Home Indiana Agriculture News Seed Consultants 3/21/2013 Market Closing with Gary Wilhelmi

Seed Consultants 3/21/2013 Market Closing with Gary Wilhelmi


Cypriot concerns hang over stocks with the Dow down 90, S&P 13 and NASDAQ 32DAX off .9 %
Cyprus is a little island but its problems are symptomatic of the Euro zones debt sickness. And the there are the Russians WTI crude was off $1.05
Gold $1613 up $6 Dollar steady at 82.83 at its high and subduing export sales as evidenced in this mornings report where wheat, corn and soybeans were all sub par
The euro fell to 1.289ECB demanded action from Cyprus by Monday 

Cash cattle $125 off $2
Boxed beef more active but steady to lower
Congress is fiddling around searching for a solution to the looming meat inspector’s furloughs
April cattle closed just barely better
June hogs rallied a buck on short covering out of an oversold condition
Consumer dollar that would normally go for food are reduced by the higher payroll taxes and delayed tax refunds 

Grain and soybeans
Corn was flat at the end in May but profit taking was in evidence on the old crop new crop spread
Wheat exports exports were one half of last weeks so the May went down 7 cents
May beans rallied 26 cents on short covering as fundamentals were bearish with exports poor (China hardly buying any) and China indicated that they were selling 1-1.5 Mt of soybeans out of reserves to keep crushers busy
Brazilian shipping delays were sited but China bought small amounts of US beans again this week
The IGC sees global wheat production at a 4 year high
Iraqi wheat tender uncertain
HRW look dry out ahead and the Midwest needs regular moisture

11:41 update

Obama appeals for new Mid East peace talks as missiles fall in Southern Israel
Iran refreshes Israeli threat
Dow off 50
Philly Fed manufacturing index shows expansion
Home prices at three year high but misses forecast
Dollar index is at 82.71 with the high at 84.10 restricting exports as we have seen in the last few weeks
Light short covering in meats
Mixed grains and oilseeds

9:48 update

Dow off 66, S&P down 7 and NADAQ 19 lower
Meats mixed with hogs off $.35
Two Republican senators warn of higher pre summer gas prices driven by ethanol
Local gas in northwest Indiana is $3.96 and well over $4 in Chicago

Market Opening Comments

Dow high has hit 14,546 and closed at 14.511
S&P high also close at hand and so is NASDAQ
JP Morgan downgraded by regulators
Fed Ex and CAT overseas earning slide
Jobless claims hold at 5 year low
Fed sees no bubble threat, but economic growth will remain slow
ECB gives Cyprus until Monday to strike a bail out deal
DAX and FTSE are both .8% lower
Flash PMI off .2$ in US
Big Chinese solar collapse pending
German growth 51 from 53.3, France 41.9 and China 51.9 from 50.4
WTI crude $93.38 down $ .14
Gold $1614 up $7
Dollar index 82.73 off 4

$ 124-125 clean up trades in cattle down $2-3
Boxed beef down $ .66 on choice after strong week
Expense of beef drives consumers to other meats
$140 breakeven in cattle
61 loads of pork with Carcass down $1.68, loins $2.59 and hams priced for Easter $4.40 lower
Spring delayed its 16 degrees this morning in Chicago last year it was 82
Beef exports back to normal at 15.3 MT

Grain and soybeans
Short covering in beans and easier in the grains over night
Ethanol production off 10% versus 11.7% for the year
Railcar shortage is an issue at some ethanol plants
Corn plantings expected at 97 m and soybeans at 78
Corn stocks 5 b and soybeans 940 m
Report is on the 28th
Weekly export sales: poor across the board with wheat at 484,000 tons and 88,000 of new crop, corn 92,000 and 183,000 with soybeans at 108,000 and 234,000. China buying just 127,000 and 225,000