Home Market Market Watch Seed Consultants Marketwatch 10:22 update with Gary Wilhelmi 10/16/2012

Seed Consultants Marketwatch 10:22 update with Gary Wilhelmi 10/16/2012

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10:22 update

Builder confidence at six year high
Dow up 102
S&P 9 higher
Light night trade in grains and oilseeds
Japan buys 250,000 tons of Ukrainian corn
South Korea and Taiwan shopping for cheaper non US corn
Southeast confirms on 1.35 MT of S.A. corn
110,000 soybeans to unknown
Ukrainian grain export up 73% from a year ago
Smaller show lists boost feedlot leverage
Pork margins strongly in the black
Cash hogs steady call

 

Financial
Earnings better than expected from Goldman Sachs and PNC with Intel and IBM this afternoon
Pre open stocks up slightly 3 points on S&P at 1443 and S&P opened 6 higher with the Dow up 57
DAX 1.2% higher ands FTSE up .8%
Germany is open to s Spanish line of credit
EU consumer prices up.7%
US CPI up .6% (gas prices)
EU trade surplus a record 9.9 b in August
EU is practicing stalling economic tactics
Industrial Production up .2% after off 1.2% in August
Crude oil $92.35 up $.35
Gold $1741 $6 higher
Dollar index off 35 at 79.48

Livestock
Show lists shrink
Boxed beef up $2.29 choice
Cash offers at $128 down south
Weights heavier up north
Beef exports off 10% ytd
Slaughter 126,000 and 433,000 on par
Pork cutout $.83 higher with loin’s up $2.24 and hams plus $.12

Grains and soybeans
Markets experience light short covering over night
Support levels are $7.32 on Dec corn, $14.56 Nov bean and $8.56 Dec wheat
Nov beans pivoting around $15.00
Soybeans yields have been higher and are in the market
Good rain in South America
Corn harvest 79%, soybeans 71% as are winter wheat plantings
Helpful rain in the plains for wheat
US gulf corn $8.39 versus Argentine corn at $7.08
End users attracted by lower prices but corn exports for 2012 seen off 25%
Minimal logistical problems in harvest
Uncertain global economy hurts agricultural trade