Home Market Market Watch Seed Consultants 6/25/2013 Market Watch with Gary Wilhelmi

Seed Consultants 6/25/2013 Market Watch with Gary Wilhelmi

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Financial
Stocks held in a narrow range today with the Dow finishing about 100 higher
Not much change in crude, gold or the dollar
DAX closing at 10:30 CDT was up 1.5%
Durable goods were plus 3.6%
Consumer confidence 81.4 versus 75.5 expected
Hone prices up 2.1%
Chinese banks are trying to rectify there liquidity crunch, so watch them
Every move that China makes is new to their hybrid economic system

Livestock
August cattle were over $122, but frittered it away to close steady
Watch the pattern of tomorrow’s meat features
Pork cut out remained firm, but futures could not challenge their nearby high
Pig crop Friday

Grain and soybeans
All within pennies of previous close
Corn and soybean rated 65% good to excellent
Weather has scattered heavy storms in the mix
Cooler and drier by week’s end
Winter wheat is over 20% harvested, with results improving as combines move onto northern Kansas
Canadian wheat plantings just slightly below April at 25.9 m acres
Grain stocks Friday are the prime gauge of domestic usage and soybean crush is the wild card
Corn plantings of 95.3 m and beans of 78 m are foreseen
Export have not been a major contributor
Dollar in middling ground

11:01 update

Dow up 107, NASDAQ 14 and S&P 12
Copper 3.07 down from about 3.80 earlier this year is off over 25%
Copper is a key indicator in Chinese economy
Consumer confidence 81.4 in June versus 75.5 expected
Gold slips off $4
August cattle over $122 resistance
August hogs unchanged at $98 and near high
Grains and soybean waffling a shade better

Opening Comments

Financial
Chinese banks attempt to soften liquidity crisis
Chinese stocks rally, but then settle back to small loss
Dow called higher
DAX index up 1.3%
Durable good up 3.6% in May
Home prices have largest price jump
Stampede out of bonds
WTI crude oil $95.77 up $ .59
Gold $1281 $4 higher
Dollar index 82.53 up 10

Livestock
Cattle slaughter at years high at 658,000
Cash was $120 last Friday
Meat found decent demand
Show lists smaller this week
Cattle kill off 9000 at 114,000
Hogs 402,000 up 11,000
Boxed beef $199 choice and $186 select at mixed valuations
Pig crop Friday
Pork cut out up $1.09 with loins $1.55 higher, hams off $ .26 and bellies up $ 2.40
Pork volume moderate at 180 loads

Grain and soybeans
Light short covering
Corn and soybeans rated 65% good to excellent with both up 1%
Some soaked areas but overall good
Corn acres seen down 2 million at about 95 m and soybeans at 78 m
Feature in stocks will be soybean crush
Exports sub par
Oklahoma and Kansas harvest advances with some wet spots
Outside markets take early upside breather
Corn in the sweet spot of development