Financial
Quiet equities awaiting next big event inEurope
Spanish banks an endangered species
Greece approaches EU exit point
Greek election will not prove anything as consensus is unreachable
Greece has no economy upon which to base a recovery
Watch European markets early as they are cumulative indicators as opposed to gas bag analysis
That same view applies to our sick situation
Bernanke to testify before congress with not much to offer
Livestock
Cattle offers are at $124
Boxed beef up $.89 select and $ .33 choice
Select beef competes well with more expensive pork
Cash hogs called better
Fathers Day features expected to be typical but concentrated on select grade beef
Grain and soybeans
New crop corn and wheat got beat up
US corn sales off 30% losing to S American grain
Brazil new crop soybean sales up 28% thus far
Ukrainian grain exports off 45%
Watch shortage of drought resistant GMO corn seeds
Corn and soybean crop conditions good with beans 65% g-x and corn unchanged at 72%
Clear skies presently in the Midwest with a heat up into next week
Weekend rains were not as plentiful as hoped
Winter wheat 20% harvested
Financial
Spanish banks on brink of collapse
Greece closer to exiting EU
Garbled Greek elections 6/17
ISM service sector expected at 53.1 versus 53.5
G7 meeting inFrancein emergency session
Dow called lower
DAX off .8%
CAC up .7%
Dollar 25 higher at 82.81 near its high
Euro holds at depressed 1.2435
Gold up $6 at $1620
Crude oil $83.54 down $ .44
Livestock
Cattle show lists larger
Slaughter expected to rise–123,000 Monday
Cash offers at $124
Boxed beef steady on choice and $.50 better select with spread at a wide $12
Two good export weeks but imports have also risen
Select beef competitively priced versus pork
Pork cutout up $ .63 with loin’s $2.99 higher and hams off $ .23
Hog kill 408,000 a little light
Grain and soybeans
Financial European ogre haunts all markets
Corn rating 72% good to excellent versus 67% last year
Beans 65%
Illinois corn unchanged at 66% andIowaoff 2% at 85%
Weekly export inspections slightly better beans, light in corn and unchanged wheat
Chinabought 165,000 tons of 12/13 soybeans but that is routine
Clear shies in Midwest, weekend rains were less forecast and next week is called hotter and dryer
Watch Palmer drought Index for measures of Midwest
At the momentIllinoisandIowaare in decent condition
Ultra sensitive corn and bean markets are subject to excessive volatility
