Home Market Market Watch Seed Consultants Marketwatch 10:21 update with Gary Wilhelmi 10/03/2012

Seed Consultants Marketwatch 10:21 update with Gary Wilhelmi 10/03/2012

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Financial
Crude crumbles, $4, as US production reaches 15 year high as consumption contracts here and in China
$90 crude support gives way
Stocks little changed
Gold up $4 at $1778
Dollar index up 21 at 79.96 just mincing
2Q earnings expected to weaken
Employment Friday 100,000 to 150,000 new jobs foreseen

Livestock
Hogs rebuffed by chary resistance and Dec sells off $1
Cattle also retreated despite steady to higher cash call and firm boxed beef
Features mixed and budgetary
Pork cutout up $3 Tuesday, but futures reversed direction

Grain and soybeans
Markets could not penetrate down side report and firmed on short covering as they have been building spec shorts for a few weeks
Harvest heads into the second half on corn and beans with moist winter wheat plantings over 40% done
China bought 21,000 tons of soy oil
Egypt shopping for wheat probably Black sea origin
EU maize imports rise as drought cuts crop
Warn and dry in the Ukraine and southern Russia for winter wheat
Export sales have not meant much of late but watch Thursday report
Argentine crushing cut by 6.6% due to drought
Crop report on the 11th with intervening wild private, self serving, guesses

10:21 update

Dow off 23 and S&P steady at 1444 with resistance at 1472 and 1495
Cash cattle call steady to higher
Strong pork cutout boosts margins
Cash hogs steady to better
Oct hogs at a $3 premium to the index
Private crop guess 10.8 b corn on a 123.9 yield and soybeans 2.85 b on 38.2
Gulf bids steady on corn and beans
China buys 21,000 tons of soy oil
Egypt pending on wheat tender has been buying from Black sea
Adverse warn and dry conditions on Ukraine and southern Russian winter wheat

 

Financial
Private jobs forecast 162,000 versus 100,000 to 150,000 generally with report Friday AM
Spanish bail out uncertain as government hedges
DAX up.3% and FTSE plus.1%
Euro .1% higher at 1.2928
Dollar index 79.98 up 23
Crude oil down $.73 at $91.16
Gold steady at $1774
Dow up 10

Livestock
Cash cattle $121 bid and $125-26 offered
Choice beef up $1 and select steady
Show lists flat
Front page features: whole chicken $.78, select T-bone $3.58 and boneless pork loins $1.68
Pork cutout up $3.00 with loin’s $290 higher, hams $3.06 better and bellies plus $6.39
Kills off 3000 in cattle and 1000 in hogs
Slaughter levels have been under control
Dec hogs at resistance $76-78

Grain and soybeans
Continued deterioration with Dec corn off six cents at $7.52, Nov beans down a dime at $15.21 and Dec wheat seven lower at $8.65
Chart supports at $7.30 Dec corn, $15.00 Nov beans and $8.60 then $8.40 Dec wheat
Harvest storming into the second half in corn and over 40% in beans with winter wheat 40% planted
Spec short positions are building
Crop report on the 11th
Some see a two bushel improvement in bean yields
Exports static