Home Market Market Watch Seed Consultants Market Watch 10:49 update with Gary Wilhelmi 12/4/2012

Seed Consultants Market Watch 10:49 update with Gary Wilhelmi 12/4/2012

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10:49 update

NASDAQ falls 16 points, Dow up 10 and S&P 2 better
Cattle cash cautious
Margins turn negative
Pork margins also in the red
ABARE estimates Australian what at 22 MT off 26% from last year
Ukraine plans to stick with export caps in grains and is in the market
Taiwan passed on US beans on price and bought Brazilian corn on price
Quick shipment Gulf corn off 2 cents, but March up 10 reflecting tight supplies

10:08 update

Some days the news is nothing and the markets do the same
Volume light throughout
Feb cattle near support at $129-130 and some analysts see a bottoming
Feb hogs just the opposite having backed away from the $88 resistance once again on the Feb
Dry US plains and soaked Argentine acres dominate weather news and are well discounted.
Speculators in general are disheartened by our fiscal indecision

Financial
White house rejects republican fiscal proposal is normal negotiation but, will it lead to anything substantive
GOP idea is 50% of administration plan
Employment Friday and no major reports today
Spanish unemployment up again
German export up 3.6% led by business outside of euro zone
Crude oil $.39 lower at $88.70
Gold down $8 to $1707 with support at $1700
Dollar index continues to erode down 26 to 79.68 with support at 79
DAX up .3%
FTSE steady
Dow little change expected

Livestock
Larger show lists
Nebraska cash ideas mixed
Boxed beef quiet at $195 choice
Cow slaughter decreasing which means herd rebuilding
Slaughter 123,000 cattle and 432,000 hogs little changed from a week ago
Pork cutout up $.96 with loins down $1.97 and hams $3.20 higher
Feb hogs backed away from another test of $88 high yesterday
Hog tend into January is normally lower

Grain and soybeans
Markets barely turned a wheel over night
1-3” rains forecast for soaked Argentina this week
US plains dry and warm in droughty trend
Dollar moving toward 79 index support
Watch weekly export sales Thursday
Export inspections were positive in beans but one half of needed level in grains
Mississippi dredging and rock removal
US corn at $30 per ton premium to S America
March corn support is at $7.40
Markets moved lower into the close Monday



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