Home Indiana Agriculture News Seed Consultants 5/6/2013 Market Closing with Gary Wilhelmi

Seed Consultants 5/6/2013 Market Closing with Gary Wilhelmi

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Financial
Mildly mixed markets in stocks
No reports today and not much this week
Friday a few Fed officers will be speaking, but that will be just talk
WTI crude up $.12, Gold $4 higher and the dollar index up 19 points did not move the needle
New York Attorney General is suing Wells Fargo and Bank of America regarding mortgage complaints
High frequency traders are trying to defend their casino like computer trading
This also occurs at commodity exchanges as well as the NYSE

Livestock
Cattle fall off $.65 on June retreating from a resistance point
Ju8ne hogs drop $ .82 to $91.17
Pork demand is sift due to tight suppliers and margins
Beef demand has been centered on the middle meats despite choice beef moving above $200, within a dollar of the all time high
Cash at this point looks steady in both cattle and hogs

Grain and soybeans
Improved planting weather is present and in prospects looking toward mid May
Our immense capacity to plant quickly and large yield potential lean on values
July corn dropped 25 cents and December 15
July soybeans followed off 18 with November down 14
July wheat was 18 lower
Corn planting 12% versus a 47% average, but check out how we stand in mid May
Soybeans 2$ versus 12%, confined to the south
Wheat condition is well established
Black sea wheat is coming to market
Many global corn buyers are thought to covered into June
Brazilian corn is taking a larger share of the world market
Export inspection totaled 51 million bushels, whereas in good times we were loading out 100 million per week
Dollar hangs in range and, therefore, not motivational

 

Weekly export inspections:
11.5 million Corn
9 m beans
31 m wheat
Total 51 m whereas in our good days business would reach 100 m per week

10:12 update

S&P steady at 1615
June cattle down $1.82 at $121.92
June hogs off $ .65 at $93.32
Corn and wheat down in teens with soybeans a dime lower in November

10:01 update

Dow off 21
Cattle cash call steady
Choice over $200
Pork demand eases on supply and tight margins
Good plantings maybe into mid month
Cargill idles Lafayette, Indiana crusher due to tight supplies and margins
Gulf beans steady FH May and 10 cents higher LH with corn steady
Wheat condition may be down a bit again

Financial
New highs in S&P over 600 and Dow got over 15,000 Friday
Call this morning is steady to better
DAX steady
Hong Kong at 8 week high
Beware long term bonds—an opinion shared by many analysts
Syrian violence getting only lip service from US
GDP 1Q estimate +2.7%
No reports today
US service sector ports lowest status since last July
WTI crude $95.29 off $ .32
Gold $1471 up $6
Dollar index up 6 to 82.18 or mid range
There will be a number of Fed speeches Friday

Livestock
Cash cattle traded at $131 Friday or $8 over futures, which is high for this time of year
Choice beef over $200, but demand centers on middle meats
Feeder cattle steady
Slaughter unchanged in cattle and 50,000 lower in hogs (Snow storm)
Cash hogs steady call
Pork cut out off $.32 Friday with loins down $3.26, hams up $1.29 and bellies $.62 lower
Good looking cook out week with Mothers day Sunday and that is the number one cook out holiday

Grain and soybeans
Corn traded 17 lower as prospects are good for plantings progress this week
Rain presses wheat
Soybeans not much changed
Cash corn has been firm
Dollar in range
Exports in total; just fair
S American soybean sales moving well as shipments out of Brazil, have been historically large
Financial at record highs in stocks but not motivational