Financial
Dow closes up 308 on a late short covering wave that was positioned about mid day on the expectation of a finishing set back
The equity markets are in dangerously over extended posture so be careful
Our fiscal problems have only been addressed on a superficial level
Spending cuts, sequester issues, entitlements and the debt ceiling are still ahead
Intense volatility is ever present
Livestock
Cash cattle are offered at $130
Feb futures are already $6 over $127 cash from last week
Feb resistance is at about $134.50
Feb hogs bounced slightly on short covering with support at $84
Routine weekend meat features appear tomorrow
Grain and soybeans
The equity market rally was not followed by the grain and soybean markets
March corn at $6.91 and March wheat at $7.58 came to rest on support
March soybean support is close at hand at $13.80 after at $13.92 close
The current negative trend remains in effect
Wheat exports were good last week at 1 MT, so watch this weeks report
Kansaswheat is rated 24% good to excellent and 31% poor top very poor, we have had some snow but not nearly enough
The dollar firmed through the day but remains well within its range
Farm bill extension is just a nine month band aid, and does not address key dairy issues
$1 tax credit on biodiesel products helped soy oil but not other elements of the complex