Home Market Market Watch Seed Consultants Market Watch 1:26 update with Gary Wilhelmi 12/17/2012

Seed Consultants Market Watch 1:26 update with Gary Wilhelmi 12/17/2012


1:26 update

S&P 500 brackets 1380-1400 support with 1460 resistance and for the hopeful 1550 to 1650
Dow has been up over 100 points on fiscal conjecture
Corn and wheat slips back toward lows so watch $8.01 ½ on March wheat and $7.15 March corn
Feb cattle holding near $134 with cash up last week but boxed beef down $2 this week
Hogs have hunkered down near their low

10:01 update

Ag fences:
March corn $7.10- $7.40
Jan beans $14-$15.50
March wheat $7.75-$8.40
Feb cattle $130-$133
Feb hogs $83-$88

9:44 update

Dow up 37 S&P down 6 or nowhere
Crude firmed to $86.81 up $.97 but in $85.50 to $89 range
Gold back to unchanged at $1695
Dollar dozing at 79.57 up 8


We can see the cliff from here and our leaders are gone for the holidays.
There is some idle chatter but, no meaningful long term solutions are in play.
Taxes and spending are in the front row, but entitlements and the debt ceiling don’t even have a seat at the table.
NY manufacturing report today, and it was last at minus 5.2
Apple stock under $500 off its $700 high and dominates the NASDAQ
FTSE off .6% and DAX down .3%
Gold drifting down $6 at $1691
Crude floating at $86.25 down $.18
The dollar is up .03%

Some cattle trade at $124-124.50
Boxed beef quiet up $.18 on choice and off $.34 select
December cattle placements expected higher but spring supplies tight
Replacement demand is somewhat better
Weekly slaughter was off 300,000 in cattle at 632,000 and down 60,000 hogs at 2,304,000
Cattle a kill is off 3.7% and hogs up 1.8%
Pork cutout down $1.60 with loins down $.74 and hams off $3.55

Grain and soybeans
March corn steady at $7.34, Jan beans up $11 at $15.02, so watch the close, and March wheat $8.16 up 2
Light trade getting lighter into holidays
Weekend rains heavier than expected
Argentina drier and Brazil just fine, all good
Soybean exports 1.3 MT are expected to be up there again this Thursday
Mississippi critical water level may be reached 12-28
CTFC corn fund sellers 50, 000 corn, 23,000 wheat and up 16,000 soybeans