Financials: June Bonds are curently 11 lower at 140'11 and the 10 Yr. Notes 5 lower at 130'24. This mornings Job's Report showed an increase in non-farm payrolls of 227,000 vs. expectations of 213,000. The unemployment rate remains at 8.3%. U.S. Trade Deficit was 52.57 billion dollars vs. expectations of 48.40 billion dollars. I still feel the Bonds are in a trading range of 139'00 to 144'00.

Grains: Yesterday May Corn closed 3'2 lower at 635'4, May Beans 11'6 higher at 1338'4 and May Wheat 4'4 lower at 634'6. This morning's carryout figures: Corn 801 million bushels vs. average estimates of 784 billion. Beans 275 million bushels vs. estimates of 257 million bushels. Wheat 825 million bushels vs. expectations of 838 million bushels. The market had been expecting a negative report, hence the recent break in Corn and Wheat. I feel these figures justify the recent break in Corn but not much beyond the recent break. The opening call at this time is 2-3 higher in Corn, 5 higher in Wheat and 5-10 higher in Beans. If you went long May Corn in the mid 630's, risk about 12-15 cents. We remain short the July Corn 600'0/ 700'0 strangle from the 45'0 cent level. I will take profits today (only) if thie strangle should trade below 36'0 (currently about 40'0)

Cattle: Apr. LC is currently 45 lower at 126.20. For the near term my objective has been met and I am out of the market for the weekend. May FC are 27 lower at 158.30. I remain negative on the Feeders.

Silver: May Silver is currently 47 lower at 33.35 and Apr. Gold 16.00 lower at 1683.00. Support remains in the 32.00 area for Silver and 1630.00 for Gold, levels I will be willing to try the long side of the market.

S&P's: June S&P's are currently 2.50 higher at 1364.00 (6.00 discount to the March contract). Positive news on Greek debt swap and Job's Report has held this market near the yearly high. In the back of my mind I wonder if it is time to buy the rumor, sell the fact. The facts are in but I'm going to use caution and wait until next week before trading this market.

Currencies: As of this writing the Mar. Euro is trading 125 lower at 1.3148, the Swiss100 lower at 1.0908, the Yen 94 lower at 1.2158 and the Pound 110 lower at 1.5716. Trends remain down, but we are on the sidelines having covered all short biased positions (futures and options) fearing an oversold situation.

Regards, Marc 888.908.4310 | 312.264.4310 mnemenoff@pricegroup.com