Seed Consultants 3/19/2013 Market Closing with Gary Wilhemy

first_img Previous articleRelief from SPCC Rule Extended for Farmers and RanchersNext articleFarmer Co-ops Celebrate National Ag Day Hoosier Ag Today Facebook Twitter Home Indiana Agriculture News Seed Consultants 3/19/2013 Market Closing with Gary Wilhemy Facebook Twitter Seed Consultants 3/19/2013 Market Closing with Gary Wilhemy SHARE SHARE By Hoosier Ag Today – Mar 19, 2013  Market ClosingFinancialMixed conclusion in US equitiesDAX off .8%Housing starts up .8%Cyprus parliament unable to reach a consensus on tax levy, so the next move may be into bankruptcyDollar index up 24 at 82.90Gold $1605 up a fewCrude oil WTI down $1.64US banks not much involved, but undertow is presentLivestockNew lows in April cattle and hogsDomestic demand is punkWintry blast retards cattle weights gain but not for longCOF Friday with a 6% lower total on feed expectedCash hogs wallowGrain and soybeansInterior corn basis firm on tight suppliesDryness continues to haunt winter wheatBoth May corn and wheat closed eight higherMay beans off fourChina cancelling perhaps as many as 10-12 MT of Brazilian bean purchases because of shipping delays, but a transfer to US supplies may not be parallelCorn reduced as percentage of feed ration (42% from 45% last year)Two eastern ethanol plants reopenPlot the old crop new crop corn and soybean spreadsChinese crush margins said to easeAnalyzing economic reports is like going to a costume party12:58 updateDow off 35Chinese crush margins softenChina may be cancelling 10-12 MT of Brazilian beans but switch to US is not automaticCorn feed usage 42% of total versus 45% a year ago.Two eastern ethanol plants reopenTightly supplied corn basis firmsCattle and hogs both at their lows10:46 updateDow up 16 and S&P and NADAQ steadyCyprus tax levy unlikely to pass parliament, but then what?Packers at ease in cattleWintry blast harms weight gainPork margins in the black but cash steady to lowerRussian grain stocks seen at 16 MT 13/14 up from 15 MTChina cancels 2 MT of Brazilian beans due to delaysGulf bean down 5 on slow demandBull spreads working in cornOpening CommentFinancialDow up 43 as housing starts were .8% higher in FebruaryCyprus on hold as banks are closed until ThursdayUS banks are not deeply involved, but Cyprus is just another piece of European dysfunctionThe longer the crisis goes on the greater the risk of a European run on the banksS&P down 9 and NASDAQ up 8DAX .2% lower and FTSE up .2%WTI crude $93.73 off $.6Gold $1602 steadyDollar unchanged at 82.72LivestockCash cattle offered at $129Boxed beef narrowly mixed with the spread plus $2Show lists largerMeat demand sloppy domestically but exports were good last weekCOF -6% expected on total on feed19 loads of pork at $.53 higher on carcass, loins $2.40 higher and hams down $.27Kill 119,000 cattle and 426,000 hogsGrain and soybeansGrains a penny mixed and beans down 5 centsCorn stocks seen at 5 b and soybeans at 940 mCorn acres 97 m and soybeans 78 mOld- new soybean spread has moved $.50 since 3-11Midwest has had some rain but more and regular showers are neededDec corn resistance is at $5.70 and Nov bean support at $12.50Dollar steady but on its highOutside markets shuttering in uncertaintylast_img

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