Home Indiana Agriculture News Seed Consultants 5/17/2013 Market Update with Gary Wilhelmi

Seed Consultants 5/17/2013 Market Update with Gary Wilhelmi

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12:31 update

Old crop corn in July up 13 and beans 15 higher into resistance above $14.40
June cattle dawdle at $119.70
June hogs cave in falling to $92.02 off $ .85
Hog volumes double that of cattle—unusual
Stocks hold gains with Dow up 58

11:39 update

July corn up 11 at $ 6.52 with gap above $ 6.60 up to $6.75-90
Dec corn hangs around at $5.17 with last $5.23
Old crop-new spreads widen in corn and beans
Nov beans $12.18 with support at $12.00-11.80

11:24 update

Consumer sentiment boosts stocks with Dow up 52
Soft inflation pares growth
US-Russian tensions mount as Russia moves warships into Syrian base
I believe we also have at least one ship in the area
SEC prepares large action against NASDAQ

9:48 update

Dow up 50 early
June cattle $120.12 up $ .22
COF 96% total, 112% placements and 103% marketing’s
June hogs new high at $93.75
Spring wheat and Canadian planting surge
Corn nationally may be 60% planted
Brazil passes port modernization which may serve to elongate port strikes
Gulf beans off 5 and corn up 3
138,000 tons of beans sold to unknown and 120,000 to China

 

Financial
A limping lame duck administration is beset by problems relating to its own inaction and lack of foresight
Soft economic reports in jobless claims, housing starts and the Philly Fed survey from Thursday
Fed official statement are mixed reflection their in internal debates on policy
Computer driven rally presses ahead
EU has had six down quarters
Russian GDP slows to 1.6%
Crude oil up slightly in trading market
Gold off $12 at $1383
Dollar index leaps over $84.10 resistance to 84.16 and that is a bad sign for all exports
DAX up .3% and FTSE plus .4%

Livestock
Texas cattle trade at $125
Boxed beef up to $208.50 on choice
June futures testing $120 support
June hogs test $93.45 resistance
COF lower total and higher placements expected
Processor margins up to $160 per head
Iowa-Minnesota hogs up $1.60
Pork cutout $1.43 higher with loins steady, hams $1.56 higher and bellies $6.16
Cattle slaughter up 5000 on the week and hogs unchanged

Grain and soybeans
Mildly mixed night trade
Spectacular week of plantings
Iowa may be 70% done on Sunday
Scattered showers around with the heaviest running west to east along I 70
China bean demand is subdued but continuing
Ethanol demand increases while soybean crush recedes
There is plenty of wheat in the world
Dec corn support is at $5.20 and July wheat at $6.80
Nov beans $11.80-12.00 and $12…50 brackets