Grains: Yesterday Beans were 34 cents higher, Corn 9 higher and Wheat 37 higher. Over night Beans were 3 lower, Corn about 5 lower and Wheat 9 lower. We remain long out of the money calls and/or call spreads in July Corn. Yesterday’s Crop Progress Report showed: Corn planted at 93% versus 82% a week ago and a 5 year average of 97%. The market was expecting about 94%. Corn emerged 73% versus the 5 year average of 86%. For Beans, planted 66% versus 48% a week ago and a 5 year average of 79%. If July Corn trades above the 450’0 level I will be looking to start taking profits on our July Corn option positions.
Cattle: Yesterday Live Cattle closed 17-80 lower with the Aug. contract closing 17 lower at 81.65. We remain on the sidelines at the moment. I will once again be looking to the long side of this market below the 80.50 level.
Silver: July Silver is currently 4 cents higher at 15.78. If you remain long either take profits or continue to use a protective sell stop at the 14.90 level.
Currencies: As of this writing the June Euro is 53 higher at 1.4220, the Swiss 55 higher, the Yen 88 higher and the Pound 10 lower at 1.6435. The June Dollar Index is 25 lower at 78.91. I remain on the sidelines.