Home Indiana Agriculture News Seed Consultants 4/29/2013 Weekly Market Closing with Gary Wilhelmi

Seed Consultants 4/29/2013 Weekly Market Closing with Gary Wilhelmi

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Financial
New high NASDAQ at 3329 up 22, and S&P at 1597 up about 4 with Dow 17 higher at 14,835 versus a 14,887 high
WTI up $1.33 at $93.17
Gold quiet and up $8 at $1475
Dollar slumps below 82 to 81.72
DAX index up .5%
FOMC meeting Wednesday with no change in bond buying program expected
10 year note at low 1.67%
Consumer confidence gains to 52 and Chicago loses top 49
Over all a lazy trade in equities

Livestock
Slight decline in June cattle $ .37
Boxed beef choice up $3.50 thus far this week
June hogs reach $92.62 up $ .57 are somewhat restrained by the futures premium to cash
Pork cutout up modestly

Grain and soybeans
Profit taking in corn and soybeans
Spread correction in corn
Wheat is drawn to the orders above closing at $7.30 up 14 cents
Wheat export inspections were good at 31 million Monday
Repeat freeze for HRW again on Wednesday and Thursday
Dollar below 82 is motivational for exports
HRW crop tour
S American soybean shipments hit 9.3 MT in April, a new record, with 10 MT expected this month
Some planting in parts of Nebraska and Iowa, but over all just 5% of corn, versus a 31% average
S/D next week, but just best guesses

10:41 update

Dow off 71
Consumer confidence 68 versus 62 expected
Chicago PMI 49 versus 52.5 expected with 50 the swing point
Wall Street sees no end to QE until 2014
June cattle and hogs up about $ .50
Cash hogs called steady to $1 higher
Near by hogs limited by sharp premium to cash
Spread balancing in corn and beans
Light profit taking in wheat
Gulf corn and soybean bids off 3 cents
SRW crop condition unchanged with HRW off 2%