Financial
Spanish bank problems highlight troubled day
Ideas of only a modest Chinese stimulus program dampens potential demand
Dow falls 160
DAX off 1.8%
Euro down to 1.236
Crude $87.57 down almost $3
Dollar soars to 83.05
Aussie dollar dives
Gold $1564 is more of a wish list speculation
Spanish 10 year bond 6.7% versus sounder US and German paper at 1.6
US rates at twenty year low
Pending home sales decline
Rough day with more to come
Livestock
Cattle beat down $1.60 in August
Boxed beef up $1.24 but advance demand is in doubt as June approaches
Hogs bounce off support to close $.42 higher
Pork cutout up $ .86 with trade moderate
Watch for reduced hog kill ahead
Pork margin still in the red
Grain and soybeans
Crop ratings reduced in corn and winter wheat but forecast looks favorable for recovery
Low volume is a sign of depleted risk taking inertia and hat also applies to stocks
Deep dives in financials trump slight crop deterioration
New high on dollar stifles export inquiry
Watch rain and where it occurs this week and next
Russian wheat exports expected to be stable
Current Chinese soybeans stocks adequate for needs
Wheat harvest advances at record pace
Spring wheat 79% good to excellent
10:55 update
Dow now down 146 points
DAX off 1.6%
Crude falls $2.38 to $88.38
Dollar reaches 82.79 and euro drops to 1.24
Gold off $16 to $1542
Spanish banks troubles at the core of updates crisis
Defensive meat trades
Dec. corn support at $5.00, July wheat gap extends to $6.00 and July beans support at $13.40
Financial
The pain in Spain falls mainly on the banks
10 year bonds up to 6.7% versus 1.4% in Germany and Italy at 6%
Dow opens off 104
Crude oil below $90 at $89.74 down $1.35
Gold $6 lower at $1550
Euro falls under 1.25 to 1.2427
Dollar climbs to 82 4 up 26
DAX off 1.1%
Chinese stimulus to be much smaller than European efforts
Livestock
Larger show lists in Texas and Kansas but less in Nebraska
Northern premium $1-3
Boxed beef up $1 choice and $2 select
Memorial Day clearance better than exported in beef
Kill 130,000 and 425,000
Pork cutout $.86 higher with loins up $1.89 and hams $1.28
Demand moderate for pork
Grain and soybeans
Outside influence back in drivers seat
Soybeans 89% planted and corn done
Corn crop rating declines to 72% g-x from 77 %
Beans 61% emerged versus a 30% 5 year average
Winter wheat crop ratings slip to 54% g-x from 58%
Winter wheat harvest at 9% complete
Rains in Russia, China and Australia
December corn support at $5.00
Wheat below triple top at $6.55 ½
Chinese bean stocks 6.3 MT up 700,000 so they are currently well covered for supplies
Dollar up to 82.74 and restricts export trade