Home Market Market Watch Seed Consultants 6/17/2013 Market Watch with Gary Wilhelmi

Seed Consultants 6/17/2013 Market Watch with Gary Wilhelmi

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Financial
Dow up 105, S&P 12 and NASDAQ 28
Crap shooting computer speculation, in regards to the Fed’s continuing stimulus QE program, has set a very uncertain table for this week’s trade
The likelihood is that no big change will made at this juncture
G8 meeting is being consumed by inter government snooping and idle high talk of trade
The crude, gold and dollar markets were little changed

Livestock
August cattle bounced off support at $118 to close at $119.05 on short covering
Summer red meat demand is normally slower
Pork cutout was strong but August hogs could not convert that into positive action closing about steady
Light hog kill, positive margins and shorter supplies firmed pork

Grain and soybeans
Firmer interior basis levels and a break in Argentine corn movement off farms supported nearby corn
Dec cone fumbled around just above support at $5.36
Nov soybeans traded below support at $12.77, but wiggled a bit higher to close at $12.86
Wheat dawdled through the day as harvest moves north
Export inspections lacked go power
Soybean crush was 122 m but reaction was timid
Good weekend for soybeans with more to come, and rain Wed-Fri in the Midwest which would be just right
Soybeans expected to near 90% planted and condition 65% good to excellent
Just mop up time in corn
Acreage on 6-28 is not usually a major mover
Crop reports not until August
Right now corn and soybeans look average or above, but much development to go