Seed Consultant 3/11/2013 Evening Comment with Gary Wilhemy

Dow closed 50 higher at 14,447 with resistance at about 15,000
S&P, the most followed indicator by professionals, ended up 5 at 1556 with an all time high at 1565.
These markets have been acting tired while hitting all time highs in the Dow
The S&P VIX index is an example of exhaustion
WTI crude and Gold were little changed
The dollar index slipped to an eight point loss at the close

Ideas of a firming cash cattle market advanced April futures to a $.65 gain at about mid range
Strength in boxed beef has pushed margins into the black
Cash hogs were looking steady to lower
Pork cuts were at their lowest level since last September
April hogs continue to test their support at $81
Meat demand is struggling

Grain and soybeans
Short covering off the lows in the grains with May corn resistance at $7.20 as is May wheat.
May soybean inched up to Resistance at $14.80
Rumors of more switching of soybeans exports to our Pacific Northwest from labor troubled Brazil are heard
Export inspection were quite poor at 14 m corn, wheat better than last week at 28 m and soybeans, probably due to the Chinese lunar New Year just 17 m down from 40 M
Rains in the Midwest and on into the Ohio River valley are not yet a signal that the drought is abating
China altered their last soybean purchase to 225,000 tons from 345,000, which normally means a logistical adjustment
China also bought 120,000 tons of corn and that is just a routine procedure


10:28 update

Docile equity trade
Grains and soybean narrowly mixed
Wheat just a tag along
May wheat under May corn
Soybean carry out seams eschew to may as demand appears to under weighted
China soybean sales adjusted to 225,000 tons from 345,000
Gulf nearby beans up 4 cents and corn down 1-2
120,000 tons of corn to China
Meat demand problematic

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