Home Market Market Watch Seed Consultant 3/6/2013 Evening Comment with Gary Wilhemy

Seed Consultant 3/6/2013 Evening Comment with Gary Wilhemy

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Financial
Dow up 42 at another new high in an unwavering trade, which is better than a Wild West show
S&P and NASDAQ narrowly mixed
DAX up .6%
Dollar index 40 higher at 82.49
Beige book the Fed’s regional economic review was as expected
Employment Friday is forecast to show 160,000 new jobs

Livestock
Cash cattle $128 in Texas and disappointing
April cattle lost $.95 to close at $128.67
April hogs had a feeble short covering improvement up $.25 to $79.52
Russian meat ban due to additives continues to pressure the meats
Weak yen hurts Japan’s buying power and they are the leading pork importer

Grain and soybeans
Grains hammered down to support at $6.85 in May corn and $6.80 in wheat
May soybeans struggled to close steady
Export sales are expected to show strong Chinese demand, but that’s is business as usual
2014 global wheat may reach record levels according to the USDA
S/D Friday will be fine tuning and S American beans are seen at 62 MT in Argentina and 84 MT in Brazil;
Brazilian shipping delays are running 50 days plus behind and some business has diverted to the U.S. PNW
India will aim to export 5 MT of wheat next year
Global wheat production has more major exporters than it had 10 years ago