Home Indiana Agriculture News Seed Consultants 5/30/2013 Market Closing with Gary Wilhelmi

Seed Consultants 5/30/2013 Market Closing with Gary Wilhelmi

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Financial
Dow sags back to 22 point gain, NASDAQ holds at 23 and S&P closed 6 higher
WTI $93.62 up $ .49
Gold rallies $21 to $1413
Dollar down 64 at 83.02
DAX ended up .8%
Revised GDP was a little soft as were jobless claims
Since May 1, the Dow utilities have declined by 8% as the 10 year notes have risen 22%, and that is a normal action

Livestock
August cattle down $.90 to$119.50
July hogs put on $ .67 to close at $93.67
Chinese buying of Smithfield a major pork entity helped
Pork cutout was firm and trading volume good
It is cook out season but choice teaks are awfully pricy

Grain and soybeans
North and west wetness
6-10 day forecast generally drier
Corn finishing plantings with some replants
Soybeans are now at center stage
Oregon GMO wheat issues has little market impact
The global wheat crop looks bountiful
Corn and soybean production is on track for more than adequate
Weekly exports are not expected to be motivational.
Dollar fell 64 to 83.02 and the range has been 78.60 to 84.50

11:16 update

Dow utilities at 488 and was high at 539 on May 1
10 year note yield at 2.12% up from 1.71 % recently
Utilities are ultra sensitive to interest rate movement
Industrials holding up 72
Ag markets have varied little

9:56 update

Dow off 13, S&P down 12 and NASDAQ up 8
Dollar index falls to 83.28 off 38
August cattle steady at $120.40
July hogs up $ .50 at $93.50
Smithfield sale to Chinese may boost pork exports
Unapproved GMO wheat in Oregon
Japanese will scrutinize PNW wheat
Heavy rains in west and north
China routinely buys 120,000 tons of 13/14 beans
Gulf beans up 5 and corn steady
2-3 million less corn acres due to wetness

 

Financial
GDP estimate at 2.4% is a hair light
Jobless claims 354,000 was up 10,000
Nikkei falls another 5% for a total of 15% since last Thursday
Dollar index 83.59 off 3
WTI crude oil $92.67 down $ .46
Gold up to $1403 or $12 higher
Weaker Chinese data press Asian stocks
Dollar back over 101 Yen
European stocks mixed
US stocks milling around in the preopening period

Livestock
Cattle $126 offered in the south
Choice boxed up $1.00 to $209
June cattle at a $5 premium to cash indicates short covering
Pork cut out up $ .79 carcass with loins $3.08 higher, hams up $ .33 and bellies down $1.79
Kills 126,000 and 426,000
Pork trade 526 loads

Grain and soybeans
Corn off 2-4 cents, beans down 8 and wheat also 8 lower
6-10 day period called drier
Corn planting in the home stretch
Soybeans now the focus at 44 versus a 61% average
Wet up north and fine everywhere else
Weekly export sales Friday