Financial
The explosions at the finish line of the Boston Marathon, injured at least twenty, according to early reports and the terrorist implications knocked already wounded stocks down to a 266 point loss on the Dow, 78 on NASDAQ and 37 on the S&P, taking out support between 1573-1576 to close at 1552.
Gold finished $143 lower
Crude oil (WTI) dropped $3.00
Copper closed at 3.25 with next support at 2.62, largely due to weak Chinese growth of 7.7% versus 12.6% a year ago.
The European markets closed lower at 10:30 AM CDT, but look out for the morning
Terrorist involvement casts a long and understandable shadow full of doubts.
Livestock
Ag markets closed well in advance of the tragedy in Boston
June cattle took out support at $120 and could not crawl back above that break out
August cattle set a now low
June hogs fell to within 17 points of their $88 support
Meat demand just isn’t good
Grain and soybeans
On the defensive from the out set the grains and soybean never did stage a come back
Nov beans took out support at $12.25
Dec corn hit $5.30 support and May wheat fell below $7.00 with the line at $6.75
We have a wet week ahead
Good starter fluid had already fallen, in the Midwest
Exports were unsensational in all
Corn planting at 2% versus a 7% average
11:29 update
June cattle break out below $120
June hogs support $88 and $86 on weekly chart
May corn drops $13 cents to $6.44
May wheat off 26 o $6.89
May beans near unchanged at $14.12?
11:19 update
S&P testing support at 1573-1576
Gold off $138 at $1363
Copper at $3.34 with low at $3.23 is an important industrial metal, and is sensitive to Chinese economy
11:01 update
Few hopeful bottom picketers lift Dow to 70 lower
Meats mashed June cattle down $1 and June hogs $1.25 lower
Hog cash steady to lower with futures at $5 premium to cash
China buys another 480,000 tons of SRW as expected
Another frosting of HRW Thursday
Wheat crop condition seen down 2 % today
Chinese bird flu not contained
Gulf soybeans 2 lower and corn up 1 penny
Midwest moisture trumps any planting delays, which are not serious anyway
10:46 update
Dow off 82
Gold off $107 at $1394
Silver at $ 23 .50 with one year high at $ 35
Soy oil May $49.07 from years high of about $ 54
Good rains for Brazilian double crop plantings
10:11 update
Dow off 92, S&P down 9 and Nasdaq 23 lower
Crude oil $89.46 down $1.97
Gold $92 lower at $1409
Basically, the same bunch of hot dogs is long equities at these highs, as were reamed in gold
Light profit taking in bull corn and soybean spreads
Morning Comment
Financial
Gold falls about $100 to under $1400 on EU Cyprus gold selling mandate and compounding speculative liquidation
Silver drop $23
Crude off $2.40 under $90
US equities called lower but are also a safer harbor for international speculative funds
DAX off .7 and FTSE down .9%
Chinese 4Q growth slows to 7.7% from 8 % expected contrasting with 12.6% a year ago
NY manufacturing slips
Citigroup earnings top estimates
Dollar index down 12 to 82.19
Dow opens down 65
Livestock
Cattle traded at $127-128 and are offered at $130 this morning
Choice beef off $ .63 and select up $ .15 with spread $190 to $184
Feeder cattle free falling off $1.10 to $138.18
COF Friday may be supportive
Pork cutout off $1.15
Kills 606,000 cattle and 2,011,000 hogs
This morning meat counter survey found same cheaper cuts featured
Grain and soybeans
Falling gold grinds on grains
May corn off 9, May soybeans $14.05 down 8 cents and May wheat at $7.00 14 lower
Wet week ahead is all money in the soil bank
Plantings progress report this afternoon and 4-6 % of corn planted versus a 6% average
Wheat condition expected off 2% with another frosty day coming Thursday
CFTC corn off 44,000 to 51,000, soybeans off 15,000 to 62,500
NOPA crush out today and last two have been light
Falling crude also greases the soy oil slide