Home Market Market Watch Seed Consultants Market Watch 1-7-13 11:34 update with Gary Wilhelmi

Seed Consultants Market Watch 1-7-13 11:34 update with Gary Wilhelmi

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11:34 update

March soybeans pull back to steady at $13.57 and on support
Grains also recede after early profit taking but are still higher up 3 corn and 5 wheat
Central Corn Belt in Chicago has had just 1” of snow thus far, even less than last year and the average is 11”

10:04 update

Stocks pull back on profit taking with Dow off 71 and S&P down 8
Profit taking in cattle
Short covering in grains and soybeans
102,000 tons of corn to unknown
Gulf corn bid up 1 cents and soybeans down 6
US winter seeding Friday along wit stocks and final crop estimates
Watch for signs of cheaper price attraction in export sales Thursday

Financial
S&P back to 2007 level at 1466
Earnings begin and this year’s outlook is for a moderate improvement
DAX off .5% and FTSE down .4% after a strong opening week
Crude oil $91.61 off $.43
Gold $1659 up $11 after sharp fall
Dollar index 80.57 with resistance at 82
Counterproductive must win attitude in Washington makes negotiation inoperative

Livestock
Packers win cash debate at $128 plus $1 but at a $5 discount to Feb futures
Boxed beef softened Friday off $.67 choice and $1.08 select
Carcass weights recede on wintry weather
Middle meat ease as is normal for this time of year
Slaughter 519,000 cattle and 1,975,000 hogs and now a full week
Pork cutout up $.36 with loin’s $.69 better and hams up $.03

Grain and soybeans
Final crop estimate Friday along with stocks which is the prime measure of domestic usage
March corn support is at $6.75 and March soybeans at $13.56
S American crops are is good shape with cooler temperatures
Farm selling slow near these lows as basis firms
Ethanol production is running lower
Mississippi river water levels approach critically low levels
Hyper charged computer dominated speculative nature of the markets carry’s extreme risk