Seed Consultants 3/20/2013 Market Closing with Gary Wilhelmi

first_img Previous articleISDA Director takes Message Home on Ag DayNext articleBig Oil’s Big Stall Hoosier Ag Today SHARE Home Indiana Agriculture News Seed Consultants 3/20/2013 Market Closing with Gary Wilhelmi SHARE Seed Consultants 3/20/2013 Market Closing with Gary Wilhelmi By Hoosier Ag Today – Mar 20, 2013 Facebook Twitter FinancialDow hits new high then backs up to close at 14,511 up 56S&P 1559 up 12 close to the high as was NADAQ up 25 at 3254Fed makes no changes and sees a slow growth period aheadRussia is closing in on Cyprus with an eye on their resources and maybe the establishment of a naval base.I spent a few years studying Russian history and they don’t changes their waysWTI crude up $ .80Gold off $6Dollar down 27 at 82.83Fed Ex falls 7% after weak international earningsLivestockShort covering in April cattle up $ .87 and April hogs $.35 higherBoxed beef has raised $10 in the last few weeks while cash cattle have lost $3Premium of futures to cash is a drag on hogsIowa-Minnesota hog’s weights are about steady at 277 #Grain and soybeansWheat and beans close $ .14 higher and nearby corn up $ .4Export Sales Thursday: last week wheat was near 1 MT, while corn remained weak and soybeans slippedChina cancelled 10-12 MT of Brazilian soybean purchases but transference to US products cannot be assumedGulf bean just are just steady and that is a warming signBrazilian beans are cheaper and the crop will get shippedCold and dry out 6-10 days in the HRW countryAnother storm is brewing in the meantime so let’s see where it goesReports next week in plantings and stocks with corn acres guessed at 97 m and soybeans 78In the stocks 5 b corn and 940 m beans as of 3-110:32 updateApril cattle off $.47 and hogs down $ .50 at new lowsHog futures premium to cash adds pressureMay corn off $.1 and wheat up $.7Gulf soybeans steady at 65 cents over the May as is corn at 3 lowerLess expensive Brazilian beans weigh on basis10:14 updateFed has been main driver in stock market advance with policy statement at 1 PM CDTDow up 77 at 14,533 with high at 14,544Light volume in Ag marketsMeats steady and grains a shade betterMarket OpeningFinancialCypriot parliament rejects bail out and Russian are lurkingRussian nationals have large amounts of capital in Cyprus and also have interest in their uncertain fuel resourcesA major Russian oil company also has involvement in Mozambique oil, so watch them as they have money and ambitionFed Ex earnings fall short of target due to international softnessFed policy statement at 1 PM expected to be unchanged, but watch for hints of winding down of asset purchasesWTI $92.95 up $ .79Brent crude $108.40 up $ .95Gold $1607 down $4Dollar index 82.78 off 20More talk of Chinese economic vulnerabilityLivestockLight cattle trade at $125 off $2Boxed beef down $1.66 on choice but up $10 versus a week ago as cash has fallen $3Cash breakeven is around $140Pork cutout on 75 loads, carcass down $1.14, loins $4.80 lower and hams off $.40Early Easter ham shank at $.78 and whole hams at $.98 are offered along with $6.99 salmon fillets, $7.99 choice standing ribSupport under the liquidating cattle market is at $122Hogs at their lowGrain and soybeansOld crop new crop spreads keys to reading markets ahead of next weeks reportAcres 97 m corn and 78 m beans also more wheatCorn 3-1 stocks 5 B and soybeans 940 mInterior basis firms in tightly supplied cornColder than normal and dry with a storm comingExport sales Thursday has been good in wheat, poor corn and slipping in beansS American maturing weather has been idealHigh dollar has crimped exportsDon’t pay too much attention to market commentators as they talk out of their positionsOn the trading floors I was besieged by brokers who were arguing for their position thinking I could sway the trade, and that was nonsense Facebook Twitterlast_img