Home Market Market Watch Seed Consultants Market Watch 2/4/2013 Morning Comment Gary Wilhelmi

Seed Consultants Market Watch 2/4/2013 Morning Comment Gary Wilhelmi


Dow pre open up 70 after falling 129 on profit taking Monday
Home price report
ISM non manufacturing index seen at 55 from 55.7
Earnings continue and have been net positive
DAX up .3% and FTSE .5%
Asia lower on political troubles
January was another soft month in Europe
Japanese yen has plummeted in value hurting import activity
WTI crude up $.48 at $96.66
Brent crude $116.54 up $.93
Dollar quiet at 79.64 up 7

Cattle futures higher over night
Show lists steady on the week and lower versus a year ago
Boxed beef $.19 higher choice and up $.39 on select
Warmer temps improve animal movement
Pork cutout 37 loads with carcass down $1.03, loin’s $.13, hams off $.60 and bellies $.90
Cattle slaughter expected lower in effort to firm beef
Plunge in yen hurts meat imports
Russian US meat ban begins soon

Grain and soybeans
Quiet night
Corn demand poor on ethanol (36 plants closing) and exports hurt by low water levels
Chinese soybean demand spurred by coming New Year 2-9
Brazilian soybean loadings 40 days behind
Inconsistent weather has shaved Brazilian bean production somewhat
KCBT open out cry ends 6-28 and moves to CME
Argentina freezes super market prices to counter inflation
S/D Friday a subjective estimation of our balance