7-16-12 AM Comments
Financial
Citi group earnings today with $.95 expected or v10% below last year’s revenues
Big 2Q earnings week
Retail sales seen up .2%
Chine PM says more economic trouble is coming as they confront an economic slow down for the first time in their hybrid business format
European stocks little changed and economic solutions little hope
Euro holds at 1.219
Crude oil off $ .44 at $86.66
Gold down $5 at $1583
Dollar index 83.43 up 8
Bernanke before congress with no new ideas like what came out of the last FOMC meeting
Livestock
Show list size and boxed beef stability is the issue
Boxed beef last $6 last week to $184 choice versus $173 select
Cattle loss per hear is now at $200 and feed spiked higher this Monday morning
Another 10 day hot spell will cut meat demand
Pork cutout steady on carcass with loins up $ 1.93, hams $ .32 better and bellies down $2.44
Last week was a full week of slaughter at 641,000 cattle and 1,959,000 hogs
Grains and soybeans
Another leap ahead Sunday night with Dec corn up $ .27, Nov beans plus $ .40 and Dec wheat $ 28 higher
Some see $8 Dec corn this week
Eastern Corn beltrains disappointing
Crop ratings expected to 3-10% lower
Corn yield many now see at 135 bpa or worse without rain fall relief
Under 1 billion corn carry over and below 100 million beans now a consideration
10 day hot spell with 95-102 seen inIowaand that’s been one of the better spots
Outside markets no help
Crop insurance claims could be a record and some form of government intervention is possible
