Home Indiana Agriculture News Seed Consultants 3/15/2013 Market Update with Gary Wilhemy

Seed Consultants 3/15/2013 Market Update with Gary Wilhemy

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10:31 update

Dow off 51 as U of M consumer sentiment tumbles to 71.8 from 77.8
Industrial production was up .7% the best in 3 months, but coming off low level
Grains and soybeans are at anchor
Cattle down $.77 and hogs down $ .65
April cattle $127.27 and April hogs $80.25

Opening Markets

Financial
Dow opens down 25 in a normal corrective action on quadruple witching day which means extra volatility
S&P has crept up toward its all time high at 1565 closing at 1563
S&P is up 9.6% for the year
5-10% correction is possible, but rally has been gradual and that reduces volatility risk
U of M consumer sentiment seen at 78 from 77.8
Inflation is at a 3 year high
WTI crude is up $ .60 at $93.58
Gold steady as she goes
Dollar index has continuing sharp correction off 45 at 82.17

Livestock
Packers bid #127 for cattle but no takers
Owners want $129
Margins improved
600,000 weekly slaughters possible
Boxed beef at highs but demand is stogy
Pork trade 109 loads with carcass off $ .90, loins down $2.10 and hams steady
Hog kill is off 9,000 this week

Grain and soybeans
Mixed pennies change across the board
Corn up 13 cents on week and wheat 30 better
Wheat exports near 1 MT was positive as cheap wheat garners response
Funds short wheat and we have had covering
Acreage expected to bearish at months end
Chinese soybean demand softens
China cancelled some Brazilian shipments due to port delays
Labor-government talks continue in Brazil;
Watch outside markets as exhaustion is mounting in stocks