Home Market Market Watch Morning Comments 3/13/12 & Updates

Morning Comments 3/13/12 & Updates

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12:35 update

Cattle helped by equities and energy markets are 270 points above Monday low

Boxed beef $.6 lower

Packer demand firms cash cattle?

Hams strong leads pork

Cattle plus pulls pork

Talk of 600,000 ofChinacorn buying from last Friday unconfirmed

Beans need to rally versus corn to attract cares

12:10 update

Dow 13,065 up 105

NASDAQ 3013 up 29

Crude oil $107.01 up $ .67

Gold $1700 steady

May beans up $.18 at $13.52

Corn steady

Wheat off $.3 at 46.47

Meats mark time cattle up $ .77 while hogs or about unchanged

10:40 update

240,000 tons of corn to unknown likelyChina

Ukrainewheat off 2 MT at 14 MT

Watch  S. Brazilian bean conditions

Cattle up $ .70 early and cash may exceed last week’s values, beginning perhaps today

NASDAQ over 3000 on tech strength

Crude pulls back $105.82 off $ .52

 

Financial

 

FOMC today no change in rates expected with a moderate growth

 

Retail sales up .6% in January the best since September

 

Business inventories expected to rise .5%

 

Dow up 50 at 13,008

 

Crude up $ .40 at $106.80

 

Gold off $12 at $1687

 

Dollar up to 80.46 42 better

 

DAX up .9%

 

 

 

Livestock

 

Show lists unchanged in cattle

 

Cash offered at $130 up from $126

 

Choice beef off $1

 

Warm weather means cook outs

 

Gas guzzling money for meats

 

Pork cut out up $ .58 with loins $.8 better and hams up $2

 

Slaughter level with a week ago

 

 

 

Grain and soybeans

 

New high beans

 

Brazilian beans 49% harvested

 

“Oil World’ estimates 68 MT with USDA at 68.5 MT

 

Argentina 47 MT and corn and corn at 21.6 both unchanged

 

Chinese corn purchase rumor persists of 2-3 cargoes

 

Argentine port strike stalls 85 ships but that is down last week

 

Watch bean export sales to measure S. American competition

 

Corn plantings begin in the south

 

Midwest farmers await insurance OK to plant as it is awfully early

 

Informa’s 95.5 million acres corn estimate would bear down on new crop corn

 

Watch put options

 

Plains wheat in good shape with Nebraska 65% g-x versus 40% last year and Kansas 50% up from 25%