Home Market Market Watch Seed Consultants 12:23 update with Gary Wilhelmi 11/12/2012

Seed Consultants 12:23 update with Gary Wilhelmi 11/12/2012


12:23 update

111 million bushels boost at 2.971 billion, in soybean production from October to November drives Jan beans to test $14.00 with the low thus far at $14.02

11:47 update

S&P next support point 1325 due to fiscal cliff issue with last at 1378
Acquisitions were constructive factors this morning as they connote confidence
Jan beans $14.06, Dec corn $7.21 and Dec wheat also on the cliff at $8.62

11:05 update

Dec corn breaks through $7.32 support with not much below, some at $7.00
Dec wheat $8.69 with $8.60 next
Jan beans $14.14 then $14.00 and $13.75
Early volume moderate

10:38 update

Stocks steady
Cattle wait on cash
Choice beef off $1.37 Friday and select down $2.39
COF Friday with tight supplies expected
Cash hog call steady to $1 lower
Margins deep in red in beef and improved pork
No reports today
Jan beans filled the July gap and now look to $14.00 and then $13.75
$8.80 is mid range on Dec wheat
Chinese soybean imports off 19% in October versus September but 6% above a year ago
Corn feels soybean pressure
Japan buys US corn due to Brazilian shipping delays

Dow up 6 and S&P 3 better
Greeks pass tough 2013 budget
EU finance ministers meet in Brussels regarding Greek bail out
FTSE up .2%
Nikkei off .9% as Japan contracts .9% in 3Q
Chinese exports at 5 month high
Veterans Day holiday so most Fed workers are off
CPI, New York manufacturing, Philly Fed, industrial production and retail sales Thursday
Gold up $4 at $1734
Crude down $.45 at $85.62
Dollar index steady at 81.01

Last weeks beef production was above a year ago on higher weights
Beef production into spring 2013 seen smaller
Restocking of depleted northeast meat counters
Turkey time looms and is not normally a good beef demand period
Cattle traded at $125 north and $126 south
Replacement demand wanes
Cattle kill 631,000 versus 634,000 last week
Hog kill 2,367,000 8000 over a week ago
Pork cut out down $.33 with loin’s $1.56 lower and hams off $.15

Grain and soybeans
Soybeans carry over raised 10 million
Export seen declining in the face of large S American crops
Chinese demand will soon be directed to Brazil and Argentina
Jan bean $3.50 of their high and in the middle of moving average lines
Corn’s carry over minimal change
Wheat up to 704 million from 654
Funds shave corn long a bit and cut beans by 10,000 contracts with wheat flat
Margin selling threat
Drought continues in the western Corn Belt and plains so watch the winter snows
Sharp cold snap in Chicago, and that’s another indication of a possibly hard winter temperature wise, but no clue on moisture