Gary Wilhelmi 5/30/2012 PM Comment

first_img10:55 updateDow now down 146 pointsDAX off 1.6%Crude falls $2.38 to $88.38Dollar reaches 82.79 and euro drops to 1.24Gold off $16 to $1542Spanish banks troubles at the core of updates crisisDefensive meat tradesDec. corn support at $5.00, July wheat gap extends to $6.00 and July beans support at $13.40FinancialThe pain in Spain falls mainly on the banks10 year bonds up to 6.7% versus 1.4% in Germany and Italy at 6%Dow opens off 104Crude oil below $90 at $89.74 down $1.35Gold $6 lower at $1550Euro falls under 1.25 to 1.2427Dollar climbs to 82 4 up 26DAX off 1.1%Chinese stimulus to be much smaller than European effortsLivestockLarger show lists in Texas and Kansas but less in NebraskaNorthern premium $1-3Boxed beef up $1 choice and $2 selectMemorial Day clearance better than exported in beefKill 130,000 and 425,000Pork cutout $.86 higher with loins up $1.89 and hams $1.28Demand moderate for porkGrain and soybeansOutside influence back in drivers seatSoybeans 89% planted and corn doneCorn crop rating declines to 72% g-x from 77 %Beans 61% emerged versus a 30% 5 year averageWinter wheat crop ratings slip to 54% g-x from 58%Winter wheat harvest at 9% completeRains in Russia, China and AustraliaDecember corn support at $5.00Wheat below triple top at $6.55 ½Chinese bean stocks 6.3 MT up 700,000 so they are currently well covered for suppliesDollar up to 82.74 and restricts export trade Grain and soybeansCrop ratings reduced in corn and winter wheat but forecast looks favorable for recoveryLow volume is a sign of depleted risk taking inertia and hat also applies to stocksDeep dives in financials trump slight crop deteriorationNew high on dollar stifles export inquiryWatch rain and where it occurs this week and nextRussian wheat exports expected to be stableCurrent Chinese soybeans stocks adequate for needsWheat harvest advances at record paceSpring wheat 79% good to excellent SHARE FinancialSpanish bank problems highlight troubled dayIdeas of only a modest Chinese stimulus program dampens potential demandDow falls 160DAX off 1.8%Euro down to 1.236Crude $87.57 down almost $3Dollar soars to 83.05Aussie dollar divesGold $1564 is more of a wish list speculationSpanish 10 year bond 6.7% versus sounder US and German paper at 1.6US rates at twenty year lowPending home sales declineRough day with more to come LivestockCattle beat down $1.60 in AugustBoxed beef up $1.24 but advance demand is in doubt as June approachesHogs bounce off support to close $.42 higherPork cutout up $ .86 with trade moderateWatch for reduced hog kill aheadPork margin still in the red SHARE Home Market Market Watch Gary Wilhelmi 5/30/2012 PM Commentcenter_img By Hoosier Ag Today – May 30, 2012 Facebook Twitter Gary Wilhelmi 5/30/2012 PM Comment Facebook Twitter Previous articleColts Tour Teams with Indiana Corn and Soybean FarmersNext articleHigher Level of Confidence in Safety of U.S. Food Supply Hoosier Ag Todaylast_img read more

Continue reading "Gary Wilhelmi 5/30/2012 PM Comment"