Home Market Market Watch Seed Consultant 3/7/2013 Evening Comment with Gary Wilhemy

Seed Consultant 3/7/2013 Evening Comment with Gary Wilhemy

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Financial
Dow up 33 at another new high but in just at 58 point range
WTI crude $91.55 up $1.12
Gold falls $7 to $1577
Dollar index off 35 to 82.11
Employment report estimates 160,000 new jobs and a rate unchanged to a little lower
Japanese deflation tightens even as yen falls to an 8.5% loss versus the dollar this year
Ongoing sequester jawboning and continuing resolution to fund the government approach (March 27 Th for resolution)
Social Security means testing is an item for debate

Livestock
April cattle fall off $.45 despite the $10.50 advance in boxed beef
April hogs at a RSI of 10 staged a short covering rally of $2.70
Fundamentals in hogs hardly changed
Loss of buying power by Japan and Russian meat bans haunt meats
The heavy snows of this week are melting and will be washed away by rain this weekend in the Chicago area

Grain and soybeans
Corn up 3 cents and wheat 11 better firmed off of support points
May soybeans had but a 14 cent trading range closing 8 higher
New record highs in equities are drawing speculative interest away from commodities
S/D report is forecast to show only minor alterations in corn, beans and wheat
S. American production is seen at 52 MT of soybeans in Argentina and 83.5 Mt in Brazil
Weekly export featured a 49,000 draw down in old crop corn and a 991,000 total in new beans with China taking 934,000
Where the heavy snow fell the ground was not deeply frozen so the run off will be like s small deposit in the soil bank
Remember over 500 counties remain on the drought list