Home Market Market Watch Seed Consultants 11:14 update with Gary Wilhelmi 11/16/2012

Seed Consultants 11:14 update with Gary Wilhelmi 11/16/2012

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11:14 update

Dow off 28, S&P down 4 to 1349 and NASDAQ 9 lower
Jan beans have touched support at $13.75
Argentine soy plantings up 4%
Meats muzzled at unchanged

 

Financial
White house confab to be contentious
All we hear from the President is more taxes with no mention of spending cuts
Our government is divided against itself
Industrial production slips to +.2% from +.4%
Europe falls back into recession
Mid East conflict intensifies and threatens to spread, and here we sit!
Washington in disarray after CIA flap, with Petraeus to testify today

Livestock
A few cattle trade at $125 steady
Boxed beef eased $.29 on choice and $1.17 on select
Birds trump red meats in Thanksgiving features, as is normal
Pork cutout has had a tough week off over $4 on carcasses
Over night carcass dropped another $.77 with loins up $2.70 and hams down $1.54
Kills normalize at 128,000 and 434,000
Beef exports 11,300 tons down 30% from four week average

Grain and soybeans
Mixed light night trade
Risk adverse trade in all markets as there are too many uncertainties
S. America conditions are good and the world will need their products
Unrelenting drought in the plains puts wheat at risk at 36% g-x, compared with the five year average of over 50%.
US plantings expected to expand in 2013
Jan beans below $13.91 support in night trade
Wheat exports sales 315,000 off 19% from average, corn 103,000 down 35% and soybeans 560,000 up 14% with China taking 372,000 tons.



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