9-8-10
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Wilhelmi 9-8-10 weekly column $39.95 to Gary Wilhelmi 709 Lytle Street Valparaiso, Indiana 48383 09/08/10 9:16:17 AM
Wilhelmi 9-8-10 AM keys
Financial
Euro banks worries limit lending to protect against government defaults
Portugal debt auction goes well
Beige book measures regional economies
Dow up 49
Crude down 23
Gold unchanged
Dollar off 23
No significant market action
Livestock
Larger show lists
Negative technical triggers Tuesday
Cash down to $98 offered
Futures now on par with cash
Packer demand down for a full slaughter week
Kill 131,000 normal
Feeder cattle off $2
October premium to September is unusual
Features $3.98 choice sirloin, $9.98 lake perch, $ .98 bone in pork chops, $2.69 85% hamburger and a variety of other cuts steady with lat week
Iowa-Minnesota direct hogs up $1.83
Pork cut out down $ .84 with loins down $1 and bellies off $3
Kill normal at 418,000
Grain and soybeans
Night trade quiet
Gulf storm pushes into southern Midwest stalling harvest
Watch rains and where they occur and how much for harvest
Crop condition off 1% in corn unchanged beans
There are some wildcat corn crop estimates but USDA was at 165 in August on corn yield
Beware private crop estimates can be an expression of positions in the market
What ever the USDA gives us in official
If September is lower October will be expected to be lower still
Corn rating is 9% over 5 year average and beans 5 better
Fund corn long at about 400,000 contracts and that is dangerous
Corn set a volume record last Friday, in the rally at near 300,000
Corn has not had a serious set back since July and nothing goes straight up
$5 target popular for December corn and if carry over is drawn down under 1 billion corn could go to $6.50
December 2010 corn is at a premium to December 2011 due to immediate demand for high quality corn
Frost way up in northern Canada but no threat here
A popular idea is too sell corn at harvest and replace with paper positions
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