Home Indiana Agriculture News Seed Consultants 4/8/2013 Market Closing with Gary Wilhelmi

Seed Consultants 4/8/2013 Market Closing with Gary Wilhelmi

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Financial
Dow up 48 late, S&P 10 higher and NASDAQ plus 18 at 3222
WTO crude up $ .70
Gold little changed
Dollar index gains 31 to 82.81 a declining investor sentiment in Europe firms the greenback
French financial foibles cause minister to resign
Chinese work to limit damage of bird flu with 21 cases reported thus far
Alcoa earnings lead off as always, and are expected to be flat
One trillion in student loans puts a crimp in home buying

Livestock
Both June cattle and hogs up $ .70
Cattle are offered at $130 after trading at $128 last week
Negative margins have held down slaughter
Brazilian beef exports are running up 25%
Cash hogs steady
Pork trade unchanged in loins and hams
Meat demand has been sluggish

Grain and soybeans
No variance through out the day with corn up a few and soybeans and wheat in the teens
May corn is within four cents of support while beans and wheat are at mid range
Wheat condition update to be complicated this week by diving temperatures in the plains
S/D Wednesday at 11 AM CDT is not usually a big market mover
Rains everyday this week so watch for totals and location
Weekly export inspections were unchanged at 15 m beans, very light at 10 m corn and up a bit at 27 m wheat, these are as compared with last week
Watch over seas activity in the pre open as there are a lot of squirrelly things going on in China, North Korea and Europe.

9:51 update

Dow opens off 25
21 cases of bird flu reported thus far in China
Watch tone of boxed beef this full week
Meat demand sluggish
Cash hogs called steady
Wheat condition report PM
Freezing temperatures possible in plains
China bought 14-16 cargoes of SRW as expected
Gulf corn and bean bids steady
Even lighter over night grain trade

Morning Comment

Financial
Japan doubles stimulus effort
Japan’s deep problems are cultural: aging population, young leaving the country, banning of immigrants who could bring ideas and energy
Earnings season begins
German industrial production up .5%
Euro investor sentiment falls to -17.3 % from – 10.3 % because of bungled Cyprus bail out
Tension mounts on Korean peninsula
China indicates a tiring of North Korean belligerence
Crude oil up $1
Short term gas prices are expected to ease but longer term +$100 is still possible
Gold steady
Dollar index 82.59 up 9
Forced spending cuts and higher pay roll taxes impede economic growth.
Grain and soybeans
Bird flu epidemic is still a risk
Grains up 3 cents and beans 11 better
New trading hours begin with close back to 1:15 PM CDT
S/D Wednesday at 11 AM CDT
Corn stocks estimate 824 m and soybeans 139 m
Funds sellers of 98,000 corn, 35,000 beans and buyers of 13,000 wheat
Wet weekend with more coming so watch it falls and how much accumulates

Livestock
Cash offers begin at $130
Ag markets with stood speculative selling assault
Boxed beef up a bit on the week, but down $1.24 on select Friday
Cattle kill off 6000 and hogs down 96,000 in a holiday shortened week
Pork cutout trade has been light and Friday loins and hams were unchanged