Silver: July Silver is currently 25 cents lower at 14.43. I continue to remain on the sidelines. A weaker dollar and lower equities are putting pressure on the market this morning.
Grains: On Friday Beans were 9 lower, Corn 6 higher and Wheat 19 higher. Over night Beans were 9 lower, Corn 7 lower and Wheat 6 lower. We remain long out of the money calls and/or call spreads in July Corn. We are currently on the sidelines in futures on all the grains and will look to be a buyer on sharp breaks in Corn and Beans. I feel the Wheat is getting a bit pricey and will stand aside.
Cattle: Friday’s Cattle on Feed Report showed: On Feed as of May 1 was 97% of a year ago versus pre-report estimates of 97%. Placed in April 104% versus estimates of 106.3%. Marketed in April 93% versus an estimate of 94.2%. The placement number is a bit friendly and the marketed number a bit negative, but, all in all I would call the report neutral to somewhat friendly for deferred contracts. If you remain long Aug. Cattle from below the 82.30 level, either take profits or continue to use a protective sell stop at 81.80. A close above 84.10 could be an upside breakout.
Currencies: As of this writing the June Euro is 140 lower at 1.3900, the Swiss 40 lower, the Yen 70 lower and the Pound 80 lower at 1.5837. The June Dollar Index is 50 higher at 80.615. I remain on the sidelines. I am a bit friendly to the dollar at present levels but the market has not given me any type of technical signal to follow my gut reactions at the present.