Home Market Market Watch Seed Consultants Market Watch 2/14/2013 Closing Comments With Gary Wilhelmi

Seed Consultants Market Watch 2/14/2013 Closing Comments With Gary Wilhelmi

SHARE

Financial
A befuddled Industrial average closed down 9 points
Global GDP reports were quite poor, especially out of Europe and as a symbol of that the DAX closed 1.1% lower
The UK is entering a triple dip recession
Crude oils a bit better and in the long view US domestic production may cut the gap between Brent and WTI in half
European strife inspired Gold to rally in the time honored run the quality pattern
The dollar index pulled back slightly on profit taking late but as poor as we are doing, GDP -.1% for the 4Q, we are doing better then the rest of the world

Livestock
Short covering came into the beaten down cattle market, but hogs held to their low
Cash has traded at $123 off $2
Boxed beef mixed for the week
Margins are deep in the red in both meats
Cash hogs steady to lower
Pork cutout had a weak report Thursday morning
3-1 meat inspectors furlough still looms if the Washingtonians can’t get their act together

Grain and soybeans
March corn was low at $6.90 right on support but late covering brought the market up to $6.94
March beans had a brush with $14 but closed at $14.17
March wheat absorbed more downside punishment but closed steady at $7.32
Weekly exports were Ok in wheat at 651,000 tons but horrible again in corn at 225,000 and beans without China was punk
Chinese come off holiday Sunday
Short covering is due but S American production will not likely be the trigger and spring weather is too far away to guess
It will take two to three years to recharge Midwestern and plains country soils under average moisture accumulations
The Chicago drawing area has but 40% of its normal snowfall thus far
Volatility is currently subdued, but spring markets could be extremely intense

 

11:11 update

Dow unchanged
Apple stock $457 off a Sept high of $700 with support at 400
Cattle and hogs continue slide down $1.60 on April cattle and $1.32 hogs
India may import 11 MT of Veg oils
Palm oil at two week low on large global stocks
Corn down for 11th day
14 day RSI’s in 30’s on grains and soybeans and low 20’s in livestock

10:38 update

Correction on export sales: wheat 651,000 tons, corn 225,000 and beans sans China 109,000 old and 345,000 new
April cattle at $128.00 now look to the monthly chart for support and it is there
April hogs $84.85 with monthly chart support at $82
Gulf beans off 1 cent and corn up 5
EU canola lowered 1.1 MT to 132 MT
Ag markets over sold and struggling