Presidential executive orders have their place, but are not meant to circumvent our constitutional balance of powers.
Stocks wobble onto a mixed close with NASDAQ off 14 points on Apple demand concerns
Four major banks report earnings yet this week
Bernanke speaking at 3 PM CST at Ann Arbor
Livestock
Cattle ease slightly as hogs bounce off their lows on short covering
Boxed beef up $.11
Pork cutout up $.43
Pork November exports slowed
Corn rebound stymies feed demand
Grain and soybeans
Good volume on continuing short covering rally sparked by constructive corn stocks
Watch Brazilian dryness to see if it persists
Thus far conditions in Brazil have been good
Crush better but not as much as expected at 159.9 m
Argentine heat 97% harvested after big week
Resistance zone up toward $14.50 in March beans
March corn is half way back on rally with resistance at about $7.50
March wheat at resistance at $7.70
Wheat’s rally may negate export interest
Mississippi cleared for barges with under 9 ‘draught but it is far from smooth sailing
10:44 update
Grain and soybean volume was heavier over night at 41,000 March corn by 9:00, 29.000 March beans and 15,000 March wheat, but the slowed up at 9:30 47,000, 36,000 and 17,000 is a typical short covering pattern
Financial
Little early change on DOW or S&P—Dow up 3
Big bank earnings bonanza with Goldman, CITI, Bank of A and JP Chase this week
Apple stock off 3% on weak iPhone orders out NASDAQ 12 lower
Bernanke and other Fed official speak today
No economic reports
FTSE up .1 and DAX up .6%
Hong Kong .6% higher
Japan closed
Gold up $8 at $1668
Crude oil $.67 better at $94.18
Livestock
Cash cattle slumped to $125 south and $202 north Friday
Boxed beef mixed up $.43 choice and down $.47 select
Higher corn means reduced production in meats
Cattle kill 624,000 and 2,284,000 hogs
Cattle weights up 29 #
Cattle kill off 12% and hogs 9% versus a year ago
Pork cutout 91 loads with carcass up $.43, loin’s $2.73 and hams steady
Grain and soybeans
Speculative covering scramble continues Sunday night
March corn $7.22 up 13, March soybean $13.92 up 19 and March wheat 15 higher at $7.70
March corn resistance $7.26 ¾ and $7.50, March soybeans $13.96 and $14.15 with March wheat at 47.75
Corn stocks down near 600 and stocks to use 5.3
USDA numbers do not jive with supply- demand fundamentals and that means ultimate adjustments
Corn yield up 1.1 bushels to 123.4 and soybeans up .3 to 39.6 bpa
Managed money covered 20,000 corn and 29,000 beans
US wheat more competitive despite rally so watch export sales which were light last week
Higher SRW plantings bear on Chicago contract
Mississippi river able to carry 9’draught barges south of St Louis