Financial
Equity indexes stick their landings near rally extremes
Dow up 129, S&P 19 higher and NASDAQ 59 higher
Conversely gold fell $28
ETF’s are fools gold packed with fast draw speculators
Dollar and crude oil were docile
We are still waiting on North Korean missile test firing
That situation with inexperienced and unstable leadership is treacherous
France scandal problems continue but got lost in the fog of financial war today
US Treasuries fell as stocks rallied
Presidents delayed budget proposal was the usual politically tainted rhetoric
Livestock
June cattle traded down to $199.90 before closing at 120.27
Support is at $120, on a close only basis
All markets tend to go to the orders and in this case that is $120
Boxed beef quiet
Pork trade has been especially dull
Meat demand is budgetary impaired
Seasonal pork demand increases, but that is an old pork tale
Meat exports have been slumping
Support under June hogs is at $88
Grain and soybeans
The best measure of markets is always signaled by the trading boards, as polluted with computer speculation as they have become
S/D reports are best guesses based on all things equal long term scenarios
Corn and soybeans had minimal reactions to the report
Projected stocks are 757 m corn and 125 m beans
Wheat world stocks increased about 4 MT to 182 MT, and that is the bearish bottom line in the wheat market, US crop deficiencies not withstanding
Black sea and EU wheat is cheaper than ours
Top dressing moisture has been substantial with more coming
Cold temps in the HRW area will not reveal their impact, if any, for a few weeks
S American corn and soybeans production was about 500,000 to 1 MT higher than expected
From here on it’s the pace of plantings, and the moisture to make things grow that counts
Exports have been without a significant foreign driver