Financial
French credit rating down graded
Moody’s downgrades 11 EU banks including one in France
UK takes special measures to protect themselves against an EU meltdown
Spain and Italy on the brink of defaulting
ECB stimulus pledges but it has not worked before
Anti austerity party victory in Greece, and its close, would take Greece out of EU
Spanish 10 year yields reach 7% tipping point, and that was the last straw in Ireland
Dow called higher
Expiration triple witching day means heightened volatility in US stocks
Consumer from the U of M expected at 77 down from 79.3
Empire State manufacturing index 13.5 down from 17
DAX up 1.1%
G 20 will have proposals but only Germany has the money and they can not support the other 15 EU nations
Crude up $.37 at $84.28 just pawing around and OPEC is not expected to change production
US 10 year bond at 1.6%
Dollar 81.81 off 18
Livestock
Cash cattle lightly trade off $3
Boxed beef hits new record high at $198.95
Retailers begin positioning for the 4th of July but that is a hot dog and hamburger holiday
Cattle 510,000 versus 507,000 last week
Pork cutout strong with carcass up $2.35, loins plus $3.04, hams $2.67 better and bellies gained $2.93
Hog kill light at 1,573,000 versus 1,610,000
Cattle futures have cleaned house while hogs have held
Grain and soybeans
Mid range chopping
Rains next week may only be fractional in the east but better out west
The specter of Europe hangs over all markets
Weekly exports and crush were positive in beans and wheat sales were decent but corn business is bad
This would be a good day to go fishing as uncertainty makes the markets even squirrelier