Financial
Limited new news so there was little movement today
Dow off 17
Crude at $84.14 up off test of $82
Gold $1517
Dollar eases back 34 at 82.55
DAX down 1.2%
Bernanke regular congressional economic appraisal this week
Fed meeting coming
ECB later this week
All and all just talk as nothing has worked thus far
Livestock
Cattle offered at $124 after trading at $121 last week
Boxed beef up $ .25
Beef exports have slowed as imports have increased
Cattle weights up 20#
Select beef competes well with pork after cutout rally
Cash hogs called steady to $1 lower
Grain and soybeans
Check out impact of assorted weekend rains in theCorn Beltas regards conditions
Perfect week in store with perhaps a hotter and dryer period to follow
Weekly export inspections a little better in bean, little in corn and the same as last week in wheat
Chinabought 165,000 tons of 12/13 soybeans
Dollar eases but not enough to stimulate exports
Wheat harvest rolling
Good Canadian wheat crop in prospects
Record Brazilian soybean exports in May
Brazilian producer’s aggressively buying seed and fertilizer for next years crop after suffering a drought this year
11:27 update
Factory orders below estimate at minus .6%
Mixed meats entering summer demand period
Hogs seasonal bounce with resistance at $93 on July
Boundaries in lead contracts: corn $5.50-55, beans $13.20 to $14 20 and wheat $6.00 to $6.40
Good Canadian wheat crop developing
Brazilbean exports hit record high in May
Brazilian producers buying seed and fertilizer aggressively for come back soybean crop
Beware the volatility!!!
10:07 update
Italian 10 year bond rate over 6% in danger zone
Dow slips 17 points
Corn and bean tend down
Wheat harvest rolling
Chinabuys 165,000 tons of 12/13 beans
9-13 day forecast hot and dry but that’s questionable
Gulf bids up 2-8 cents on corn and steady to 2 higher beans
Financial
Italian credit rating down graded
Earnings on S&P 500 expected to contract to 7.4% in 2Q from 10.1%
Fed and European Central bank meet Thursday
Talk of new QE3 program from Fed, but others have not worked
Close to full fledged capitulation in stocks
Bernanke to testify before congress regarding our economic prospects
Chinese non manufacturing sector slowest in a year with index at 55.2 from 56.1
Merkel rejects debt sharing
April Factory orders expected off .3% from down 1.9% in March
Dow projected to have minimal change
DAX off .6%
Crude down $.87 at $82.36 from high of $108
Gold off $6 at $1617
Dollar index 11 lower at 82.78
Euro at 1.2435 scrapping bottom with 1.20 possible short term
Livestock
Southern cattle traded at $121 withNebraskabeef up $1 at $194-95
Offers at $124 to start
May placements may be higher leveling year to year comparison
Beef priced more economically than pork
Choice beef $12 over select
Pork cutout up $.44 with loin’s $158 better and hams up $.83
Grain and soybeans
Financial a limited factor in today’s trade but all economic threats are on deck
Over night 11-12 higher in corn, 5 in beans and up 9 in nearby wheat
Weekend rains inMidwestwith a dry week ahead
Watch updates for crop improvement
Watch drought (Palmer) index for full measure
Dollar holding at high restricts exports
High volatility spooks specs and thins out volume making volatility worse
S American crop prospects are a secondary consideration for now
Eastern European dryness likely factored in and Russian wheat exports look adequate