Home Indiana Agriculture News Seed Consultants 5/31/2013 Market Update with Gary Wilhelmi

Seed Consultants 5/31/2013 Market Update with Gary Wilhelmi


Goldman warns of bond sell off
Consumer spending off .2% at one year low
Consumers are 70% of spending
US stocks called lower
Inflation benign .7% versus Fed target of 2%
Fed tapering of bond buying may begin in next two Fed meetings according to Bernanke
WTI crude $92.96 off $ .65
OPEC holds production unchanged
Chicago PMI expected at 49.9 from 49 in April
ISM manufacturing index next week
DAX off .6% and FTSE down .9%
Gold $1407 down $5
Dollar index 83.16 up 12

Cattle $122-23 bid and $125 offered with little movement
Choice beef pulls back to $208 with select at $189
Slaughter on par in both meats 125,000 and 424,000
Pork cutout up $ .67 with loins steady
Beef export 19,000 tons and pork 15,000
Minimal amount of pork to Hong Kong

Grain and soybeans
Narrow ranging night trades
July/Dec corn has narrowed 44 cents in eight sessions and July/Nov beans 88 in five days in end of old crop evening
Three major funds routinely rolling positions ahead
More talk of Chinese soybean cancellations of S American beans, and maybe some new crop US
Mississippi closed due to high water in some sections, whereas a few months ago it was too low
Weekly exports not many old crop wheat, corn or beans and 728,000 tons of 13/14 wheat with China buying 180,000 and Brazil 233,000, 789,000 corn with China in for 483,000 and 756,000 beans China taking 583,000.
Severe storms rumbling through the Central Corn Belt
Next week looks drier