Home Market Market Watch Seed Consultants Market Watch 1-3-13 PM Comments with Gary Wilhelmi

Seed Consultants Market Watch 1-3-13 PM Comments with Gary Wilhelmi

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1-3-13    PM Comments

Financial

Slight sag in stocks with the Dow off 21

Crude down about $.40

Gold falls $24

Dollar jumps 58 to 80.42 aided by the ADP jobs report (215,000 new jobs)

Employment Friday and 150,000 jobs are expected

Fiscal problems continue to hang fire and will perhaps for a few years

Livestock

Feb cattle rallied to $133.90 on short covering as cash is not yet established

$130 offers remain

Cash hogs were steady to easier

Pork cutout came in $1 lower

Packer margins weakened

Resistance in Feb cattle is up around $134.50

Feb hogs firmed slightly on minor short covering

Grain and soybeans

March corn at $6.91 ½ with support at $6.83 ½

March soybeans $13.86 ½ with support at $13.72

March wheat $7.55 and just above the $7.52 ½ support

Chinacancelled another 315,000 tons of US beans asBrazil’s harvest get under way with conditions good

Dollar runs up top 80.52 with resistance at around $82

Egyptslows wheat imports as domestic supplies are adequate

Argentine weather turns adverse to ongoing plantings, but their crops still appear to be enough

January final crop report and stocks on the 11th

11:31 update

Equities dead in the water but holding

Feb cattle rally on short covering as $6 premium sellers exist top $134 thus far

Cash still $130 offered and no trade

Cash hogs steady to $.50 higher

10:17 update

Dow quietly off 17

Feb cattle up to $133.32 an indication of improved cash which is yet to be established

Tight ranging March corn above $6.90 a sell point on some systems

Employment tomorrow—ADP encouraging 215,000 jobs added

9:34 update

Mild profit taking in equities

Weak margins in pork

Cash hogs steady

Cash cattle offered at $130

March corn support at $6.87 ½ with a gap to $6.83 ½

March soybean support at $13.77 ¼

March wheat support at $7.52 ½

Harvest begins in Mato Grosso which could use some rain

Gulf corn steady to 1 higher-no export news

Weather turns adverse for Argentine plantings

Financial

308 point rally on Dow, 13,412 and S&P and NASDAQ are also at long term highs

Dow resistance is at 52 week high of 13,661

ADP adds 215,000 jobs versus 150,000 expected and that reversed minor profit taking here and inEurope

The fiscal deal was just a time out as questions of the debt ceiling, spending, the sequester, and entitlement reform have all been deferred

Crude oil $92.73 off $.30

Gold down $14 to $1676

Dollar firmed on ADP report to 80.15 up 30

Livestock

Cash cattle offers at $130 with last trade $127

Choice boxed beef off $.21 and select up $1.57

Next week is first full slaughter week

Carcass weights up 30#

Pork cutout down $1 with loin’s off $2.61, hams up $.28 and ribs $6.53 lower

Transportation normal

 

Grain and soybeans

Wednesday’s collapse extends to $6.86 March corn, $7.63 March wheat and $13.79 March soybeans with all on support levels

Trend remains down in all

S American crop weather good

2013 drought not broken with many months to go

As evidenced last year drought rally potential is extreme

Export sales Friday and watch wheat which hit 1 MT last week

January 11th crop finals and stocks reports

Low water prevails on midMississippiwith no cold air freeze threat

Fiscal puzzlement continues and could for a few years