Home Market Market Watch Seed Consultants Market Watch 1-18-13 11:14 update with Gary Wilhelmi

Seed Consultants Market Watch 1-18-13 11:14 update with Gary Wilhelmi


11:14 update

Pork margins have slipped
Cargill plant closure stirs beef concern
China bought about 2 MT of SA and US beans last week
Dollar index at 80 with resistance at 82 is a minor plus
March corn is at a 55 cent discount to March wheat
Ideas that lows are in needs more proof

Morning Comment

Morgan-Stanley and GE post good reports, but others mixed
S&P at 5 year high and Dow nearby 13,661
Chinese growth improves to 7.9%
Japanese Yen on low motivating exports and there is a push for devaluation
Intel sales off 3%
WTI crude 95.34 up $.17 with Brent at about $110 with resistance at $113
Gold $1692 up $2
Dollar index jumps 31 to 79.98
DAX up .2% and FTSE .6% higher
Dow not much change expected

Cargill closes Plainview Texas beef plant due to drought and lowest numbers since 1952
Cash off $1-3
Boxed down about $2
Watch for short covering in cattle
Pork cutout off $.37, loin’s down $2.24 and hams steady on a 95 load trade
Slaughters on par
Cold wave will hurt hog transpiration and cattle performance

Grain and soybeans
Markets in consolidation pattern after technical recovery
Light fund trade 7000, corn, 2000 wheat and 5000 beans
1.6 MT of soybeans exports with 180,000 of new crop
Wheat exports fair at 535,000 tons and corn dragging along at a slow pace
240,000 of bean sales over night
Light rains in Argentina where needed
Two Nebraska ethanol plants closed due to poor margins
Monday is a holiday
Typical January deep freeze approaching form western Canada