Financial
Another stock tease as S&P closes at 1562.43 versus at high of 1565.15
Cyprus banks to open at 6 AM EDT protected by armed guards
Italy flairs up again among other European trouble spots other than Cyprus
Dollar presses on up 36 to 83.24 and is the prime barometer of financial success in nations
Gold up $9 still lethargic
WTI crude up just $ .16 on favorable inventory report
Long weekend kicks off after Thursday’s close and who knows what evil lurks
Livestock
June cattle approached its $120 support before rallying on short covering up $1.77
Boxed beef has lost $3 in last week
Hogs had light covering but still closed $ .42 lower
Pig crop expected at just over 100%
Weekend features seasonal hams and no beef on the front page
Grain and soybeans
Report at 11 AM CDT Thursday
Average guesses about 97 m cares of corn, 78 m beans and 56 m wheat
Stocks 5 b bushels of corn and 935 m beans
Plantings are one thing but spring development is another and more important
Beware Quarterly stocks as adjustments of past errors can be made
The May contracts were uniformly up a nickel in a minor spate of short covering from the computer cowboys
Dollar is smothering exports near its high of 84.10
Here come the fifties this weekend
Two-thirds of the Corn Belt states are on dry alert
Watch the European stocks after the Cyprus banks open
9:49 update
Dow off 73 and S&P down 9
Ag boundaries
May corn $6.95-7.40
May soybeans $14.00-14.80
May wheat $6.80-7.70
June cattle $120-124
June hogs $88-92
Market Opening
Financial
Pre opening Dow down 60
Italy unnerves EU once again official says you would to be insane to rule Italy
Cyprus banks prepare for violent opening on Thursday
Pending home sales seen off .9% after a 4.5 % rise in January
Mortgage rates ease applications a bit higher
Crude inventories today WTI $95.94 off $ .42 remains range bound
DAX off 1.2 %
FTSE down .7 %
Gold dormant at $1595
Dollar 83.18 up 30 with the 52 week high at 84.10
Livestock
3000 cattle trade at $125 steady in Texas
Boxed beef off $ .15 on choice and another $1.04 select
Slaughter for week down 12,000 in cattle and 8,000 hogs
Pork cutout on 78 loads with carcass off $ .37, loin’s $ .79 and hams $ .34
Pig crop report expected at just over 100%
Easter features: shank hams $ .78, whole hams $1.98, whole chickens $ .98 and shrimp $5.98 with no beef on front page
Grain and soybeans
Minimal changes over night in quiet pre report trade
Corn and wheat near the lows and beans mid range coming into Thursday’s 11 AM CDT reports
Corn plantings 97 m, beans 78 m and wheat 56 m are expected
Stocks the prime measure of domestic usage seen at 5 b corn and 935 m beans
Quarterly stocks can always contain adjustments for past errors
Given the absolute uncertainty of spring weather volatile markets are likely
Two- thirds of Corn Belt states have lingering dryness concerns
Dollar at years high with 84.10 the 52 week extreme