Home Market Market Watch Seed Consultants 6/13/2013 Market Watch with Gary Wilhelmi

Seed Consultants 6/13/2013 Market Watch with Gary Wilhelmi

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9:38 update

S&P off 1 at 1611 with support at 1598
Dec corn $5.36 ½ of off a penny with support at $5.20
Nov beans $13.08 at mid range with support beginning at $12.80
July wheat on daily, weekly and monthly support at $6.80
August cattle at middling position at $119.37
July hogs continue to recede at $98.87 off 30 cents after peaking at $100.07 yesterday

 

Financial
Nikkei off 6.4% dropping back into bear market status
Pre open Dow off 70
Yen higher
DAX down 1.4% and FTSE .8% lower
Dollar index down to 80.75 off 19
Watch long term pattern of Japanese earnings for recovery sign
Japan has had a decade of economic despair and some think our bonds are entering such a period
10 year notes 2.185 % up from 1.71 % a few weeks ago
Global monetary uncertainty is the root of all market evil
Jobless claims 345,000 steady
Retail sales up .6% in May versus +.4% expected
Business inventories projected to rise .3%
WTI crude $96.33 down $ .55
Gold $1382 or $9 lower
S&P support is at 1598

Livestock
Two Texas plants down for repairs cutting kill to 117,000
Cash call $1 lower at $121
Choice boxes down $1.290 and select up $ .15
Retail features still fighting for limited dollars
Hog kill 404,000 off 20,000 for the week
Pork cutout up $1.27 with loins $3.46, hams$3.62 while bellies fall $4.30
Hog virus and Chinese rumors have powered July hogs up over $100, but they pulled back late
Beef export fair at 13,000 tons as was pork at 12,100

Grain and soybeans
S/D report was just a partial score, but Dec corn and July Minneapolis wheat both dropped below their 50 day moving average lines
Nov beans sold off but stayed in range
6-10 day forecast is drier
World wheat ample
Dollar down to 80.75, so watch if that inspires exports
Weekly sales 467,000 tons of wheat as new season begins is on the light side, corn poor 81,000 tons and just 68,000 of new crop with soybeans 33,000 and 447,000 with China taking 407,000 of new crop
None of these numbers will raise the bar