Home Market Market Watch Seed Consultants 5/23/2013 Market Closing with Gary Wilhelmi

Seed Consultants 5/23/2013 Market Closing with Gary Wilhelmi

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Financial
Stocks, horsed around all day on either side of unchanged, and closed just a hair lower on all
Nikkei had lost 7.3%, so watch tonight’s action
DAX off 2% closing at 10:30 AM
The dollar index slumped 58 points and stayed there at 83.70
Gold in an opposite reaction rallied $23 to $1390
WTI crude was unchanged after falling almost $2, on US data
Fed QE wind down is still at the talking stage

Livestock
Texas cattle $124 off $1
Boxed beef holds at high
Packer margins are best of the year
August cattle came to rest on support
June hogs were $.37 lower after a record cold storage report of 700 million pounds
Holiday weather likely not ideal for cook outs

Grain and soybeans
Corn up 4 cents old and new
July soybeans up 5 and Nov 4 better
July wheat just off high up 14
Old crop soybean exports better than usual and new crop 839,000 tons
Wheat sales 1 MT combined beat estimates
Corn trade dull as it has been
Dollar has been quite volatile closing down 59 points
Large correctional wash back in July soybeans of 50 cents
Correction also applies to July-Nov spread
Rains in Iowa, MN, SD and ND mean continuing delays up north
Indiana corn reported 90% done
Recent surge of corn planting may put crop in jeopardy in late July pollination
Volatility is the one thing we can count on, so market with caution