revert to 25% from 15% and that is producing late year liquidation.
Crude off $.39 at $87.39 as mid east simmers
Iran is core concern, and they have an election coming, but their current objective is clear
Gold is $1751 off $2
Dollar index 80.23 up 5 and still in range
Dow opens off 83 points
Livestock
Cash cattle $130 offered
Boxed beef up $1.44 at end of good volume week
Watch show list development
Post holiday demand is a party favor
Pork cutout up $.22 with loin’s and hams steady
Full week of slaughter ahead
Grain and soybeans
March corn $7.55 up 5, Jan beans $14.30 at 11 better and March wheat $8.67 or 6 higher
Continued dryness pattern in west Belt and plains remains a concern
Such patterns can be hard to break and there is precedence for a multi year extension
Grain buying better in exports last week and soybean consistent
Chinese bean buying has receded and record S. American crops are likely at this point
Argentine corn and soybean plantings are near on par and wheat harvest a little ahead of the five year norm
US winter wheat crop rating expected to decline further from 36% good to excellent versus 50% last year
Global demand has contracted with the suffering world economies