Positive outcome of talks with Iran might be Euro positive

Financials: June Bonds are currently 1’10 higher at 165’05, 10 Yr. Notes 11 higher at 129’08 and 5 Yr. Notes 5.2 higher at 120’12. This mornings ADP private sector job survey showed the creation of 189,000 non-farm payroll jobs, well under the pre-report estimate of 225,000. This is often a precursor to the Monthly Jobs Report (this Friday) and culd be an indication of a negative Report. We are currently on the sidelines. That being said, I will be looking to once again go long 5 Yr./short 10 Yr. spreads when/if the 10 Yr. trades above 129’20.

Grains: May Corn is currently fractionally higher at 377’0, May Beans 5’4 higher at 978’6 and May Wheat 1’4 lower at 510’4. Yesterday’s planting intention report was initially negative Corn and friendly Beans showing more than expected acreage for Corn. I want to go long either May or Dec. Corn on any further breaks as we start to near long term support 5-15 cents below the market.

DJ USDA Report: Summary for Mar 1 Quarterly Grain, Soybean Stockpiles & U.S. 2015 Planting Reports

KANSAS CITY--The following table of analysts' estimates is provided as a service to The Wall Street Journal subscribers in conjunction with the U.S. Department of Agriculture's March 1 Quarterly Grain, Soybean Stockpiles and 2015 U.S. Grain, Soybean Prospective Planting reports.

Cattle: Live and Feeder Cattle closed moderately lower yesterday inspite of sharply lower feed grains after the Planting Intention Report. This encourages me to remain short for the moment with protective buy stops 250 points above the market. If Live and Feeder Cattle trade more than 100 lower today, lower your stop by a like amount or take profits. We remain long call spreads in June Hogs.

Silver: May Silver is currently 10 cents higher at 16.70 and June Gold 8.00 higher at 1191.00. We remain long.

S&P's: June S&P’s are currently 6.00 lower at 2055.00. The market has been quite volatile in the last 24 hours making an overnight low of 2033.50 when it appeared that talks with Iran could break down and rallied to 2060.75 when the Mar. 31 deadline was extended through today. Contine to treat as a trading affair between 2040.00 and 2080.00.

Currencies: AS of this writing the June Euro is currently 34 higher at 1.0788, the Swiss 61 higher at 1.0376, the Yen 6 higher at 0.8352 and the Pound 45 lower at 1.4792. I am currently on the sidelines. That being said, I feel that a positive outcome of talks with Iran will be initially friendly to the Euro as Europe will be a beneficiary of any signifcant lifting of sanctions. If you feel the need to trade these markets I recommend the long side of the Euro or the short side of the Dollar Index.