10:31 update
Given the Fed strategy on asset purchase one should beware of long tern bond holdings as that policy unravels over the next year
Raskin, of the Fed points to lower wages in the recovery, the whole nature of the workforce has changed.
Service sector jogs do not produce goods and art, therefore, not as lucrative as old manufacturing jobs.
May corn is off 10 cents, beans down 14 and wheat has slipped 8
June cattle and hogs are both off about $ .45
10:22 update
Asian stocks are at their low since August
Dow up 82 on Cisco earnings and wishes and hopes about Cyprus
June cattle off % .50 at $121.50 with support at $120
Grains and oilseeds continue mild downer into traditional opening
Market Opening Comment
Financial
Cyprus ECB showdown Monday
Greece talking help with Cyprus but that’s like two old drunks trying to help one another get home
Russia indicates no financial aid but has greater designs
Slovenia has its problems as do all Eastern European countries
As we know from our experience, wishing and hoping do not equal solutions
Argentine peso troubled
Germans have had enough of their dysfunctional Euro zone mates
Dow lost 90 points Thursday
WTI $92.75 up $.43 and has been in a range but some see $100 ahead
Gold off $9 at $1604
Dollar index down 12 at 82.01
Livestock
Spring has not sprung
Cash cattle $125
Boxed beef down $.43 on choice and up $ .21 select
$10 cash breakeven
Wheat feeding still pencils out for early spring
Cattle kill 478,000 off 3000 and hogs 1,203,000 up 10,000
Pork cutout on 31 loads with carcass up $1.09, loins $1.02 and hams Restock up $4.10
Food stocks reflect rise in payroll taxes
Grain and soybeans
Night trade eases into Friday with May corn off 6, beans down 7 and wheat 4 lower
Nebraska and Iowa remain on drought concern list
Moisture possible S Plains for HRW
Recent corn rally due out same farm selling
China selling soybean out of reserves will ultimately be replaced with Brazilian beans when they are moving and port talks continue
Export sales were weak yesterday in all accounts