The Nemenoff Report Bonds Lower, S&P's higher, Silver Higher

Financials: June Bonds are currently 17 lower at 141'11 and the 10 Yr. Note 9 lower at 131'13. U.S. March Manufacturing Output was down 0.2% as expected, Capacity Utilization down 0.1% as expected. March Industrial Production was unchanged vs. expectations of +0.2%. Comments from the IMF that economies were improving have pressured Bonds this morning taking away some of the flight to safety factor). We remain short the June Bond 142'00/140'00 call spread.Grains: Over night July Corn traded fractionally higher at 613'4, July Beans 7'4 higher at 1431'4 and July Wheat 2'6 higher at 624'0. Of note: Wheat is once again at a slight discount to Corn. I am a small buyer on breaks in July Corn with a 10 cent risk for short term trades.Cattle: June LC is currently 32 higher at 116.52 and May FC 107 higher at 153.00. As mentioned over the last few sessions I feel these markets may have put in a bottom and I recommend the long side of June LC on breaks to the 115.50 level. That being said, I feel the upside is limited at this time. As for FC I also believe a bottom may be in and demand should improve due to the recent break in feed grains. Again I feel that the upside is limited.Silver: May Silver is currently 25 cents higher at 31.70 and June Gold 5.00 lower at 1644.00. To be honest I can't get excited by either of these markets at current levels.S&P's: June S&P's are currently 10.00 higher at 1374.00. Continue to treat as a trading affair between 1363.00 and 1383.00.Currencies: As of this writing the June Euro is trading 12 lower at 1.3126, the Swiss12 lower at 1.0928, the Yen 32 lower at 1.2398 and the Pound 28 higher at 1.5926. Iremain on the sidelines.Regards,Marc888.908.4310 | 312.264.4310mnemenoff@pricegroup.com