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Seed Consultants Market Watch 1/28/2013 Evening Comment Gary Wilhelmi

first_img By Hoosier Ag Today – Jan 28, 2013 SHARE Previous articleCooperatives Praise Action on ImmigrationNext articleRamaswamy Returns to Purdue amid Concerns about 9 Billion in 2050 Hoosier Ag Today Facebook Twitter Facebook Twitter Seed Consultants Market Watch 1/28/2013 Evening Comment Gary Wilhelmi SHARE FinancialThe stock markets are without direction as Washington diverts its attention from serious issues of economic conditions to political pandering for votes on immigration and gun control.A 4.3% fall in new home pending construction offset a higher Durable goods report of up 4.6%Durable goods, historically, has been a tainted measure as it covers items beyond consumer consumptionLivestockA triumvirate of a bullish COF report, an over sold cattle futures market and an expansion Japanese beef buying parameters sent the markets up almost limit.Cash cattle are offered at $128Last Friday boxed beef sold off $2 on choiceHogs were just a tag along market today closing slightly higherGrain and soybeansA record SA soybean production is possible, but the US crop is still in the province of the spring weather.If both areas have large crops prices of soybeans will move lower perhaps by 15% or soRight now the prospects for a large corn crop are better based on current profitability, but the drought pattern is unbroken so the range of price possibilities is quite large.Wait and see is the only thing to do.Trade volume is quite light with all the economic and meteorically uncertainty.The gunslinger speculators have checked their side arms for now, but the casino mentality I still with us.11:56 updateStocks dead in the waterNovember soybeans could fall to between $11-12 in US and SA has full productionSA looks good right now with Brazil 82-85 MTUS prospects are in the hands of the weather gods, but there is a profit motive to plant corn presentlyCattle bounced out of an over sold condition motivated by the COF10:48 updateDow off 23, S&P down 5 at 1497 and NASDAQ down 1 at 3148, all near their highsApril cattle up $1.45 on COF reportApril hogs trail along behind up $.37Grains and soybeans hardly changedVolume extremely light at 9:30 with 14,000 corn 23,000 beans and 7000If full crops are realized in SA and US soybean prices could drop to losses in the teensFinancialDurable goods up 4.6% in December from .8% in NovemberCAT 4Q off 55%Dow up 10 pointsEconomist’s consensus sees better growthDecember home sales at 9 AM CST expected up .1% and 12.5 % year to yearYahoo and others earnings out todayWTI crude up at $96.64 and Brent crude $113.61Gold $1654 down $4Dollar index 79.75 up 5JY at 7 month highPolitically tainted immigration and guns debates at center stage as economic woes are too tough to handleLivestockCOF bullish at 95% total versus 96% expected, placements 99% against 104% and marketing’s 98% versus 91%Cash offered at $128Boxed beef down $2 late at $188 choiceSlaughter up 25,000 over last week at 625,000Hogs kill 63,000 lighter at 2,159,000Capitulation trade had occurred in cattlePork cutout up $.41 on carcass, $1/06 loin’s and hams $.82 higher with volume moderate at 51,000Grain and soybeansNarrow ranging night tradeS/D tug of war likely over next few weeksArgentina to get rain in 6-15 day periodBrazilian harvest advances finding above average yields of beans2nd largest ethanol producer in Macon, Mo. closesCFTC corn managed money add’s 9659 longs, soybeans 18,318 and wheat 2990Spec trade has waned in all venuesTypical winter week ahead but with little moistureBarge hits bridge at Vicksburg but is not related to low water levels, it appears. Home Market Market Watch Seed Consultants Market Watch 1/28/2013 Evening Comment Gary Wilhelmilast_img read more