Home Market Market Watch Seed Consultants Market Watch 10:39 update with Gary Wilhelmi 11/28/2012

Seed Consultants Market Watch 10:39 update with Gary Wilhelmi 11/28/2012

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10:39 update

Dow off 60 at 12,818 with support at 12,500-700
S&P near 1380 support at 1386 off 13
Beef demand in question
Features normally mixed and budget conscious
Cash hogs called steady to higher
Feb hogs at $87.42 with resistance at $88
Feb cattle $132.12 bracketed by $130-133
No drought relief in sight in long term guess work
290,000 tons of soybeans to China as was rumored
In Brazil: Mato Grosso in good shape while south and central need rain as Argentina gets soaked delaying corn planting

 

Financial
Third day and congressional haggling is intensifying
Dow off 57 and S&P down 7 to 1391
DAX and FTSE .4% lower and Nikkei 1% reduced
Little time and complex economic problems are a tough assignment
Crude off $.74 at $86.44
Gold down $23
Dollar 16 higher at 80.56 with a recent high at 80.90
Dollar and Euro down versus Yen

Livestock
A few cattle trade steady at $128 in Texas
Boxed beef $.77 lower choice and $.77 higher select
Slaughter a little lower week to week in cattle and hogs
Pork cutout: up $1.63 with loin’s $2.81 higher and hams off $1.13
Features: Chicken breast $1.88, assorted pork chops $1.38, chuck steak $3.45, ground chuck $2.79
Dry pastures persist

Grain and soybeans
Light profit taking over night
Warm and dry further threaten wheat and pattern is worrisome looking ahead to spring
Ukraine grain exports cuts have long been expected
Illinois River basis firms on low water levels
Heavy rains are forecast for Argentina delaying plantings and perhaps meaning more soybeans
Funds were active buyers Tuesday