Home News Feed Seed Consultant 3/1/2013 Morning Comment with Gary Wilhemy

Seed Consultant 3/1/2013 Morning Comment with Gary Wilhemy

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Financial
Dow opens with a 100 point thud reacting to the sequester and weak global economic dataChinese PMI declines as does euro manufacturing data
US personal spending off 3.6% with payroll tax hike hitting us in the bread basketPersonal spending up .4% reflecting gas and groceriesISM manufacturing index expected at 52.1 from 53.1U of Michigan consumer sentiment seen at 76.4
Italian chaos continues to destabilize EUGM, Toyota and ford report monthly sales today
Important* low stock volume brings risk of correction as does a dollar index over 82 with 82.33 up 40 the last quote
WTI crude down $1.46 to $90.68 and Brent off $1.37 to $110.17 (big drops this week)Gold $1585 up $7 Livestock Northern cattle trade at $129 up $6-8 and $128 in the south with most offers at $130 Numbers declining as are weights Choice beef $186 up $1Slaughter 426,000 versus 495,000 last week47 loads of pork  down $.48, loin’s $2.96 and hams $ .19 lower
Another storm brewing out west 

Grain and soybeans

Profit taking with May corn off 4 to $7.00, May beans 17 to $14.35 and May wheat down 6 to $7.08Political weasel work in Washington, casts long and questionable shadow over all marketsChina resumes bean buying, but also note that they have made cancellations as this price before.Corn demand has picked up below $7.00
Zero corn deliveries and 461 contracts of wheatShipping delays continue in Brazil Basically the west is dry and east better
There are about 500 counties in 13 states still on the drought list