Home Market Market Watch Seed Consultants Evening Comment with Gary Wilhelmi 11/14/2012

Seed Consultants Evening Comment with Gary Wilhelmi 11/14/2012


Stocks have fallen 5% since the election, a sharp vote of no confidence for intransigent polices on both sides.
This is s a time for drawing a compromise strategy in the sand not a, my way on no way line.
It appears that we have already gone over one cliff, with little room to negotiate.
Crude up 1% as Israel kills the Hamas chief and calls it just the beginning, as a response to attacks on Israel, and where do we stand?
S&P is at 1354 with next support at 1325.
Europe continues to flounder regarding its own bad debt cliff

Mild easing in meat values
Cash cattle $127 offered
Large show lists and Thanksgiving traditional poultry features weigh on beef
However, Feb cattle reach one month high
COF Friday with light 87% placements expected.
Dec hogs round off at their high
Pork cutout sharply lower in all cuts

Grain and soybeans
Positive crush and export sales of 120,000 tons of soybeans to China and 40,000 tons of bean oil to an unknown can not rally the market that is troubled by larger crop estimate from last Friday
Grain narrowly mixed
Wheat crop rating drops 3% to 36% g-x, but exports are not so good so we struggle.
Corn basis steady as exports are terrible and feed demand contracting as evidenced by lower placement on feed estimate
Financial markets slumped after the Ag market closes so add that to tomorrow’s considerations.