Grains: Yesterday Beans were 9 cents lower, Corn 3 higher and Wheat 12 lower. Over night Beans were 7 lower, Corn 3 lower and Wheat 5 lower. We remain long out of the money calls and/or call spreads in July Corn. Those of you with call spreads with the 450 call as your long leg should now be showing a small profit. I am still friendly to the Corn and am awaiting the Crop Production report next week to give me a clue for further market direction. If you are holding multiple contracts I would consider using further rallies from present levels to start taking profits. These options expire on June 26th.

Cattle: Yesterday Live Cattle closed 100-130 lower with the Aug. contract closing 100 lower at 80.65. As mentioned Tuesday I am looking at breaks below the 80.50 level as a buying opportunity (yesterday’s low was 80.40).

Silver: July Silver is currently about 10 cents lower at 15.85. Over night the market made a high of 16.25. For those of you who remain long I recommend raising your “trailing” stop to the 15.10 level or taking profits.

Currencies: As of this writing the June Euro is 148 lower at 1.4170, the Swiss 85 lower, the Yen 31 lower and the Pound 114 lower at 1.6455. The June Dollar Index is 76 higher at 79.23. I remain on the sidelines.