Home Indiana Agriculture News Seed Consultants 4/12/2013 Market update with Gary Wilhelmi

Seed Consultants 4/12/2013 Market update with Gary Wilhelmi

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11:17 update

Stocks heading south with Dow off 72, S&P 13 and NASDAQ down 28
Nearby soybeans and wheat up about 13 cents while corn holds at plus 5

Market Opening Comments

Financial
Dow off 60 pre open
Retail sales off .4% versus .1% expected
Producer prices down .6%
JP Morgan earnings rise while Wells Fargo revenues were disappointing
WTI crude falls $1.68 to $91.87
Gold resumes plunge falling $30 to $1534
Dollar backs off 16 to 82.41
DAX off 1.5% and FTSE down .5%
Austerity has not worked in Europe and the sick list of economies is growing—it never does
North Korean nuclear threat continues and a test of a missile is likely
The President of the Boston Fed speaks this morning and he has been a strong supporter of the Fed bond buying program

Livestock
Southern cattle trade at $127-128
Select boxed down again $1.68 or about $3 in two days
Middle beef cuts are the prime features
Support is at $1220 on June cattle
Feeder cattle have been in free fall (750# $134)
Slaughter week full but light
Pork cutout slightly lower
Meat demand soft as hinted at in retail sales

Grain and soybeans
Four to seven cents higher over night across the board
Bull corn spreads continue to react to current tight supplies and hopes for a full crop
Heavy rains douse the central and southern Corn Belt
10 day forecast is soggy
65% of trade has been on spreads
Soybean bull spread also active, but S American bean crops are even bigger than expected
CME raised spread margins
Monday’s planting progress report is taking on meaning
China bought 345,000 tons of SRW and may buy another 700-800 tons
Brazilian 10% cuts on wheat import tax and that may equal 1MT of business
Outside markets are on a mystery tour so beware