Jun. Bonds are currently 2 lower at 115'11. We continue to hold the June Bond 114'00/112'00 put spread which is currently trading at our entry level of 34 points premium the 114'00 put.
Yesterday Beans were 6 cents lower, Corn 8 lower and Wheat 6 lower. Over night Beans were 3 higher, Corn 2 higher and Wheat 3 higher. If you remain long May Wheat either take profits or continue to use a protective sell stop at 461'0. If the May Wheat trades above 482'0, once again, either take profits or raise your sell stop to the 465'4 level. We are also currently long the Nov. Bean 1020'0/1060'0 call spread initiated at 8'4 premium the 1020'0 call.
Yesterdays Live Cattle and Feeder Cattle closed slightly to moderately lower depending on the contract month. This morning the market is trading moderately (40-70 points) higher, near contract highs. I continue to recommend hedgers use out of the money puts as opposed to short futures positions for price protection. For those of you who feel adventurous it may be time to consider selling out of the money calls and collecting the premium in an effort to ease the burden of the expense of your put position given the recent run up in price.
May Silver is currently 17 cents higher at at 18.30. I remain on the sidelines.
Jun. S&P's are currently 2.50 higher at 1186.25. We remain short a combination of futures and out of the money puts. We continue to use a protective buy stop at the 1192.00 level.
As of this writing the Jun. Euro is currently 28 higher at 1.3379, the Swiss 3 higher at .9322, the Yen 28 lower at 1.0682 and the Pound 80 higher at 1.5346. I remain on the sidelines. Next week I will once again be looking at the short side of the market in the Pound and the Yen. The Jun. Dollar Index is 9 lower at 81.610. Resistance for the Dollar is now the 82.10 level for the near term.