Over night Beans were 8 lower, Corn 2 lower and Wheat 3 lower. We have been stopped out of our long position in May Corn as the market is now below the 361'0 level. We remain short the July Bean 880'0/1080'0 strangle. A strong Dollar this morning should keep pressure on the Grains.

Cattle: Yesterday Apr. Cattle closed 140 lower, Jun. 170 lower and Aug. 142 lower. Commodity funds were sellers as the Jun. contract fell below the 10 day moving average. Open interest fell for the first time in many seesions by 1700+ contracts. We remain spread long Aug./short Apr. I continue to urge producers to take hedge protection for summer month contracts.

Silver: May Silver is currently 30 cents lower at 16.73. Support is currently 16.30 and resistance now 17.45. I will try the long side of the market below the 16.30 level.

S&P's: Jun. S&P's are currently 5.00 lower at 1164.50. We remain short the Jun. S&P's and short the Jun. S&P 1040 put.

Currencies: As of this writing the Jun. Euro is trading 133 lower at 1.3356, the Swiss 100 lower at .9363, the Yen 181 lower at 1.0884 and the Pound 138 lower 1.4886. We remain long the Jun. Yen 1.0600 put. Consider selling the 1.0300 or 1.0400 put against this position to lock in some profits. The Dollar Index is currently 82 higher at 81.94 (a new recent high). Continued speculation on a default by Greece, etc. has bouyed the Dollar.

Regards,

Marc