Home Market Market Watch Seed Consultant 3/12/2013 Market Closing with Gary Wilhemy

Seed Consultant 3/12/2013 Market Closing with Gary Wilhemy

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Financial
A mildly mixed conclusion in stocks with the Dow up 2.77 at 14,450 for the eight straight higher closes and the record is 13
S&P off 4 at 1552 remains short of the all time high at 1565
NASDAQ down 11 at 3242
The dollar index finished in a draw
Gold up $14 at $1592
WTI crude $ .45 better at $92.63
Some see a downside risk to $75 considering the expanding competition from shale

Livestock
April cattle eked out a gain of $ .57 and April hogs struggled to put on $.25 and still near support at $81
Boxed beef has become a mixed market at $197 high on the choice
Features tomorrow but nothing new expected
Middle beef cuts may fair better as public may have their fill of chicken for now
Pork cutout gained ground after dropping to the lowest point since September of last year
Trading ranges were just over $1 in both

Grain and soybeans
Trading ranges of just about 9 cents in the May grains and 15 in beans tell a modest tale
Chinese soybean buying continues from the US as the Brazilian remain backed due to more labor trouble
China may also have purchased corn during the recent down turn so watch Thursday’s export sales
The Brazilian soybean harvest is 50% done in general and 75% in the Mato Grosso
HRW ratings improved slightly to 27% g-x in Kansas, 20% in Oklahoma and 18% in Texas
The 6-10 day forecast for the Midwest calls for normal rain and that’s not enough
Keep track of soil condition with the Palmer Drought Index, an old time measure
Watch the pattern of Gulf bids to evaluate the Mississippi River condition
UK considers turning away for corn based ethanol and using other bio fuels

 

12:09 update

Brazilian harvest 50% done with Mato Grosso at 75%
Kansas wheat 27% good to excellent, Oklahoma 20% and Texas 18%
Midwest 6-10 day forecast about normal precip
Ethanol pressured
Pork at low since last September
UK considers reducing ethanol form corn usage turning to other bio fuels
Fatigue factor in equities

10:37 update

May wheat is 10 cents under May corn
Gulf beans up 1-2 cents on old crop and 85 over the May, corn steady to 2 higher old crop and 73 over the May
China may have bought 600,000 tons of old crop corn on recent price break
Wholesale meat trade light and markets lurk near their lows