Marc Nemenoff
PRICE Futures Group
Financials: June Bonds are currently 27 higher at 154’20, 10 Yr. Notes 9.5 higher at 127’18.5 and 5 Yr. Notes 3.5 higher at 119’24.5. Sept. Bunds are 65 higher at 154.18. Janet Yellens talk last Friday can be interpreted as saying the Fed will not raise rates in June but the possibility exists that rates will rise by the end of the year. As for the Bund, Greece is still a concern as the 10 Yr. has retreated from a yield of 0.7% to 0.56% this morning. At the moment I am on the sidelines in U.S. treasuries but I am interested in reinstating short Bund positions above the 154.80 level on the Sept. contract. By the end of this week the Sept. contracts on U.S. treasuries will be considered lead month.
Grains: July Corn is currently 1’4 lower at 358’4, July Beans fractionally lower at 924’0 and July Wheat 3’0 lower at 512’2. We remain long Corn with a PROTECTIVE SELL STOP AT 354’0. I am interested in going long July Wheat in the 495’0 area.
Cattle: The following estimates, as compiled by the Wall Street Journal, are for the U.S. Department of Agriculture's monthly cattle-on-feed report. The report was released Friday at 12 p.m. EDT. Note: USDA rounds its estimates to the nearest whole number. The Cattle on Feed Report which was released Friday at 11:00 was friendly for back months of both Feeder and Live Cattle as evidenced in the placement number which was below expectations. I still have a negative bias and will be a seller in Sept. FCshould they rally to the 220.00 level and a seller in Oct. LC above the 155.00 level.
Silver: July Silver is currently 33 cents lower at 16.73 and Aug. Gold 15.00 lower at 1189.00 falling due to a strong Dollar this morning. I am looking to return to the long side of Gold should it trade below 1170.00. We remain long Silver.
S&P's: June S&P’s are currently 5.00 lower at 2119.00. We remain short from last week (see Report dated May 19) and will use a protective buy stop at 2135.00. Should the market trade below 2115.00 either take profits or lower your stop to the 2126.00 level.
Currencies: As of this writing the Euro is trading 126 lower at 1.0917, the Yen 100 lower at 0.8133 and the Pound 100 lower at 1.5385. Last week we covered short Pound positions putting us on the sidelines. I will be a buyer in the Euro between 1.0680 and 1.0710.
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