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Seed Consultants 5/16/2013 Market Closing with Gary Wilhelmi

first_img Facebook Twitter Home Indiana Agriculture News Seed Consultants 5/16/2013 Market Closing with Gary Wilhelmi By Hoosier Ag Today – May 16, 2013 10:33 updateCorn 6-8 cents lower with Dec at $5.26—support at $5.20Nov beans quietly mid rangeJuly wheat support at $6.80 and last $6.87Meats a bit betterStocks narrowly mixedAM CommentsFinancialStocks look to be quietDAX up .4% and FTSE .3% higherA number of Fed speakers with opinions likely mixed which connotes debateAdministration reacting not leading and Mid East is a messFrance loosing faith in EU, for good reasonJobless claims at six week high at 330,000Housing starts expected a bit less than last monthConsumer prices projected at – .3%Gas stockpiles at 14 year highWTI crude oil off $ .19 at $94.11Gold continues fall at $1385 off $18Dollar index 83.64 down 15 after touching resistance at 84.10 WednesdayNikkei and Australian stocks down on commodity pricesLivestockBoxed beef hits another new high at $208 up from high $180’sCash $124b and $126-128 aMargins plus $150Spring beef rally as poultry rises 30% and pork has been strongExport light, 4700 tons of beef and 7200 of porkWeekly slaughter unchangedHogs up $1.24Pork cutout $1.02 higher with loins $1.68, hams $1.33 and bellies $2.74June hogs failed above $93 resistanceCOF lower total and higher placementsGrain and soybeansIowa may be 70% planted by Sunday1-2” rains along I-70 into weekendNOPA crush off 9%Two days strike ends at Brazilian portsDollar index has backed off 84.10 highLight fund selling of grains WednesdayExport sales: wheat 125,000 tons and 415,000 of new crop, corn 210,000 and 299,000 and soybeans 15,000 and 346,000 with 275,000 to China—all lightOver night hardly changed24 hour planting and much improved seeds abs supplements make a big corn crop still possible SHARE FinancialDow off 43, S&P 7 and Nasdaq 8, all markets acting tiredWeak jobless claims and housing weigh on valuesVarious Fed comments, but not game changingWTI crude oil off $ .17 to $94.22Gold down $10 most of the dayDollar 23 lower also all dayDAX index steady at its closeThe tangled webs of brewing scandals undermine valuesLivestockSome $125 trade in cash cattleBoxed beef at $208 highJune cattle closed below support at $120, $119.90 makes for an interesting day FridayCOF is old news when it comes out and this month lower total numbers and higher placements are expectedJune hogs get back to recent high and close at $93.05, high $93.47Pork cutout firmMeat exports lightGrain and soybeansCorn and wheat lower throughout, while beans were consistently higherGrains off 6-9 cents and July beans up 15 with November 8 betterGreat plantings windowIowa may be 70% done Sunday1-2” rains along I 70 corridor over weekendTemperatures idealFarm debt threatens land valuesBrazilian ports back to workSoybeans export sales larger than normal for this time of year, boosts tight old cropNOPA crush was down 9%Kansas moisture unchanged, while European wheat condition looks goodFinancial markets bare watching, as the balloon may be fully inflated12:11 updateSplit decision in meats as June cattle dip under $120 by a nickel and June hogs up $1.20 at $93.12 versus a recent high at $93.45July soybean up 14 at $14.26July corn off 8 at $6.48July wheat down 10 at $6.8611:27 updateStocks continue to languishPalm oil up after three down daysJuly soy oil $ 48.54 with resistance at $50 and support $48.75July soybeans $14.23 with resistance at $14.30-45Grains off about 8 in lead contractsCorn plantings guessed at 95-96 million acrescenter_img SHARE Previous articleDairy and SNAP Dominate House Farm Bill Mark UpNext articleGrowth Energy Praises Moniz Confirmation as Energy Secretary and Advancement of McCarthy for EPA Hoosier Ag Today Seed Consultants 5/16/2013 Market Closing with Gary Wilhelmi Facebook Twitterlast_img

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