Seed Consultants 4/02/2013 Market Closing with Gary Wilhelmi

first_img SHARE Seed Consultants 4/02/2013 Market Closing with Gary Wilhelmi Facebook Twitter Home Indiana Agriculture News Seed Consultants 4/02/2013 Market Closing with Gary Wilhelmi Facebook Twitter FinancialDow closed up 89 and S&P 8 higher both at new highsDAX up 2% on strong March retail salesFactory orders up 4%Auto sales up 5% at ChryslerNASDAQ pulls back from high up 16WTI off $ .14Gold at a four week low off $25 at $1576Dollar up 21 at 82.93Earnings will soon be out after 1Q were mostly positiveLivestockJune cattle off $1.07Weak boxed beef movementCash offers at $132 but futures flounderedCash hogs steady to $1 higherPork trade slowJune hogs down $.27Tomorrows features will be more normal offerings mixGrain and soybeansLight volume short covering early and then a heavier liquidating pattern with a scramble at the endS/D on the 10th with 850-900 m corn carryover expectedEthanol demand increases firming the interior corn basisEgypt says they are expanding domestic storage reducing imports by 8-10% for 2013More normal temperatures are coming but little rain and two-thirds of the Central Corn Belt needs above average moisture10:31 updateDow now up 89 at new high and so is S&PTreasuries weaken and 10 year at 1.84 % some see the Fed unwinding driving rates to 3%Boxed trade light at 143 loadsCash hogs may be higher, but margins fall deeper onto the redPork trade just 11 loadsWheat buyer S Korea 55,000 optional origin with Taiwan and Jordan pendingChinese supplies continue to tighten due to Brazilian port delaysGulf bean up 11 cents with demand lurking so watch Thursday export salesS Korea buys 130,000 tons of corn likely from S AfricaDollar slightly higher on euro zone woes with unemployment at 12%9:58 updateShorts piling on nearby as open interest is up to about 200,000 contracts in May corn up 100,000 in one dayMay beans 160,000 from 75,000May wheat 100,000 from 45,000The boat is listing to the short side after coming into the report longMore volatility aheadOpening CommentFinancialQuarterly earnings are on the horizon—1Q was constructiveFactory orders seen at op 2.9%Chrysler auto sales up 5% in MarchEuro zone unemployment 12 % with Greece and Spain at 26 %PMI’s: Spain, Italy and France near 44 with 50 being the breakpointCypriot depositors may lose 60% of their fundsFed financed bubble will be tricky to unwind and there is no timetable as yetWTI crude $96.98 off $ .04DAX and FTSE up 1%Gold quiet at $1592Dollar index 82.78 up 6US stocks called higherLivestockApril cattle are at a $5 premium to JuneCash offer $312Cash low has been $124Boxed choice up $1.50Show lists 10,000 largerFeeder cattle up $7 in two days of plunging corn prices of $ .90 + on nearbyHoliday left over effect on slaughter withy cattle ay 108,000 and hogs at 420,0009 loads of pork with carcass up $.75, loins $2.36 and hams $ .35 betterGrain and soybeansModest short covering in night trade with corn up 8, beans 11 better and wheat up 9Corn drop a 24 year severityCorn carryover could be 1 b bushels in the 4/10 S/D report, if all of 400,000 usage cut is passed throughFund longs cut 35,000 in corn 6,000 beans and 4000 in wheatFunds added 47,000 in May corn coming into reportVolume Monday was 252,000 contracts in May cornCorn limit back to 40 cents todayWinter wheat crop condition 1% better at 33 g-xMore normal 50 degree temps are comingExport inspections are less than 50% of last year in corn, with beans at 1.2 m versus 1 MT and wheat 792,000 down from 828 m By Hoosier Ag Today – Apr 2, 2013 Previous articleA Good Year to Secure that NitrogenNext articleISDA Appoints New Communications Director Hoosier Ag Today SHARElast_img

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