Home Market Market Watch Seed Consultants Market Watch 1/29/2013 10:14 update Gary Wilhelmi

Seed Consultants Market Watch 1/29/2013 10:14 update Gary Wilhelmi


Dow up 72 at 13,954 with round number resistance at 14,000, not a magic number
WTI crude up about $1 at $97.40 with resistance at $100
Consumer confidence depressed by higher taxes down 8 to 58.6
Home prices up 5.5%
GDP Wednesday
Employment Friday
Dollar index down 23 at 79.54
Gold up $10
20% of earnings this week
Egypt on the brink of collapse

Cattle pull back $.50 in normal action after rally out of an over sold condition
Tight market ready supplies
Boxed beef firm
Watch last Friday’s close for support
Hog marketing’s current
Hogs hold mild $.60 rally
Deep freeze will delay hog transport

Grain and soybeans
Light volume static trade
S Brazil and Argentine dry period ahead
Watch Palmer Drought Index for a reading on Corn and wheat belt status
Kansas wheat just 20% g-x and Nebraska 8%
SRW in the east has had better moisture
DDG’s support ethanol
Vessels backed up at Brazilian ports
Pivot points at today’s closes in all
Russian wheat exports seen at 14 MT down from 15.5 MT

10:14 update

Tight market ready cattle supplies
Monday’s corrective bounce in cattle may signal the lows are in for now
Cash hogs steady to $1 higher
S Brazilian dryness hurts Rio Grande beans, but north and west are OK
Hot and dry hurts Argentine corn pollination
Watch the Palmer Drought index for reading on dryness conditions
Russian wheat exports likely will be cut to 14 MT from 15.5 MT, as long expected
HRW country had a tough January

9:44am Update

Stocks post little variation
Employment report Friday with last at 7.7%
Cattle hold Monday gains thus far and hogs also steady
Penny up in early grains and 5 cents on March beans
March corn resistance at $7.35 and then $7.50

Morning Comment

Fed policy statement Wednesday
4Q GDP Wednesday
Consumer confidence today expected to be flat at 65.1
20% of earning releases this week
Egypt on brink of collapse
Washington consumed with political issues or immigration and guns as vital business considerations are befuddled and on the back burner
WTI $96.58 up $.15
Gold steady
Dollar drifts at 79.75 off 3
Global stocks little changed
Euro becalmed at 1.344

Positive COF, over sold futures and expansion of Japanese buying allowance drives April cattle nearly up limit
Boxed beef up $.17 on choice and $.56 select
Hay supplies are at multi decade low
Cattle kill 126,000 and hogs 412,000
Pork cutout just 24 loads with carcass up %/52, loin’s down $.03 and hams $.09 higher

Grain and soybeans
Two to four cents higher in quiet night trade
Volume scant
Argentine weather in spotlight with rains possible in 6-15 day period
March corn range $7.12 -7.35
Mississippi stalled until Thursday near Vicksburg
Parts of Midwest sprucing up with early winter snows like in central Indiana
Watch total area up dating moisture coverage and amounts
HRW no better
Australian heat a concern for number two exporter