Silver: July Silver is currently is currently 9 cents higher at 14.95. I remain on the sidelines having missed the last $1.50. If you remain long I would be looking for an exit strategy for the July contract as it has now traded above the 15.00 level. I would suggest using a trailing stop about 1.00 off of the highs. By this I mean, as the market makes new highs, raise your stop in accordance.
Grains: Yesterday Beans were slightly higher, Corn slightly lower and Wheat 13 higher. Over night Beans were 1 cent lower, Corn fractionally lower and Wheat 5 lower. We remain long out of the money calls and/or call spreads in July Corn. Yesterday the July Beans tested the 12.00 level (not seen since Sept. 29 2008) before settling back to the mid 1180’s. As mentioned yesterday I am awaiting the June 10th Crop Production report to see if Corn acreage will be cut back and Bean acreage increased.
Cattle: Yesterday Live Cattle were 22-72 lower with the Aug. contract 72 lower at 83.10. Over night the market is 20 higher at 82.30. If you remain long either take profits or continue to use a protective sell stop at 82.40. As I have been mentioning over the last week the market needs to trade above the 84.10 level to indicate more upside potential. If the market should trade above this level and you remain long, raise your sell stop to the 82.80 level.
Currencies: As of this writing the June Euro is 42 lower at 1.3874, the Swiss 26 lower, the Yen 218 lower and the Pound 126 lower at 1.5919. The June Dollar index is 50 higher at 80.915. I remain on the sidelines.