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Financials

June Bonds are currently 11 higher at 152’05, down 2’35 for the week. 10 Year Notes are 7 higher at 124’15, down 1’25 for the week and 5 Year Notes up 7 over night at 116’03, down 1;02 for the week. Yesterday the FOMC raised rates by 25 basis points and mentioned the possibility of 7 rate hikes for the year, 3 more than the previous conversations of 4 rate hikes in their effort to stem inflation which has far exceeded the targeted inflation rate of 2-2.5%. Of note: The yield curve inverted earlier this morning with 5 Yr. yielding 2.13% and the 10 Yr. yielding 2.12%. Technically the 153’0 support level was violated and support is now 150’16. Resistance is now 155’04.

Grains

May Corn is currently 8’6 at 738’4, down about 10 cents for the week. May Beans are 11 cents higher at 1660’2, down 34’0 for the week. New crop/old crop spreads may have narrowed enough over the last few weeks as the market needs to grapple with tight supplies  because of the Russia/Ukraine conflict. Support for May Corn is currently 713’0 and Resistance 770’0.

Cattle

April LC closed yesterday moderately lower at 139.35 , up 225for the week. Apr. FC closed slightly higher at162.625,up about 370 for the week. Somewhat lower grain markets provided some support for these markets and caused Feeders to gain on the Live market. Cash for lC remains in the 140.00-141.00 area. I still feel that the LC/FC spread has room to narrow.

Silver: May Silver is currently90 cents higher at 25.61, down 70 cents for the week. Support is 24.50 and resistance 25.70.

S&P

June S&P’s are 13.00 lower at 4336.00 after a 2 day rally of nearly 200,00 points. Short term trend is now up. Support remains at 4150.00 and resistance at 4350.00.