Grains: Yesterday Beans were 7 cents higher, Corn fractionally higher and Wheat 9 higher. Over night Beans were 14 lower, Corn 3 lower and Wheat 4 lower. With yesterday’s break from the early morning highs the market has set resistance in July Beans at 1185’0, July Corn at 435’0 and July Wheat at 604’0. I suspect that there will be some profit taking before the Holiday weekend. We remain long out of the money calls and/or call spreads in July Corn.
Cattle: Yesterday Live Cattle closed 12 lower to 55 higher with the August contract closing 25 higher at 82.87. Yesterday the market provided a buying opportunity as it traded below the 82.30 level (the low was 82.02). If you went long I recommend either using a protective sell stop at 81.00 or taking the short term profit. I still feel that if the market trades above 84.10 it will be an upside break out.
Silver: July Silver is currently 9 cents lower at 14.18. I still remain on the sidelines. Resistance continues at the 14.40 level. I will be a cautious buyer below the 13.60 level.
Currencies: As of this writing the June Euro is 60 lower at 1.3740, the Swiss 35 lower, the Yen 40 higher and the Pound 120 lower at 1.5660. The June Dollar Index is currently 33 higher at 81.41. Yesterday we were stopped out of a recent long position in the June Dollar Index when the market traded through the 81.65 level. We are on the sidelines in the Currencies and the Dollar Index.