Home Indiana Agriculture News Seed Consultants 4/16/2013 Market Closeing with Gary Wilhelmi

Seed Consultants 4/16/2013 Market Closeing with Gary Wilhelmi



Dow claws back to cover one half (155 points) of Mondays drop, S&P finished at 1574 up 10 in the midst of its resistance and NASDAQ also came about half way up 48 at 3264
Gold could manage only at $10 gain to $1371
WTI crude closed steady ahead of supply data
The dollar and Yen both lost ground to the euro with the dollar index of 64 to 81.78, the lowest in some time
Earnings were constructive from Goldman, Johnson and Johnson and Coke
IMF projects just a 1.2% growth for the US this year and 2.2% next
CPI was down .1%

Texas cattle traded a few head at $125 down $2
Boxed beef mixed
June cattle struggled up above $120 resistance by $ .72
June hogs hovered just $ .50 higher
Pork cutout gained $1.12 Monday pushing margins into positive ground
Financial market weakness makes meat demand worsen

Grain and soybeans
Bull spreads work in corn and beans
Interior basis strength motivates corn
Possible Chinese exports over the next few weeks helped near by beans
China is building a $320 million corn processing plant in Mato Grosso Brazil
Weakness in the dollar gets an assist in grains and oilseeds
Kansas wheat is 35% g-x versus a 47% average
Midwest moisture with more coming offsets small planting delays
Commodities remain snake bit and financials are shaky
Cool wet conditions hamper spring wheat planting plans
German and French wheat in moist seedbeds are in for some warmth

10:32 update

Pork cutout yesterday was up $1.12
Pork margins nosed back into the black
Cash hogs are called steady to lower
Cattle and hog futures docile
Cool wet conditions for spring wheat planting
Bird flu curbing Chinese soybean demand
Gulf corn and beans steady
Dollar down and mild gold rally sparks short covering in near by corn, wheat and soybeans

10:03 update

Dow up 90 and S&P 8 higher
Gold plus $33 at $1394
WTI crude down $ .56 at $88.15
Dollar slips 28 to 82.14
Dec corn, Dec wheat and Nov beans about 4 cents higher
June cattle remain below $120 support
June hogs $88.75 up $ .15
Ag volumes even lower at 6000 May corn, 12,000 May beans and 5000 May wheat
June cattle and hog volumes just over 1000 contracts

Market Opening Comment

Dow dove 76 points after Boston bombing and had recovered that much is the pre open
S&P fell through support to close at 1552 off 37 and has come back 8 of that this morning
Support was 1573-1576
Goldman, Johnson & Johnson and Coke earnings equal or exceed estimates
Earnings will have an even greater effect, considering the new terrorist threat
CPI unchanged
Housing starts up 7%
Chinese growth slump to 7.7% from 12.6 % a year ago pressed stocks pre attack
DAX up .4%
Gold $1389 up 28 and that’s $411 off the 2011 high or about 25%
WTI crude off another $ .40 to $88.31
Dollar index 82.08 is up a bit

Cash at $128-130 a
Boxed up $ .37 choice and off $ .23 select
Slaughter up 6000 in cattle and 7000 hogs
Snow slows hog movement
Feeder cattle index $ .59 lower
Pork cutout down $ .74
Financial failure accents weak meat demand

Grain and soybeans
Recoveries of 2 cents in corn, 13 beans and 2 in wheat thus far
Corn plantings 2% done versus a 7% average
Freeze into N Texas and S Plains Thursday and Friday and further damage is expected
Wheat condition unchanged at 36% g-x
480,000 tons of SRW to China yesterday was expected
Mild fund selling in grains and oilseeds
Gold liquidation weighed on Ag markets
Ag markets fall below support in August cattle, Dec corn and November beans with others struggling
Wet week in Plains and Midwest is like money in the soil bank