Home Market Market Watch Seed Consultants Marketwatch 11:23 update with Gary Wilhelmi 11/7/2012

Seed Consultants Marketwatch 11:23 update with Gary Wilhelmi 11/7/2012

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11:23 update

Dow off 291 at 12,954
S&P down 30 at 1398
NASDAQ 68 in arrears at 2943
Crude oil dives $2.79 to $85.95 erasing yesterdays rally
Gold drops to $1704 with support at $1700
Lack of confidence in American governance and deepening European crisis

9:48 update

Dow opens down 179 points at 13, 066
S&P 20 lower at 1408 so watch 1400 support
NASDAQ down 41 at 2971
10 year bonds off 9 at 1.67%
Dovish monetary policy will weigh on dollar but up early
Status quo government feared not up to fiscal task

 

Financial
Billions pent on mud slinging campaigns and we end up where we stated in Washington, or mixed and dysfunctional
Now the question is can we live up to our fiscal responsibilities
Stocks nit expected to move much
DAX off .6% and CFTSE down .3%
German and French PMI’s weak
Greek parliament debating hotly contested austerity
Dollar index up 23 at 80.84
Euro hangs around 1.28 with resistance at 1.30
S&P boundaries 1400 to 1460
Crude oil off $.96 at $87.75
Local gas price jumped $.20 this morning
Gold steady at $1721

Livestock
Storm brewing for tri state area which remains crippled from hurricane
Boxed beef up $1
Cash and wholesale trades quiet
Cattle slaughter level with last week and hogs up 24,000
Pork cutout down $1.19 with loin’s $5.32 lower and hams up $.85
Features on the front page: leg quarters $.68. Rib pork chops $1.88 and English roast $2.88

Grain and soybeans
Minimal mixed movement over night
Long term drought pattern unaltered in the west
Crop report Friday expected to show a few more soybeans and mixed corn
Winter wheat crop rating slips to 39% versus at 54% five year average
European wheat hits new highs
Russian and Ukraine wheat exports have been expected to be cut for a long time
Watch plains dryness
Dollar index over 80 limits US exports



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