Market Wrap Up 6/26/12 with Gary Wilehlmi

Wait and see attitude in all areas ahead of EU summit
EU finance ministers to meet before summit
Germany’s Merkel warns not to be optimistic about summit as nothing has come of them before
Watch over European markets for advance warnings
US home sales and consumer confidence reports were not motivational
Supreme Court Health care decision must come this week as the term ends this week.
More certainty for business unlikely coming out of the Court ruling

Triple digit temperatures will curb appetites
Another strong leg up in corn depresses feeder cattle
Packers making money but producers are not as break even at $135 is well over $115 cash
Pork cutout looks toppy at $101
Our struggling economy suppresses meat demand

Grain and soybeans
Profit taking in beans but corn steams ahead up $.28 on the December at a new high of $6.22 with resistance at $6.40
Arid conditions are creeping into parts of Iowa and Northern Missouri
25% of the Illinois corn is rated poor
Planting s and stocks reports at end of the week
Corn plantings 96 million and beans 75.2
Corn stocks 3.67 billon, beans 619 million and wheat 1.21 billion
Be careful of stocks as revisions often occur must past measures
Stocks are the prime indicator of domestic usage
Dollar near its high retards all exports
Watch dryness in Europe, Russia and Australia
Beware of speculative gymnastics as we come into the reports and the EU confab

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