Home Market Market Watch Market Outlook with Gary Wilhelmi 6/21/12 AM comments

Market Outlook with Gary Wilhelmi 6/21/12 AM comments

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-21-12    AM  Comments

 

Fed just extends “Operation Twist” which has had a minimal impact

Bernanke hopes things get better inEuropeand that’s a pretty timid attitude

We can’t bail them out as our boat is leaking as well

Fed sees continued high unemployment and weak growth

Chinese economy slowing down a s they post another poor PMI

Crude oil 18 month low at $80.59 down $.63

June business index at 35 month low

DAX off .6%

Jobless claims hardly changed

Philly Fed data

Dollar in range at 81.63

Dow called a little lower

 

Livestock

Cash cattle reportedly traded down to $114 for a few head

Boxed beef mixed

Cattle slaughter up 5000

Pork cutout off $ .39 with loins up $ .82 and hams $2.71 lower

 

Grains and soybeans

Mildly easier start with a matching weather forecast

Corn entering the silking stage is some areas

Indianarated just 37% good to excellent versus a 61% long term average

Weekly export sales were not too hot at just 92,000 tons of corn, 425,000 beans and 432,000 wheat

Outside markets not much of a factor but watch out for the EU summit at months end

The same goes for the corn and soybean plantings reports and June 1 stocks