Home Market Market Watch Seed Consultants Market Watch Evening Comment update with Gary Wilhelmi

Seed Consultants Market Watch Evening Comment update with Gary Wilhelmi


Google and IBM reports power stocks to close up 67 on the Dow at another new five year high, S&P 1492 and NASDAQ up 11.
WTI crude was off $1.08, while Brent crude surged over $113 before slipping back a bit.
Debt ceiling deal is just a stalling tactic
Dollar little variation at 79.97
IMF sees modest 2013 global growth
Apple earnings key post close item and a small weakness was expected

Short covering brought back the cattle and hog markets slightly to the plus side
Short term cattle supplies are heavy as are slaughter weights
Placements are expected to be larger in the COF report Friday
Hog slaughter weights are off 1.5# in the last week
Pork in the cooler was heavier Tuesday night
Weekend features were the usual mix of budgetary cuts.

Grain and soybeans
Profit taking shaved values in all markets
A few hot days are coming to S Brazil and Argentina
Argentine corn is being cut back
Brazilian beans are still estimated at 82-85 MT
Argentine corn is entering its prime pollination period
25% abandonment may occur is plains wheat
Feed wheat noted in Eastern Corm Belt
Ethanol demand likely to slip further
Volumes continue to lighten as specs step aside

11:57 update

Dow quietly up 48
Debt ceiling deferred until May is just a time out
Meats retreat about $1 a piece
Grains and oilseeds hardly changed

Morning Comment

Little change seen in stocks at multi year highs
Dow up 58 at 13,770
UK votes on EU membership—FTSE up .2%
Earnings net out positive led by Google and IBM
Apple today is expected to post first revenue decline in 10 years
Spanish GDP off .6%
WTI crude up $.13 at $96.81
Brent crude $112.42
Dollar down 11 at 79.77 just chopping
Gold docile at $1693 up $3
Transportation index hits all time high

Cattle higher as Japan crops ban on 20 month old cattle
Show lists smaller
Boxed beef up $.75 choice and $1.29 select
Feeder cattle auction off $3-5
Slaughter 127,000 and 429,000 normal
Pork cutout 162 loads with carcass up $1.23, loin’s $2.30 and hams plus $.60
COF Friday
Features: round roast $2.98, assorted pork chops $1.58, stew meat $3.99, drum sticks and thighs $1.19 and 3# of 80% ground beef $2.99

Grain and soybeans
A few days of 100 degree temps in Argentina with next rain late in week to come
Showers skirt southern end of plains are no help to wheat
Brazil generally in good shape for 83 MT of beans or more
Corn export inspections are poor at 11 m bus.
Ukraine wheat 91.5% good to excellent
Cold in Midwest with just a few inches of snow possible
Resistances $7.50 CH, $15.00 SH and $8.10 WH