Home Market Market Watch Seed Consultants Market Watch 1:23 update with Gary Wilhelmi 11/21/2012

Seed Consultants Market Watch 1:23 update with Gary Wilhelmi 11/21/2012

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1:23 update

Mild reaction to indications of an Israel-Gaza cease fire as it is not a diplomatic victory; rather it is that Israeli has taken out much of the Palestine’s missile installations.
Dow up 47 and crude oil falls back to steady after modest rise.
Be advised that it is not over as the conflict has endured for two thousand years
The US does get credit for helping to build the “iron dome”, missile protection system
Watch Israel’s other, surrounding hostile neighbors.

11:01 update

Dow up 22 points
Cash cattle call higher is in the market
Cash hogs called lower with better next week
Cold storage this PM featuring record pork supplies
120,000 tons of beans to China and 20,000 tons of bean oil for over 100,000 tons in last week.
56,000 additional tons to unknown
Russian Ag minister projects 15.5 MT of grain exports so they will be in business for a while longer
Logistics regarding low river levels get mote attention

 

Financials:
US equities open steady on Dow and S&P
Greece debt debate at a standstill
Bernanke warns of cliff and persistent jobless rate
Strom warped jobless claims report
U of M consumer sentiment expected at 84.5 from 84.9
LEI off .2% versus up .6% last month this is a nebulous measure
FTSE and DAX quietly up .1%
Nikkei up .9% but Japan is in recession
Gold $3 better at $1726
Crude oil up $.81 at $87.56 as Palestine turns back to bus bombs as missiles are being intercepted
Dollar index steady at 80.93 with resistance at 82 and support at 78
Cliff concerns linger on

Livestock
Cattle $123b to 128a
A firmer cash trade us expected but much trade may be pushed back into next week
Boxed beef $194 choice or up $1
Beef volume is up with east coast restocking
Beef plants are posting $50-75 losses
Full kill week next
Pork cutout: off $.36 with loin’s down $.48 and hams $1.11
Holiday party buying now begins featuring turkey, ham, standing rib roast and shrimp

Grain and soybeans
Quietly a bit higher
Trade low volume and low risk
Fears of higher capital gains taxes curb speculation
Export sales Friday
Market closes at noon Friday
Dec corn expires Friday
Corn basis steadies as farm selling is absent
Lock and dam protests and concerns are about fifty years late
Don’t take short session Friday for granted as it can enhance volatility



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