Financial
Dow falls to 78 point loss
Private agency down gradesSpaincredit rating again
Spanish and Italian interest rates spike to new highs
The question now in becoming many when those higher rates visit our shores
Former Fed Chairman Greenspan calls the euro a failed experiment
Fed stimulus must come next week, if at all; otherwise the clock gets pushed back to 2013
An increasing number of economist fear we will be back into recession by then
PPI up 1% was largest jump in a year
USGDP growth is generally estimated at 2% or less
Many stock instrument expirations this week and mean’s more instability in equities
Coming attractions; Greek election Sunday, Supreme Court health care decision soon and EU summit at end of month
Livestock
Cash cattle may settle ate $124
Boxed beef was off $ .31 on choice today with movement good
Beef leads holiday features but only one choice offering (rib eyes at $8)
Watch slaughter which could rise to 650,000
Nearby cattle fell back into center of their trading range
Pork cutout firm but margins remain in the red
Hog slaughter running about 40,000 under last week
Grain and soybean markets
The period between 6/18 and 6/22 may bring rains and possible change in the dry pattern that has dominated the southernCorn Belt
Run and gun speculators ran corn up and soybeans down, to polar opposites in Wednesday’s trade, but both are near the mid point
The main period of weakness appeared late in the afternoon so check out the European markets at dawn
We could see further crop deterioration next week, but a rain event could reignite our super seeds
Wheat was quiet as world balance is adequate supply wise.
Wheat production has diversified over the past decade or so