Home Market Market Watch Seed Consultant 3/5/2013 Evening Comment with Gary Wilhemy

Seed Consultant 3/5/2013 Evening Comment with Gary Wilhemy

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Financial
New high on Dow at 14,253 up 126
S&P 15 higher at 1540
NASDAQ up 42 at 3224
15% of NASDAQ is Apple so take that into account
WTI crude up &.77 at $90.88
Dollar index 82.09 off 10
Gold $1584 up $3
ISM non manufacturing index up to 57.5 versus 55 expected
NYSE advance-decline 3-1
DAX 2.3% higher
Asian stocks higher
Correctional action is always lurking after such a run
Dow support is at 12,500

Livestock
Equities are of no help to meats
April cattle $129.5 off $ .82
April hogs dove $1.12 to $79.17
Both are over sold but can’t find a spark to ignite covering
Meat demand has been lackluster
Meat inspector’s furloughs are approaching
Major storm in Midwest was of no help today, as the snow will melt soon
Muddy feed lots ahead for cattle
Big storm is heading out east where it is an encore

Grain and soybeans
Markets fizzled late with corn up 4, beans 2 higher and wheat up a duce
China bought 345,000 beans and 330,000 went to an unknown and this business must be considered normal
S/D Friday more corn and fewer soybeans expected
Bull spreads have widened in corn and soybeans
March/May corn spread out to 23 1/2
HRW is cheap compared to corn regarding the feed mix
Brazilian shipments of soybeans will pick up from 960,000 tons, which was 50% of last year
Equity markets rallies did not translate into grain and soybean advances

 

1:29 update

Dow maintains 145 gain
6-10 day forecast wet and middy in feed lots
Winter storm has no impact on hog markets now below $80
Furloughs of meat inspectors approaches
Large March shipments expected out of Brazil
HRW competes well with corn in feed mix
March/ May corn spread out to 23 ½ cents a new high
Plantings begin in Texas and southeast, but impact slight

 

10:46 update

Dow holds at new high
ISM non manufacturing index 57.5 versus 55 expected
Choice beef up $2.86 to $191
Pork demand lackluster
Hogs over sold with RSI around 13 on the 9 day
China buys 345,000 of 13/14 beans and 330,000 went to unknown
Bull spreads reacting to tight nearby supplies are working in corn and beans
Gulf corn basis up 5 cents nearby and mixed on deferred
S/D Friday

 

Financial
Dow hits all time high at 14,221 up 94 and S&P up 12 at 1537—watch closes
Watch lay offs and IPO activity
DAX up 2%
Asia also strong
Service sector ISM expected at 55 from 55.2
WTI crude at $90.44 up $.29
Gold $1581 9 higher
Dollar index 82.02 down 17
Employment Friday slight lowering expected

Livestock
Cash cattle $128-129
Boxed beef $191 up $3
Show lists steady with a week ago and below last year
Kill 120,000 cattle and 426,000 hogs
Pork cutout on 31 loads Carcass up $.62, loins $2.12 and hams $ ,18 higher

Grain and soybeans
Grains mixed and beans up 10 cents to $14.72 on May contract
Brazil loaded 960,000 tons of beans in February versus 1.600,000 a year ago
Chinese soybean purchase rumors continue
Heavy wet snows 4-8”) in HRW and central and northern Corn Belt
Wheat condition reports will not be produced before April
S/D Friday with corn seen higher and beans lower regarding projected carry out
Australian wheat estimated to be up 13%
Strong equity markets are a positive back drop, but grains have been testing their low
Chinese building bubble concern have slowed growth but government still sees 7% and maybe more if current measures stimulate