Home Market Market Watch Seed Consultants Market Watch 2/8/2013 10:52 update Gary Wilhelmi

Seed Consultants Market Watch 2/8/2013 10:52 update Gary Wilhelmi


10:52 update

Dow up 60 on US and Chinese trade data
Cash cattle call $1 better
Hog margins deep in the red
Volume at 9:15 23,000 March corn, 20,000 March beans and 10,000 March wheat watch 11 AM S/D post release trade
India wheat off 2,7% but exports are seen rising
Gulf beans up 3 cents on quick ship demand and corn 1 higher

Morning Comment

Dow pre open up 5 on 21% decline in trade deficit and positive Chinese export data
DAX up .4%
S&P pivot around 1500 with resistance at 1510 and 1550
New England blizzard will reduce stock trading volume
WTI crude up $.55 at $96.41 and Brent widens gap to $22.14 up $1.30 at $118
Gas locally at $3.85 up $.60 this week
Gold $1666 up $4
Dollar 80.11 off 9 in the midst of multi month range

Cash yet to be established wit bids at $123 and offers $127-130
Boxed beef up $.48 select and down the same on choice
Market ready supplies short but futures are near their low
Pork cutout 99 loads with carcass down $.72, loins up $1.56 and hams $3.61 lower
Slaughter down 9000 on week in cattle and up 14,000 hogs

Grain and soybeans
Exceedingly light night trade, ahead of 11 AM supply-demand release. So tread lightly
Corn carry averages guess 615 M, beans, 129 m and wheat 628 m
Argentine beans 53 MT and Brazil 83 MT.
$1500 pivot point in March beans, $7.05 support March corn and $7.50 March wheat
Canadian canola supplies short, so watch soy oil
Corn usage down 12% in ethanol and 10% on exports
Soybean exports remain stout to China with S American crops coming into the pipeline
Brazilian shipping delays are normal with a 40 day back up and harvest is not at its peak.