first_img SHARE Previous articleUpcoming Meetings will Help Small Farm and Dairy ProducersNext articleGroups Unite in Opposition to Senate Sequestration Package Hoosier Ag Today Facebook Twitter SHARE Home Market Market Watch Seed Consultants Market Watch 2/20/2013 Evening Comment With Gary Wilhelmi FinancialThe bloated geese got plucked today as the Dow fell 108, S&P 19 and NASDAQ got bush wacked for 49 pointsGold dropped $40 to end at $1563Crude oil was over $2 lower in both WTI and BrentThe fed minutes from their last minute indicated a possible winding down of their stimulus efforts and that helped light the fuseAdditionally, there was a rumor of blow our selling coming out of a troubled hedge fundThese hedge funds are not all the best managed ventures, so such rumors have some credence.There is a chance of a 10% correction in stocks and it has already occurred in goldAs crude tumbles on speculative departure, gas at the pump is seen rising to perhaps $5 in ChicagoLivestockShort covering popped up late, but the problems with pork additives disturbing Chinese trade drove the meats to their lows testing support only found on the monthly chartsAs the financial were over bought the meat markets are now over sold so keep your head downCash cattle are yet to be established and the $127 offering seam highCash hogs were off $.50-1.00Wind has been added to the coming snow event that could total 12-14”Demand may not be affected much but the transportation of animals will be for a few daysGrain and soybeansMarch beans shied away from their $14.90-15.00 resistanceCorn and wheat firmed slightly off tests of the supportOil World cut their estimate of Argentine beans to 49.6 Mt from 51.6 Mt but boosted Brazil to 81.8 MT from 81.3 MTChina bought 350,000 tons of UD wheat, 400,000 Australian and 100,000 CanadianEgypt bought one cargo or 60,000 tons of US SRWHeavy snow cover is welcome in parts of the HRW country and moisture in the NW Corn Belt is like money, in the potential yield bankTexas wheat us rated 49% poor to very poorFocus on soybean and wheat exports in Friday’s weekly report as China has come off of the lunar holidayChinese ports are said to be light on soybean supplies2:05 updateFed minutes indicate an earlier end to stimulus efforts and that served to pressure Gold down under $1600 and crude oil last $2.62 lower at $94.40Silver and platinum were also hit11:52 updateDow slips 36 pointsCattle and hogs deepen dive on heavier volume due to Chinese questionOil World cuts Argentine beans by 2 MTChina buys 350,000 tons of US wheat, 400,000 Australian and 100,000 from CanadaEgypt takes 60,000 tons of US SRWGulf wheat mixed and corn up 2 centsWheat market action lethargicTexas wheat rated 49% poor to very poorMoisture forecast for HRW and NW Corn BeltWatch export sales on Friday where bean sales will be a key, and to a lesser extent wheat with corn remaining poor Facebook Twitter Seed Consultants Market Watch 2/20/2013 Evening Comment With Gary Wilhelmi By Hoosier Ag Today – Feb 20, 2013 last_img

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