Home Market Market Watch Seed Consultants 4/26/2013 Market Update Comments with Gary Wilhelmi

Seed Consultants 4/26/2013 Market Update Comments with Gary Wilhelmi

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12:11 update

Dow off 2, S&P down 6 and NASDAQ 19 lower
Government mortgage bail out program has had disappointing results
Persistent low volume trade in grains and livestock raises volatility risk

10:21 update

Dow up 23, S&P down and NASDAQ 9 lower
U of M consumer sentiment 76.4 down from 78.6 for March
Little variation in Ag markets and volume quite light

 

Financial
Stocks called lower as 1Q GDP grew at 2.5% on an annual basis versus 3% hoped for and .4% in 4Q 2012
The growth tend has weakened in the last few weeks
Chevron misses earning target
Earnings season now winding down
Southern European recession has been spreading north
German measures have been slipping
U of M consumer sentiment is expected at 73.6 down from 78.6
Amazon results flat
Japanese consumer prices off .9% and their objective is to rise to + 2%
All in all economics are a mish mash
WTI crude oil $93.42 off $ .22
DAX index down .5% and FTSE off .6%
Gold up $11 to $1473 as computer kook’s return
Dollar index 82.53 22 lower

Livestock
Current cash bids $127 south and $203 north
Boxed beef off $.31 on both
Cook out hopes, but it is money in the wallet that calls the tune
Pork cutout up $ .83 with loins $2.48 better, Hams up $ .48 and bellies $3.74
Kills for the week up 5000 in cattle and 6000 hogs

Grain and soybeans
All market 5-7 lower over night
Low volume enhances volatility especially in the active bull spreads
The planting window is narrowing, but is not much of a factor as trade indicates
Soy meal basis firms on tight supply
China cancelled some old crop corn, and bought 300,000 of new crop yesterday
First notice day on the May contracts is next Tuesday
Snow possible in parts of Kansas and Minnesota
Funds were modest buyers yesterday
Forecast for next week is more favorable for fieldwork
Flooding slows grain movement, but export business isn’t too good anyway