Home Indiana Agriculture News Seed Consultants 4/19/2013 Market Update Comments with Gary Wilhelmi

Seed Consultants 4/19/2013 Market Update Comments with Gary Wilhelmi


12:04 update

Germany down graded to A from A+
!0 year note at years low of 1.69%
ISM poor earnings are threatening bell weather
Dow about unchanged as NASDAQ and S&P firm
Level bubble in Ag markets

9:43 update

Dow off 64 as three components post negative earnings
NASDAQ up 8 and S&P 3 higher
Little change in Ag markets
Wet and cold in spring wheat country
Too early for Midwest delayed plantings concerns
Gulf beans steady and corn off 3 cents
Japanese corn imports off 42% in February

Market Update

Earnings pattern remains mixed
GE disappointing as was IBM and McDonalds
Honeywell and Kimberly-Clark positive
DAX off .2% and FTSE down .4%
Yen slips ahead of G 20 meeting
WTI crude up $ .61 to $88.31
Gold $1406 up $14
Dollar index down 17 to 82.60

Cattle $125-128 at a standstill
Boxed beef $ .54 lower on choice and $.24 select
Slaughter on par in cattle and heavier in hogs despite snows
Pork cutout up $ .41
April feeder cattle have dropped form $141 to 133 this week
Cattle on feed this PM with total estimated at 94% placements in a range of 92-103% and marketing’s 96%

Grain and soybeans
Another silent night
Corn Mississippi River basis firms on flood threat
Soy meal basis also higher on tight supplies
The big soaker is off to the East leaving flooding conditions in some areas
From my vantage point, looking at my back yard, the grass will need cutting next week
The weather looks dry into next week
Plantings progress on May 1 will be a better indicator then Mondays
Export sales were good as expected in wheat, good for this time of the year in soybeans but poor in corn
Wheat condition was 36% g-x last Monday and next week will incorporate the freezing
Dollar is just churning