Home Market Market Watch Seed Consultants 5/29/2013 Market Closing with Gary Wilhelmi

Seed Consultants 5/29/2013 Market Closing with Gary Wilhelmi


Dow ends 106 lower as it was all day
S&P down 10 and NASDAQ 21
WTI crude lost $1.80
Gold up $14
Dollar off 46 also as it was all day
DAX 1.6% lower
Mortgage rates up as well as home process and that is a risky combo
NASDAQ fined $10 m by the SEC over Face book, IPO mishandling and that is a record assessment
EU softens austerity for France, Spain and the Netherlands
IMF reduces Chinese growth rate on debt and credit status

August cattle $120.30 up $ .87
July hogs $93.12, $.27 higher
Some cattle trade at $124
Boxed beef up $1.35
Features mostly beef and all cheaper cuts
Hams and loins lower
Chinese Meat Company bids for Smithfield foods a problematic operation, which may mean more Chinese pork imports
China has been active in US land purchases and business acquisitions—watch them

Grain and soybeans
Profit taking in July soybeans and spread leveling versus November
July corn flat while Dec rallies $.15
July wheat up 9
Powerful storms roaring the western Corn Belt
Rains into weekend in central areas
Drier next week
Corn 86 % planted with a two weeks to work with
2-3 million less corn acres
Corn yields look promising with prime June-July period ahead
Soybeans 44% planted with a lot of time left on the clock
Spring wheat up to 80%
China may cancel some Brazilian soybeans and sell back some new crop US beans
Dollar choppy, up and down within a $1 range

1:11 update

Dow off 159
WTI crude down $1.37
Dollar index 50 lower
Gold up $11
Rains into weekend in Central Corn Belt
2-3 million less corn acres possible but yields look good and are made in June and July
Better Brazilian and Ukraine corn crops
Profit taking on July-Nov bean spreads
China may cancel some Brazilian beans
China may sell back some new crop US beans

Stocks called a little lower
DAX and FTSE down 1.6%
OECD projected US GDP at 1.9%, euro zone minus .6% and global 3%
Timing of Fed slowing of stimulus bond purchases uncertain
Japanese trade off 1.7% in April
German unemployment unchanged at 6.9%
WTI cruising in range at $94.39 down $ .67
Gold up $6 at $1385
Dollar retreats 43 to 83.67 consistently choppy
No reports today

Larger show lists this week and slaughter into next week
Cash $126 offered in south
Choice boxed beef off $ .50
Features: select strip steak $6.98, thighs and breasts $2.48 and other round type offerings
Pork cutout $ .55 lower with loins down $2.44
Kills 125,000 and 424,000

Grain and soybeans
Wetness makes the rounds in Midwest
Drier next week
Corn plantings are 86% done versus 90% average and will continue into mid June
Soybeans 44% done and spring wheat 80%
Canadian wheat advancing rapidly
Spec funds flow into equities and grains
Dollar wiggling around in center ground