Home News Feed Seed Consultants 4/1/2013 Closing Comment with Gary Wilhelmi

Seed Consultants 4/1/2013 Closing Comment with Gary Wilhelmi

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Financial
Dow off S&P was 6 lower at 1562
NASDAQ down 24
WTO crude off $ .44
Go9ls steady at $1599
Dollar index 24 lower at 82.75
DAX held up .1%
ISM manufacturing index 51.3 down from 54.2 last month
Over seas dire but any new economic threats

Livestock
Boxed beef center of attention this week
Cash offers around $130
June hogs up $ .45 in mild rally
Weaker margin presses cash hogs

Grain and soybeans
Corn crunched and has dropped about $1 in two days since the bearish stocks report
Funds had bought 47,000 May corn going into the report and got hammered
Support in May is at $6.20-40
Support Dec down at $4.50 volume large in May 252,000 contracts and now the shorts are in peril
Soybeans and wheat followed supplemented by not as bearish stocks
Corn acres are the largest in 27 years, but we don’t know what the weather has in store
Export inspections 19 m corn and less than one-half of a year ago, 16 m beans at 1.2 MT versus 1 MT last year and wheat 792 m versus 828 m
Japan buys 500,000 corn and is pending on another 200,000
Wheat crop condition: 29% good, 5% excellent, 36 % fair, 20 % poor and 10% very poor
Kansas 31 % g-x and Ok 27%

11:17 update

Dow off 36, NASDAQ 26 and S&P down 8
ISM manufacturing index falls to 51.3 from 54.2
WTI crude $1 .05 lower

10:52 update

May corn now off $ .39, May beans down $ .14 and May wheat $ .12 or below support
Hogs drop $.65 on June and $ .70 on October
June cattle steady at $124.32
Equities skim some profits

10:03 update

Dow up 22 and S&P 1 lower
May corn is at $6.67 with support at $6.20-40
May soybeans $13.97 with support at $13.70
May wheat is at $6.82 on support
Live cattle $1.40 higher and feeders up the 300 point limit
Hogs $ .40 better
Night volume picks up to 61,000 on May corn, 26,000 beans and 13,000 in wheat
Funds added 47,000 to corn longs coming into the report and 17,000 in soybeans

Market Opening

Financial
US ISM manufacturing index expected at 54.2—actual 54.4
China 50.9 (any thing over 50 shows expansion in both)
US construction up 1.1% versus down 2.1 % in January
Chinese factory profits up 17%
DAX up .1%
FTSE up .4 %
Dollar index 82.91 off 8
WTI crude $96.53 down $ .86
Gold $1598 off $2

Livestock
Cheaper feed costs firm meats
Northern beef up $7 at $205
Cash offers near $130
Warmer eating weather coming this week
Pork cut out 16 loads with carcass up $1.26 and hams down $ .04
Weekly slaughter 599,000 off 2000 and 2,184,000 up 8000

Grain and soybeans
Chart damage and over night down another $ .31 in corn, 13 beans and 9 in wheat
More of old crop new spread liquidation
Corn stocks were 5.4 b versus 5 b expected and beans 999 m versus 947 m
Funds added 47,000 corn longs and 17,000 soybeans
Temperatures warming quicker than thought
Wheat crop condition this afternoon
Fieldwork advances up into west-central Indiana
Chart damage was severe on Thursday
Outside markets not shape shifting