Home Market Market Watch Seed Consultants Market Watch 11:11 Update with Gary Wilhelmi 12/27/2012

Seed Consultants Market Watch 11:11 Update with Gary Wilhelmi 12/27/2012

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Congressional and administrative crag mire depresses stocks
Dow off 68 at 13,046 with support at 13,000
S&P down 9 at 1410 support at 1400
NASDAQ 15 is lower at 2975 below 2900 support

 

Financial
German Finance Minister says the worst of Europe’s debt crisis is behind them, but the markets need more evidence
Uncertainty dominates the markets as fiscal solutions wait until next year, but what happened to this year?
Jobless claims 350,000 from 361,000, but one month is not a key only the trend counts
Consumer confidence is expected at 70 down from 73.7
Crude $91.23 up $.26 on terror concerns and budget hopes
Local gas jumped to $3.38 from $3.08 today
Gold $1656 down $5
Dollar index 23 lower at 79.41
DAX and FTSE up .4%
Dow called a bit better
2013 tax issues unresolved

Livestock
Cash cattle are offered at $129-130
Boxed beef choice is up to $194 and the spread is out to $15
Beef export sales appear better
Pork cutout down $.16 with loin’s $1.56 lower and hams up a nickel
Slaughter 121,000 cattle and 425,000 hogs

Grain and soybeans
Creeping creepy trade on low volume
Markets were drawn to the orders in the form of supports
Monster storm rips the south
A drought year such as this is not normalized in one average year
Yields could well be down again in 2013, but we have not even begun
Watch the longshoreman’s strike in PNW
Weekly export sales pattern measures competitive forces
March corn $6.92 over night. Jan beans $14.39 up 10 on short covering and March wheat $7.72 down 3



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