Home Market Market Watch Seed Consultants 5/20/2013 Weekly Market Closing with Gary Wilhelmi

Seed Consultants 5/20/2013 Weekly Market Closing with Gary Wilhelmi


Nothing dramatic Dow off 19, S&P down 1 and NASDAQ 3 lower dropping back below 3500
Fed updated policy is center piece of the week and an easing out of QE is expected
Gold off another $29 to $1394
WTI crude up $ .68
Dollar index drops 43 to 83.78 but has no impact
The major reports have run their course for the month

June cattle up $1.12 to close at $120.52 on short covering
Same in hogs $92.22 up $ .70 on June assisted by pork virus which can cut longer term supplies
COF is longer term bearish, but discounted
Cattle charts look weak
4-6 month hogs firm on virus
Nearby hogs on short covering

Grain and soybeans
Dec corn falls below support to $5.14 but recovers late to close at $5.21
Nearby July beans up 16 as Nov fell 3 to $12.24, with support at $12.00- 11.90
Wheat was just along for the ride
Severe storms up north in Michigan, and KC to Wichita Falls zone
Weekly export inspections were light is all sectors
Record plantings week in corn up to 71% versus a 79% average and soybeans 24% versus 42%
Central Corn Belt still roaring ahead and soybeans will accelerate next week
Watch night trade in new crop corn and beans

11:38 update

Export inspections are not that important and this week we loaded just 15 m corn, 3 soybeans and 21 m wheat
Dollar eases back 26 on normal corrective impact with no impact
WTI crude up $ .91 at 496.93 in range
Gold down $8 and silver now following
DAX ends .6% higher holding at high
August cattle at $118.77 is on support
June hogs measuring virus effect

Morning Comment

Stocks called a little lower.
Dow opened off 14
DAX up .4% and Nikkei 1.5%
A QE tapering in likely
Few reports near end of month
Chinese home price rise slows
Campbell Soup earnings $ .57 versus $ .55
WTI crude $95.51 off $ .51
Gold grinds lower $13 at $1357

COF as expected at 97% total, 115% placements and 102% marketing’s
Cash offer at $128
Boxed beef up another $ .74 to $209.11
Hog disease threatens 4-6 month numbers
Pork cutout up $ .12
Memorial Day a week ahead is all priced

Grain and soybeans
Mildly mixed evening action
42% + of corn may have been planted last week matching the record from 1992
Total expected to be over 60% of corn and 30-35% of soybeans
Weather this week features some showers and highs ideal
S Plains get rain along with from severe storms
Funds bought 14,000 corn, 11 soybeans and 7000 wheat last week
Outside markets point in no direction that would impact Ag markets
Dollar hangs at about 84 near the re3cent high limiting exports