Home Market Market Watch Seed Consultants 5/21/2013 Weekly Market Update with Gary Wilhelmi

Seed Consultants 5/21/2013 Weekly Market Update with Gary Wilhelmi

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Financial
Dow up 53, S&P 3 and NASDAQ 6 all near their highs
Goldman Sachs sees higher stock values
Fed policy ideas are mixed as they should be regarding QE program as they are in a transitional stage
Gold off $11 at $1373
WTI down $ .82
Dollar ends just 6 better at 83.87
More Fed conjecture coming

Livestock
August cattle rally $1.10 to $120.22
Choice boxes at $210.34
Memorial Day features in the morning with assorted budget cuts expected, along with grilling meats
Pork demand has been soft
June hogs closed up $ .32 at $91.40

Grain and soybeans
Dec corn closed flat, but downside risk is to $5.00 given rapid plantings progress
Corn may be 90% planted next week
Soybeans are primed to sprint to the tape
Spring wheat is in its final quarter
Wheat all across Europe into the Black Sea area looks good
Paraguay soybean production may reach 9 MT
Brazil, first reached that level in the mid 1970’s, and is now in the mid 80’s.
Argentina is having labor problems at its leading port
30 million bushels of beans may enter our eastern ports in August-September
Commodity trading volume has been trending lower as stocks hit new highs
Heavy storms are heading into the east-central Corn Belt tonight and tomorrow.
Minnesota has had excessive rainfall in some locales

 

10:51 update

Stocks get the creeps fall to small loses
Aussie dollar at 97.6 is targeted at 93, with a January high of 106
Gold off $21
WTI crude down $ .49 at $96.44
Dollar index now up 41 at 84.17

 

10:09 update

Dow up 55

Dollar index up 25
Aussie dollar has fallen
June cattle $5 discount to cash
Pork demand is?
Cutout off $ .63
Cash call steady to lower
Key Argentine port on strike
Gulf beans off 10 cents and corn up 8
Corn is 19% emerged versus a 46% average

 

 

Financial
Fed policy statement Wednesday plus minutes from last meeting
QE phase out expected but time table is fluid
Fed’s printing of money is not the same thing as growing the economy
No reports
New high Japanese stocks
Financial leader says Yen must decline to assist exports the key to the economy
Stocks called a bit better
WTI inventories today $96.49 off $ .22
Dollar rebounds 22 to 84.02 pressing gold down to $1375 off $10
DAX index down .2%

Livestock
Packer’s holdings smaller
Cash offered at $128
Boxed beef another new high at $210.34 on choice with select up $1.10
653,000 kill largest of the year
Cattle placements largest in heavy weights
Iowa-Minnesota hogs up $4.05
Pork cutout down $ .10 with loins up $ .30, hams down $2.90 and bellies $ .18 lower
Feature’s for the holiday tomorrow

Grain and soybeans
Record plantings knock corn down and through support is December ($5.17)
Corn now at 71% versus a 79% average
Soybeans 24% versus 42 %
There may be a couple of million less corn planted but yield outlook is improved
Spring wheat jumps to 67%
Charts in all, especially corn look quite weak
Exports are not strong enough to drive in runs, like the Miami Marlins hitting