Financial
Major downside reversals in stock indexes with Dow closing 80 lower, NASDAQ down 37 and S&P off 14
The trade has become too comfortable in the assumption that the Fed’s bond buying program would push into 2014, but the minutes of their last meetings showed a greater possibility of beginning to phase out the program in the next few months.
We have had other set backs recently that did not carry through, so let’s see what happen tomorrow.
DAX closing at 10:30 AM was up .4%
WTI crude down $2.11 at $94.07 and was off early on inventories, whereas the fed minutes were not announced until 1 PM
Gold lost $13
Dollar index held strong gains up 46 at 84.23
Livestock
June cattle sold off $1.45 to close on support at $118.92
June hog were up $1.72 at resistance of $94.12
Holiday features were of lower quality meats as one would expect
Cash cattle offers remain at $128 and hogs were steady
Boxed beef holds at its high and pro cutout gained $1.14 on a better volume of trade than beef
Meat demand is now looking ahead into summer
Grain and soybeans
New crop corn and soybeans rally toward resistance after being below support or from short covering
Late selloff in stocks did not impact the closed grain markets
Weather features only scattered showers with a drier period ahead
Corn may be 90% planted next Tuesday
North remains wet which may divert some Minnesota acres to soybeans
China bought 360,000 tons of new crop corn for reserve building and an unknown bought 180.000
Argentina approves liberalized genetic corn and soybeans applications, which will mean more competition for us.
11:04 update
Stocks ease as computers pick each others pockets
Bernanke sees higher taxes and reduced government spending subduing economy
Existing home sales at three year high
Cattle ease as hogs firm
Choppy mixed grain and soybean trade on very light volume