Home Indiana Agriculture News Seed Consultants 4/23/2013 Market Closing Comments with Gary Wilhelmi

Seed Consultants 4/23/2013 Market Closing Comments with Gary Wilhelmi

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Financial
The false tweet that hit the AP twitter account has led to the proper suspension of that account. The hackers if caught should be strung up for cyber terrorism. The whole vent took less then two minutes. These computers are programmed to react to news headlines and it this case it was a widely distributed AP news tweet. The Dow dropped about 240 and points, and then upon clarification immediately retraced the decline.
The markets closed 152 higher on the Dow, 16 S&P and the NASDAQ up 36, prior to the release of Apple’s earnings. Reports from DuPont, Travelers and Netflix had been positive.
WTI crude ended up $.17 at $89.36
Gold $1413 $5 higher
The dollar index up 34 at 83.04
The DAX closing at 10:30 CDT was up 2.4% and that was prior to the hack attack
Our cyber vulnerability is deplorable.
The Ag markets were not affected.

Livestock
Cattle and hogs finished up just slightly despite bearish indications coming out of the cold storage reports
Meat demand remains lax
Maybe business will pick up when cook out season begins, but that depends on how much money is in peoples wallets

Grain and soybeans
Looking ahead to better planting weather sums up the declines in the corn and soybean markets
Wheat remains the captive of ample global supplies, which were reaffirmed by the Ukraine’s plan to lift its export ban
China bought 392,000 tons of soybeans for 13/14
Brazilian prices are such that imports into our southeast may be possible, as this happens from time to time
Warming temperatures are also coming to the HRW area
Flooding has stalled movement on our rivers
Dec corn and Nov beans both traded, and closed below their support levels

1:26 update

Hyper sensitive computer crazies drop and then rally the Dow over 200 points.
There are always skeletons in the financial closet that can jump out at any time
It is the nature of trade these days
Ag market impact minimal

10:37 update

Light boxed beef volume but good in pork at 330 loads
June cattle and hogs both up about $ .80 despite lackluster Cold Storage demand
392,000 tons of 13/14 beans to China
Ukraine lifts wheat export ban
Gulf beans and corn steady
Favorable planting s forecast weigh on corn and beans in new crop
Dec corn breaks $5.25 support with not much below all the way down to $4.40
July wheat tests $6.90
Nov beans have been below $12

10:14 update

Dow up 113
Apple $402 up 3
72% of earnings have exceeded estimates, but profits are down 1.1%
Cold storage confirms lackluster demand in red meats
Mildly mixed grains and soybeans

Market Opening Comment

Financial
US stocks flat pre open, but Dow opens up 88, S&P 8 and NASDAQ 22
DAX up 2 % and FTSE 1.7 %
European stocks rise on Spanish auction and Italian yields
Chinese PMI falls to 50.5 from 51.6, Germany 47.9 from 49 and France 44.4 from 44
US PMI falls to 52
February hone prices up .7%
DuPont earnings top estimate
Apple out this afternoon so watch NASDAQ
WTI crude $88.48 off $ .78
Gold $1418 down $3
Dollar up 33 to 83.01

Livestock
Carry over cash cattle sales helped off set negative COF report
Cash offers at $128
Boxed beef up $ .68 on choice and $.04 select
Slaughter expected to rise to cover demand as cook outs begin
Small feeder cattle auction
Monday’s kills unchanged from a week ago
Pork cutout up $1.54

Grain and soybeans
July corn off 4 cents, July beans down 2 and July wheat 8 lower
Plantings progress tie s low of 4% in 1993
Winter wheat 35% g-x versus 36%
Warming coming to HRW area
1-5 day forecast features more rains in Midwest and then a warm and dry period
Even with the flooding rains a large part of the Western area remains droughty
Fund liquidation yesterday
Brazilian farmers are trucking some soybean 1000 miles to southern ports because of delays at two major northern ports
Flooding now stalls movement on the Mississippi
Light farm selling effects bull spreads