Home Indiana Agriculture News Seed Consultants 4/21/2013 Market Closing Comments with Gary Wilhelmi

Seed Consultants 4/21/2013 Market Closing Comments with Gary Wilhelmi

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Financial
Aimless equity markets up 19 on the Dow, 9 S&P and 27 NASDAQ
DAX index plus .2%
WTI crude oil up $ .80
Gold $29 higher all day
Dollar in a narrow range off 7
GE, J.P. Morgan and CAT earnings and outlook all negative
March home sales off .6%
Big earnings week with about 170 reporting in total

Livestock
June cattle off $ .45 and June hogs down $ .75
Cash cattle offer at $128
Boxed beef came in soft as did pork cutout
Cold storage: up 5% versus a year ago in beef, 6% in total pork and down 22% in bellies

Grain and soybeans
July corn off 10 cents, July soybeans down 19 and July wheat followed down 9
Sunny Monday with showers possible Tuesday and Wednesday in the Central Corn Belt
Advance forecast looks ideally warm and dry in the 11-16 day time frame, but that’s guess work
Corn plantings expected at 6% versus an 18% average
Wheat crop condition seen lower from 36 % good to excellent last week
Weekly export inspections are running at less than 50 % of last year in corn, just a little above in soybeans and on par bin wheat. The markets as usual had little reaction to export shipments

10:51 update

Wall Street firms and regulators are trying to subvert privacy laws regarding their employee’s social media accounts. Where were those snoops when the “Bomber Brothers” were on line?
Unrelated to that, stocks continue to recede with Dow off 72

9:43 update

Dow opens up 28 points
June cattle off 4 .07 and hogs down $ .40
July contracts $6.23 corn with support at $6.18, $13.73 soybeans with support at $13.50-60 and wheat $ 7.07 with support at $6.90—all 9-10 lower
Volume just 10,000 corn, 15,000 soybeans and 5000 wheat

Morning Comment

Financial
170 of S&P report this week
So far 57% of reports have missed the mark
Apple, CAT and Exxon this week
GDP 1Q Friday
Dow tests 14.500 support
Slower Chinese growth at 7.7% versus 12.6% a year ago weighs on global markets
Market action looks weary
Watch out for Turkey and Venezuela
Beware of the liberal extremists packing the left side of the equity markets boats, like gold, one good capsize threatens another.
CAT comes out soft
Stocks called higher
DAX up .7% and FTSE .5% higher
WTO crude $88.85 up $ .99
Gold jumps $31 to $1427
Dollar index 13 higher in Range at 82.84

Livestock
COF bearish at 95% with placements up at 106% and marketing’s as expected at 92%
Cash was $ 126 and this morning is offered at $128
Choice boxed beef was $ .69 lower and select $ .62
Slaughter 610,000 from 606,000
Hog kill 2,079,000 versus 2,011,000
Higher slaughter means improved demand
Pork cutout $.41 lower

Grain and soybeans
Losses over night 7-8 cents
Cooling temps and rain Tuesday and Wednesday in Central Midwest
11-16 long shot forecast warmer and drier
Corn plantings expected at 6% versus an 18% average
Wheat condition reduced from 36 % g-x
Another cold night in the Texas Panhandle
Check out residual damage from Chinese earthquake