Home Indiana Agriculture News Seed Consultants 5/15/2013 Market Update with Gary Wilhelmi

Seed Consultants 5/15/2013 Market Update with Gary Wilhelmi

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Financial
At the close the Dow was up 60 points S&P 8 and NASDAQ 9
Momentum remains the main driver despite mixed reports
IRS developing scandal most be watched, as the spin merchants kick up the dust
WTO crude ended about steady after early pressure
Gold dropped below $1400 and stayed there closing at $1393
The dollar index was high at resistance at 84.10 and pulled back to end at 83.79
Europe remains mired in recession

Livestock
June cattle sold off to test $120 support again closing at $120.22
Choice beef appears to be wobbling at a record top
Features continue to be budgetary
Pork firm, but June futures could not hold above $93 resistance closing down at $92.17
Cattle on Feed expected to show smaller total numbers and larger placements

Grain and soybeans
Other than July wheat down 17 corn and soybean had narrow ranges closing a little lower
Scatter showers are occurring in the Central Corn Belt with heavier storms coming Friday through Sunday along I-70
Parts of Dakota’s could have 1.5-2” rains
Corn plantings may be 50% complete by Sunday
NOPA crush was light at 120 m versus 125 m expected
Three major Brazilian ports are again having strikes
China buys 170,000 of beans
July-Nov soybean spread has corrected from a $2.10 premium July to $1.93, and then closed at $2.04
European wheat looks good from France to the Ukraine

10:15 update

WTI crude support is at $91 and the $88 with last at $92.56
Gold testing $1400 support, then $1300 and $1200
Dollar index resistance at 84.10 is close at hand
Dow steady
Negative reports but no reaction
Ag market are resting on their oars

10:08 update

Dow off 18
Industrial production down .5% in April
Cattle and hogs near unchanged
COF expected lower on total and higher placements
Choice beef at high so watch for toppy signs
Cash hogs steady, margins negative and supplies tight
Chinese soybean imports up 12% on year at 66 MT
170,000 tons of beans to China is routine
NOPA crush expected at 125.7 m versus 137 in March

 

Financial
PPI off .7%, so inflation is tame, but deflation is not
Empire State manufacturing index slips into negative territory
Industrial production this morning
All stock indexes at their highs with S&P up 15.7% this year
German economy grew by just .1% in 1Q
DAX .2% lower and FTSE steady
Falling Yen boosts Japanese exports to 5 ½ year high
WTI crude oil off $.90 at $93.31
Gold down $16 at $1409
Euro hits six week low
Dollar index 83.91 with resistance at 84.10
Dow opens off 21 points
Livestock
$126 trade expected in cash cattle
Boxed beef new high on choice at $206.09 up $ .96
Kills unchanged for the week
National cash hogs up $ .76
Pork cutout $.21 higher with loins off $ .25, hams down $1.02 and bellies up $ .86
Same pattern in features: whole chicken $ .78, chuck roast $2.48 and assorted pork chops $1.48

Grain and soybeans
Five to six cents lower over night in all
Scattered showers with more coming, the heaviest 100 miles either side of I 70
24 hour planting may bring us to one-half done in corn, by Sunday
If not planted by 5-20 average yield loss in 15%
Tight old crop corn and soybeans have widened spreads
NOPA crush today
Strikes again hit thee major Brazilian ports
Dec corn support is at $5.20, Nov beans $11.87 and $12.00 with July corn resistance at $6.69
Dollar index is close to its high resistance at 84.10
Reportable exports of 100,000 tons plus are absent
Wheat condition in Ukraine, East Europe, France and Germany look good