Home Indiana Agriculture News Seed Consultants 5/13/2013 Closing Comment with Gary Wilhelmi

Seed Consultants 5/13/2013 Closing Comment with Gary Wilhelmi


Dow off 27 with S&P steady and NASDAQ up 2
Industrial production Tuesday
Retail sales up .1%
DAX steady
WTI crude down $1.00
Gold off $6
Dollar index 16 higher at 83.26
Not much of a day

June cattle end flat
Cash is expected to firm this week
Boxed drift along top of $206
June hogs up $ .45
Cash hogs steady to $1 better
Pork cutout up $ .70 on carcass
Narrow ranging day in meats

Grain and soybeans
Old crop corn and soybeans higher on tight supplies
July-Nov soybean spread out to $2.18
Dec corn $ 5.17-5.50
Nov beans support at $12.00
July resistance reached at $14.20
July wheat middling ground at $7.09
6-10 day weather seen wetter
Slow Argentine farm selling of soybeans inflates soy meal
Russian wheat projected at 56 MT up from 37 MT
Corn is 28% planted as expected
Soybeans 6% planted
Spring wheat 43% planted versus a 63% average



Lower opening call on stocks—Dow and NASDAQ open off .2 %
Fed thought to be looking for ways to ease out of bond buying
Retail sales up .1 % in April after losing .3% in February, with pluses in autos and building construction.
Industrial production will be out Tuesday
Manufacturing data Thursday and Friday
Wal Mart, Kohl’s and Cisco report
G7 approves Cyprus bail out procedure
European stocks lower early
Italian interest rates down to 4.07 from higher in February
Chinese industrials production up 9.3% a little shy of estimate and retail sales up 12.8%
WTI crude $95.43 down $ .61, but $4.00 at the local pump
Gold $1433 off $4
Dollar index up 3 ay 83.13

May and June are best beef demand months
Boxed beef reached $206, and that’s pretty rich for the average budget
Watch features Wednesday for a more normal cook out weekend
Slaughter up to 631,000 as expected
Choice beef off $ .51 and select up $ .17 Friday
Iowa-Minnesota hogs down $2.24 Friday
Pork cut out $ .70 higher on carcass with loins up $1.33, Hams $2, 72 and bellies $2.76

Grain and soybeans
Just a hair higher over night
Corn planting seen up to 30% maybe more
Soybeans 8-10%
May contracts will expire on Tuesday.
Weather warming until late week showers but still highs in the seventies
Soybean long liquidation18, 000 + and corn adds 16,000 +
Dec corn support is at $ 5.17-22