Home Market Market Watch Seed Consultants 1:38 update with Gary Wilhelmi 11/13/2012

Seed Consultants 1:38 update with Gary Wilhelmi 11/13/2012


1:38 update

Lethargic equity trade waiting for more evidence
Grains and oilseeds continue to slide
Cumulative exports 39% versus five year average in soybean of 22%, corn 13% vs. 18% and wheat 36% vs. 47%
Jordan, Iraq and Syria tendering for wheat likely out of the Black Sea
Boxed beef up $.74, but margin is deeply in the red and consumer demand impaired

10:31 update

Dow up 42
Cash hogs steady to lower
Ukraine wheat exports 5.5 MT with ban still uncertain
Delayed rains come to northern Brazil
159,000 tons of corn to unknown probably Japan


Greek bail out delayed, extending for two years, European markets disappointed with DAX off .9%
German business survey also declines to a minus 15.7 from 11.5 last month
German recession deepening
Congress is back in session and the clock is running on fiscal fiasco
2013 GDP seen at sub 2%
Euro drops to 1.289
Home Depot earnings good
Crude oil off $.44 to $85.13
Gold $1726 down $2
Dollar up 15 at 81.18
Dow off 28

Larger show lists and looming Thanksgiving demand depresses beef
Cash offer at $128
Boxed beef came back $1.43 Monday
COF Friday to confirm tightness
Pork production near 4Q peak
Pork cutout: off $.90 with loin’s down $.12 and hams $2.82 lower
Slaughter trimmed a bit by partial holiday

Grain and soybeans
Timid night recovery after crashing through various support levels
Dec corn blew away $7.32 and Dec wheat sunk below $8.60
Nov beans tickled $14.00 level
Buying just bottom picking a pathetic way to trade
Brazilian bean plantings ahead of schedule but corn at 61% versus 74% is behind
Wheat crop rating expected to decline another 1% to 38% g-x
Harvest done
Corn is within $10 of competition in trade with Japan, which just bought some
River concerns between St. Louis and Cairo voiced but that problem is decades old
I dealt with that when merchandising grain in the 1970’s