Home Market Market Watch Seed Consultants Marketwatch 11:00 uPDATE with Gary Wilhelmi 10/12/2012

Seed Consultants Marketwatch 11:00 uPDATE with Gary Wilhelmi 10/12/2012

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S&P 500 under 1431 support at 1427
Dec wheat on support at $8.60
Dec corn off $.16 at $7.58 with support at $7.40 and $7.30
Nov beans $15.22 with support at $15.00
Dec hogs $78.10 above $78 resistance
The close is what counts in all these markets

 

Financial
Wells Fargo and JP Morgan Chase earnings positive giving an opening lift to stocks
PPI up 1.1% versus a .8% expectation
S&P again tested 1431 support with the call a bit better
DAX and FTSE up .2%
EU industrial production up .6% in August
Crude oil shadow boxing up $.17 at $92.24
Gold $6 better at $1772, has been docile
Dollar index off 26 at 79.52
Consumer confidence estimates at 78 from 78.3, minimal impact

Livestock
$126-127 with a few steady
Boxed beef has been pretty flat this week
Slaughter thus far 502,000 up 10,000 and hogs 1,732,000 up 2000
Pork cutout up $1.04 with loin’s $.4 lower, hams $1.96 higher and bellies plus $2.87
Tightening geed grain and soy meal supplies are long term drivers of the feed markets

Grain and soybeans
Another coo coo computer session after a mildly divergent crop report
Night trade pulls back 6 in corn, 15 beans and 9 in wheat
Harvest into last quarter in corn and one third from the end in beans
Brazil tops Argentina in corn production
Brazilian corn exports up 88%
S American crops look good with a long way to go
A little rain means nothing at this advanced stage of harvest and producers can use a break for equipment repair
90% of commodity trade is electronic and those computers are possessed