Home Market Market Watch Seed Consultants Market Watch Morning Comment with Gary Wilhelmi 12/28/2012

Seed Consultants Market Watch Morning Comment with Gary Wilhelmi 12/28/2012

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Financial
Pre open stocks lower by .5%
DAX and FTSE down .6%
Administration grandstanding today and the house Sunday night, while the senate fiddles
Gulf and E Coast dock strikes brewing
Consumer confidence dropped to 65.1 from 71.5
Crude holds over $91
Gold $1657 in range with $1800 resistance
Dollar index 79.62 remains stuck in the middle of recent range

Livestock
$127.50 trade reported up north is short of parity
Boxed beef holds
Holiday slaughter this week and next
Beef exports 11,000 tons off 15% versus four week average
Pork cutout off $1.14 with loin’s down $2.47 and hams $.21 lower

Grain and soybeans
Weekly export sales good in wheat at 1 MT with 405,000 tons to Egypt, corn poor again at 104,000 and soybeans just 87,000 amidst cancellations
Low volume gyrations with March corn holding below $7.00
Even a heavy snow winter will not fully restore moisture levels and 2013 yields have a lot to prove
Low water south of St Louis to Memphis, continue to hamper river transport
Argentine rains have delayed plantings and are in the markets
Chinese first of the year soybean demand normally switches to S America but we will get a slice



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