Home Indiana Agriculture News Seed Consultants 4/29/2013 Weekly Market Closing with Gary Wilhelmi

Seed Consultants 4/29/2013 Weekly Market Closing with Gary Wilhelmi


Minor profit taking shaves Dow 14, 818 up106, S&P 11 higher and NASDAQ 3307 up 28, but all were short of new closing highs
DAX index closed .8% better
WTI crude $1.23 higher at $$94.23
Gold ended up $16 at $1471
Dollar down all day settled at 82.13 off 37
There will be many over seas reports this week
Fed minutes from last meeting Wednesday and a continuation of bond buying is expected
The ECB may lower rates
Other stimulus efforts are expected
Last weeks flash crash brought criticism of such trading but today all were mute
The fact that our markets are the province of such financial gunslingers is irresponsible, and that goes for the Ag markets as well

Fat cattle did little, as feeders plunged on the corn rally
Boxed beef demand will be the pivotal issue this week
Cook outs will be jeopardized by cool wet weather into next week in the Midwest
The strong equity markets were a positive influence on the consumer sensitive meats
Hogs failed to hold at their resistance peak closing off $.50
Pork cutout came in up $ .63

Grain and soybeans
In a speculative buying frenzy July corn closed up the limit
Dec corn up $ .33
Soybeans up 26 on July and 19 November
July wheat jumped to $7.16
Volatility is back in the headlines
In corn, the East is forecast wet and cool into next week, while the west is still mostly dry
That combination will be explosive if not normalized
When last years drought started in June corn went up over $2.00 into harvest, and that serves as an uncertain yardstick
July corn was just above its resistance point and Dec corn just shy
Wheat was aided by positive export inspections at 31 million bushels, while corn 12 m and soybean 5 m were light
Corn planting even less than expected at 5% versus a 31% average
Multiple freezes have impaired HRW

12:09 update

Pop up resistance levels are at $5.70 in Dec corn, $12.50 Nov beans and $7.30 July wheat.
June hogs labor at resistance at $92.35
June cattle $122.62 up $.42
Equities hanging out at their highs

11:34 update

Accelerated corn trade as July hits 91,000 by 10:30 and up $.30
Dec corn at $5.48 up $ .24 with resistance at $5.50
July beans follows up $ .12 on volume of 44,000 with wheat at 35,000 in July
Equities hang in there close to highs

11:08 update

Dow up 74 at 14,778
Dow 14,887, S&P 1597 and NASDAQ 3310 highs, with all indexes near their tops
Dec corn up $.20 on cool and wet forecast
Consumer spending cautious
Fed expected to stick with bond buying program
ECB may cut rates
WTI crude up $ .73 on stimulus hopes

10:27 update

Dow up 56, S&P 8 and NASDAQ 24 higher
Corn plantings enter prime time
Gulf corn and soybean bids steady
Drought still a factor in much of west
Watch flooding in Red River valley of North Dakota
Boxed beef key indicator this week, but it looks wetter and cooler
Cash hog call steady to $1 higher

Market Opening Comment

Stocks a little higher in pre opening period
DAX up .4% and FTSE up .2%
Consumer spending up .2%
Home ales up 6.1% last year
Chinese profit gain 5.3% versus 17% in January
Coalition government in Italy after long stalemate
Gold $16 higher
Dollar index down 37 to 82.14
Fed minutes Wednesday
Goldman Sachs covering short in gold
WTI crude oil $93.23 up $ .23
Brent crude $103.08
Many over seas reports this week

Cattle trade at $128 and begin week offered at $130
More cook out limiting rains seen later this week and next
Boxed beef up $1.36 on choice and down $.07 select
Cattle slaughter 10,000 higher at 625,000
Hog kill 2,148,000 9000 higher
Pork cutout $ .38 higher
Higher corn pressures feeder cattle

Grain and soybeans
Few warm dry days then rains into next week as plantings shift into prime time
July corn up 11 cents, wheat follows up 7 and July beans unchanged
Dec corn sensibility now rising
Nov beans restrained by acreage diversion possibilities
Corn plantings today seen at 7-15 % versus a 33% norm
Wheat crop ratings where unchanged last week at 36% good top excellent
HRW crop tour this week
Dollar index back down near 82 is favorable for exports