Home Market Market Watch Seed Consultants Market Outlook 7/16/12

Seed Consultants Market Outlook 7/16/12

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7-16-12    AM Comments

 

Financial

Citi group earnings today with $.95 expected or v10% below last year’s revenues

Big 2Q earnings week

Retail sales seen up .2%

Chine PM says more economic trouble is coming as they confront an economic slow down for the first time in their hybrid business format

European stocks little changed and economic solutions little hope

Euro holds at 1.219

Crude oil off $ .44 at $86.66

Gold down $5 at $1583

Dollar index 83.43 up 8

Bernanke before congress with no new ideas like what came out of the last FOMC meeting

 

Livestock

Show list size and boxed beef stability is the issue

Boxed beef last $6 last week to $184 choice versus $173 select

Cattle loss per hear is now at $200 and feed spiked higher this Monday morning

Another 10 day hot spell will cut meat demand

Pork cutout steady on carcass with loins up $ 1.93, hams $ .32 better and bellies down $2.44

Last week was a full week of slaughter at 641,000 cattle and 1,959,000 hogs

 

Grains and soybeans

Another leap ahead Sunday night with Dec corn up $ .27, Nov beans plus $ .40 and Dec wheat $ 28 higher

Some see $8 Dec corn this week

Eastern Corn beltrains disappointing

Crop ratings expected to 3-10% lower

Corn yield many now see at 135 bpa or worse without rain fall relief

Under 1 billion corn carry over and below 100 million beans now a consideration

10 day hot spell with 95-102 seen inIowaand that’s been one of the better spots

Outside markets no help

Crop insurance claims could be a record and some form of government intervention is possible