Home Market Market Watch Seed Consultants Market Watch 2/5/2013 Evening Comment Gary Wilhelmi

Seed Consultants Market Watch 2/5/2013 Evening Comment Gary Wilhelmi

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Financial
Dow fails to hold above 14,000 closing at 13,979 up 99
Earnings have been mostly better than expected, but expectation were low
Beware of Europe and Japan as economic problems are active
Crude oil up about $.50 on WTI and $1 on Brent as the ISM service index was positive for January
Gold bugs are back in the woodwork
Dollar index ended steady
Beware of bond holdings; be sure your advisor knows what they are talking about

Livestock
Cattle end unchanged
Boxed beef up $1.26 on choice but down $3 versus a week ago
April cattle are at mid range
April hogs have support at $87 about $1 lower
Bellies got belted down $4.90
Cash cattle are called $1 higher
Animal movement has picked up with warmer temps

Grain and soybeans
March corn was a draw
March beans at $14.95 with resistance at $15.01
Beans are coming into Friday’s S/D report over bought
March wheat lost a nickel and as corn are at mid range
Corn carry over expected up slightly form 602 m
Argentine forecast dry this week and wetter next
Domestic soybean estimates in Brazil 81-82 MT
Wheat exports light
US face’s more competitors than it used to when there were just 5 major producers
Brazilian shipments are backed up 40 days but logistics are always problematic down there
The computer gunslingers are cleaning their weapons and so the light volume, but there are more shootouts to come