Home Indiana Agriculture News Seed Consultants 5/3/2013 Weekly Market Update with Gary Wilhelmi

Seed Consultants 5/3/2013 Weekly Market Update with Gary Wilhelmi


10:09 update

Stocks hold opening gains
Dollar pulls back to 13 point loss 40 under the high
Meats stuck at highs on exceedingly light volume
Grains off some and beans higher, but trade hardly worth opening
Snow sets back spring plantings more
Gulf soybeans steady
There is still time to plant corn
Forecasts at odds

165,000 new jobs generated in April and last two months were adjusted higher.
Unemployment down to 7.5%
And away we go again to new highs at 14,971 up 141 on the Down, S&P 16 higher at 1613 and NASDAQ 3375 up 35.
Labor force, however, is at a 35 year low.
ISM non manufacturing expected to decline 2.9%
China 54.8 versus 55.6 in March
UK service sector 57.9 from 57.4
EC GDP projected at .4% versus last at .3%
WTI crude up $1.57 to $95.56
Gold steady at $1467
Dollar continues rise up 24 to 82.46
DAX up 1.4%

Cattle up $3 to $128 Texas and $131 Nebraska
Boxed beef nears 2003 record of $201.31
Feeder cattle had steady week
Cool wet cook out weekend
Snow in parts of Iowa and Minnesota slow hog movement for a day
Kills off 1000 cattle and up 10,000 hogs for week thus far
Pork cutout down $ .39 with loins up $3.21, while hams advanced $3.21 and bellies were up $ .64
Cash hog call $1

Grain and soybeans
Night trade just a tad better at $6.63 on July corn, $13.78 July beans and $7.33 July wheat
Cash corn firm and delays extend into mid next week
China cancelled 276,000 tons of old crop beans yesterday, but that is just a normal adjustment, they also bought 1.1 MT of new beans
Argentine soybeans are bound for China not US
SE Kansas wheat is better than expected
Canadian crop estimate updates today
Positive financial input, but dollar continues to rise limiting exports