Seed Consultants Market Watch 1-2-13 PM Comments With Gary Wilhelmi

Financial

Dow closes up 308 on a late short covering wave that was positioned about mid day on the expectation of a finishing set back

The equity markets are in dangerously over extended posture so be careful

Our fiscal problems have only been addressed on a superficial level

Spending cuts, sequester issues, entitlements and the debt ceiling are still ahead

Intense volatility is ever present

Livestock

Cash cattle are offered at $130

Feb futures are already $6 over $127 cash from last week

Feb resistance is at about $134.50

Feb hogs bounced slightly on short covering with support at $84

Routine weekend meat features appear tomorrow

Grain and soybeans

The equity market rally was not followed by the grain and soybean markets

March corn at $6.91 and March wheat at $7.58 came to rest on support

March soybean support is close at hand at $13.80 after at $13.92 close

The current negative trend remains in effect

Wheat exports were good last week at 1 MT, so watch this weeks report

Kansaswheat is rated 24% good to excellent and 31% poor top very poor, we have had some snow but not nearly enough

The dollar firmed through the day but remains well within its range

Farm bill extension is just a nine month band aid, and does not address key dairy issues

$1 tax credit on biodiesel products helped soy oil but not other elements of the complex

Recommended Posts

Loading...