10:27 update
Equities stable holding gains
Cattle over sold
Boxed choice off $1.77
Cash hogs firmed
Upside potential in hogs coming off of support
Pork margins slip further into the red
Dollar eases and is a minor export support item
Light rains in Argentina
Gulf beans 3-5 higher and corn up 2
China buys 163,000 tons of old crop corn
Financial
DAX up 1.25% on positive German PMI
Nikkei up 2.9U
US called higher
Dow higher in 10 of 11 days—Dow open up 27
P&G report constructive
Microsoft mixed
S&P traded over 1500 yesterday –S&P open at 1499 up 4
Apple dropped 12% on report dragging NASDAQ down
UK GDP shows no growth at -.3% for 4Q
WTI has had longest up move since 2009
$96.38 $.43 better
Brent over $113 at $113.61
Gold off $7 at $1663
Dollar eases by 19 to 79.76 and is just vacillating
Livestock
Texas and Kansas had a moderate trade at $122 off $3 and Nebraska was up $1 at $123
Boxed beef lower clearing inventories
Choice-spread has gone from a $22 premium to $6
Kill off 4000 for the week and hogs down 72,000, but wait until next week for a realistic reading
111 loads of pork with carcass down $.35, loin’s $3.18, hams up $1.18 and bellies $4.88 higher
Grain and soybeans
Corn and beans off 6 cents over night and wheat down a penny
Speculative crap shooters are wary
Argentine rains .1-.5” are forecast as beans look good but corn yield declining
Brazil 3% harvested in Mato Grosso with above average yields projects to 82-85 MT of beans
Ethanol production up 1% on the month but down 15% from a year ago
Farm selling slow on low Mississippi
Weekly export sales: wheat 572,000 to routine customers, corn 138,000 paltry and soybeans 383,000 old crop and 595,000 new mostly to China