Home Market Market Watch Gary Wilhelmi 6-14-12 PM Comment

Gary Wilhelmi 6-14-12 PM Comment

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Financial
Dow up 155 as poor economic reports spawned a hope that weakness will beget Fed stimulus
That seams convoluted to me that’s what is up on the board
G 20 meets this weekend but they have not had any answers so far
Spanish rates touched 7% after the downgrade
FOMC 6/19-20
Greek election this Sunday but they have no economy upon which to base improvement
Watch European stocks Friday morning to measure collective view of the debacle

Livestock
Cash cattle $3-4 lower
Boxed beef up $1.19 on choice at $198.95 a record high
Holiday features mostly beef but only one choice offering of $8 rib eyes
Cash hogs steady to $2 higher
Margins still in the red

Grain and soybeans
Soybeans lower despite fair exports and crush above expectations
East Belt may only get ½” of rain early next week but more out west
Early corn yield guess off 3% but there is a long summer of weather coming
China bought 110,000 tons of wheat and that is routine
Corn export sales were poor or the worst this year
Wheat passable
All grains and oilseeds just banging around in their trading ranges
It would not be a sound strategy to take a new market position into the weekend