Home Market Market Watch Seed Consultants Marketwatch 10:28 update with Gary Wilhelmi 11/8/2012

Seed Consultants Marketwatch 10:28 update with Gary Wilhelmi 11/8/2012

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10:28 update

Land values in jeopardy of decline
Dollar trend down but higher again today at 80.90
Corn surplus may rise by about 16 million
Soybeans production perhaps by 31 million
Both insignificant
152,000 of routine corn sales to Japan
Global wheat 661 MT off 3 MT
Northern Brazil weather favorable

 

Financial
Mild bounce expected after 312 point loss on Dow
Dow under 13,000 support and S&P below 1400
Our inability to govern and manage fiscal policy, a deepening recession in Europe, uncontrollable debt and a US AAA credit rating threat apply the pressure
Jobless claims down 8000 to 355,000 means little
Greece passes added austerity measures but still faces many hurdles in securing bail out funds
Unemployment in Greece tops 25%
ECB leaves rates unchanged
Dollar up 14 to 80.90 but government policies direct the currency lower
Crude oil up $.79 to $85.23 ultra volatile
Gold $1718 after testing $1700
China leaders meet to set new ten year course and must address corruption issues

Livestock
4-12” of snow come to the northeast on top of remaining problems from Sandy
Cash cattle are bid at $124 and offered at $129
Boxed beef about steady after falling to $194 from $201
Beef exports 19.400 28% above the four week average
Cattle slaughter is up 3000 for the week and hogs 25,000 higher
Pork cutout up $.67 with loin’s $2.11 better and hams steady, it has been a wide swinging week
A large weather hole has been injected into the meat and retail store markets in the northeast

Grain and soybeans
Minimal changes in over night trade
Crop report tomorrow morning is expected to show bean yields a bit better and corn not much changed
The lower dollar trend can depress the dollar and raise commodity values
Farm bill is all talk at this point, with so many bigger fish to fry regarding fiscal policy
Drought pattern is still in force in western region
Winter wheat rating 39% good to excellent is down from 54% five year averages
Dec wheat is a few cents below $9.00 resistance
Corn export sales poor again at 157,000 tons as was wheat at 209,000 and soybeans fell to 186,000.
Jan beans support at $14.80-90
Dec corn held at $7.32 support