Financial
Dow drops down under 15,000 off 217 points with the S&P down 22 and NASDAQ 40
14,000 is the round number support below the Dow
This was a grinding decline and they are the most serious
More talk that the Fed us running out of bullets in their stimulus effort
There is certainly a lot of hot air in these equities
In today’s reports the ADP jobs were weak at 135,000, and the ISM service sector was
53.7, short of hopes
EU GDP growth estimate came out at minus 1.1%
Watch morning over seas stocks as all were closed before our markers
Employment report Friday and will it confirm a slowing of the job creation pace leading to a June swoon
Livestock
August cattle settled at mid range ($118-1.22.50)
July hogs held near resistance at $94.67
Choice boxes are now at $205 down from $211
Weekend features are headlined by $ .98 pork steak and 4 .88 legs and thighs which is hardly a dinner fit for a king
Grain and soybeans
Bull spread work in corn and soybeans, as the same formula holds forth with old crop supplies tight and new crop prospects more bountiful
Another storm mass is hovering over Oklahoma traveling the same jet steam course that all recent weather has followed heading toward the Ohio River valley and adjacent real estate
S Korea finds no GMO wheat problems coming out of Oregon
Russian wheat estimated at 54-55 MT
EU wheat running up 4%
Last year’s drought and low river water levels have now been replaced by flooding and high water closures up north on the Mississippi