Seed Consultants Market Watch 1-11-13 12:31 update with Gary Wilhelmi

12:31 update

March soybeans roll over at down $.23, March corn short covering up $.11 and March wheat $.15 better
Volume accelerates to 139,000 on March corn covering from 73,000 an hour ago

12:21 update

Corn production 10.8 b and soybeans 3.01 b, both above estimates, but heavily short markets initially experience short covering


11:18 update

Bears bolster positions with March corn $6.89 off 10 cents and March soybeans down $.212 at 16.59
Supports at $6.75 and $13.52
March wheat $7.38 off 6 with support at $7.00


11:07 update

Dow off 14
Watch CME volume yesterday at 12 million totals with 10.5 million Globex and 850.000 open out cry
CME stock values at $53
The pending ICE-NYSE combine will cut trading volume and these are good measures
Western dryness continues
Argentine flooding subsides and soybean plantings moves ahead
Feb cattle remain under support at $130.92


10:29 update

Dow quietly off 26
Feb cattle $131.07 below $131.20 support, but close is the only price that counts
Feb hogs $84.47 with support at $84.17
March bean sag $.15 to $13.66 at mid range in position balancing
March corn off 5 and March wheat off just 2.


Wells Fargo earnings $.91 versus $.89 expected is the first of the big banks to report
Next week many reports are scheduled
US trade deific $48 b up from $42 in October
Japanese boosts stimulus
Chinese inflation up mote than expected
Ford to hire 2200 the most in years
Quiet open projected as it was in Europe
Crude oil $93.34 off $.49
Gold down $4 at $1673
Dollar index off 25 at 79.53

Southern cash at $126 and northern beef $ 204, both $1-2 lower
Boxed beef $194 choice up $.50
January is not a good month for beef demand
Cattle slaughter expected less than 600,000
Pork cutout 87 loads with carcass, up $.49 loin’s $.68 lower and hams $2.67 higher
Feb cattle support $131.20 and Feb hogs $84.17

Grain and soybeans
USDA crop reports at 11 AM, right in the middle of the session, seams irresponsible
Expectations corn stocks 8.2 b and crop at 10.7 b with soybeans 2.37 b and crop 2.93 b
Winter wheat plantings are seen at 4 year high, but conditions poor at 24% g-z in Kansas, or one half the normal.
Increasing oil production will curb corn plantings for ethanol
Poor exports sales in all
Stocks reports are the prime measure of domestic can always be surprising and are also used for corrections
Heavy flooding rains in Louisiana are too far south to help Mississippi
Volume and velocity of trade has been extremely light his week

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