Home Indiana Agriculture News Seed Consultants 5/2/2013 Weekly Market Closing with Gary Wilhelmi

Seed Consultants 5/2/2013 Weekly Market Closing with Gary Wilhelmi

SHARE

Financial
Dow was about a two session scratch rising 130 points today closing 54 short of the high
New high S&P at 1596 and NASDAQ at 3340
WTI crude catches fire up $2.96 to $93.76
Gold climbs $20 to 1464
Dollar index jumps 72 to 82.21
We are not doing so great economically but better than Europe
ECB cut rates 25 basis points but it has not worked thus far
That leaves them at .5% and there is talk of going negative
No wonder those who can are migrating their money tom our shores

Livestock
June cattle trader over $124 but could not finish there
Cattle may be in for a tussle at the top like hogs
Boxed beef up $3.10 to $199.49 are nearing their peak at $201.31
Choice cuts do not show well at the meat counter where beef offering remain lower quality
In pork, its is the grizzly pork steaks that grabbed the headlines this week at $1.48
Weekend cook outs are in danger of being snowed out in some areas
Cattle and hogs at their highs so watch for the last roundup tomorrow

Grain and soybeans
Cool and wet plantings conditions in much of the Midwest stirred up the corn but not the beans
Wheat is hampers by cold dry air
The western drought, remember is the worst in 50 years
Kansas wheat tour findings have been as expected or damaged
Grain export sales were modest while new crop soybeans driver by 1.1 MT from China topped 1.3 MT tons
The spike in the dollar is a wet blanket for all exports