Financial
G 20 concludes with vague promises to work toward a solution to Europe’s deep economic morass
FOMC wraps up its meeting Wednesday and everything they have tried thus far has not worked
Net housing starts were soft with single family homes somewhat better and multi family dwellings negative
Dow closed up 95 on wishes and hopes with nearby resistance at 13,000
Dollar index down 55 at 81.39 which is still in the ball park
DAX up 1.84 the best day in a while
EU summit at months end is the next big event
Crude had little movement at $84.16
Gold just laid there like a brick
Watch Asian markets over night and Europe in the morning
Livestock
Cattle breakeven moving higher on feed grain rally
Boxed beef up just $ .23
Hot and dry weather curbs appetites
Ribs and loins ease as 4th of July features are being stocked
Watch for higher catch up hog slaughter
Also watch slaughter weights
Normal summer weekend features will be out Wednesday
Grain and soybeans
How dry we are with one-third of out corn having receives one-half of normal rain
Now comes the heat (97 in Chicago for a few days)
Advance forecasts are toasty
We are 2-3 weeks ahead of schedule development wise
Corn condition off 3% at 63% good to excellent and beans off 4% at 56%
This is also prime time for spring wheat development here and in Russia with estimate at 50 MT down from 56 MT and 53 MT by the USDA
Indiana is really suffering at 37% g-x versus a 61% 20 year average
Wheat harvest is about one-half done and is beginning to relieve some hedge pressure
Look east toward Europe and Far East toward the orient in over night trade