first_imgGrain and soybeansKansas wheat in good shape but needs rainChoppy trading weekHot test of week inMidwestwith TS and cooler in 60’s next week—DandyHigher margin rates for CME members may induce some more liquidationRain into Ukraine and Russia is welcomeWeekly export sales:  256,000 wheat and 454,000 new cropCorn large again 1.3 MT of old crop and 2.1 MT of new with china buying 214 old and 172 new with most going to unknowns always thought to beChina598,000 tons of beans with 117,000 toChinaand 1.1 MT of new cropChinataking 675,000More China confirmations? SHARE Gary Wilhelmi 5/3/2012 PM Comment 10:10  update By Hoosier Ag Today – May 3, 2012 Dow off 63Crude down $2.50Gold down $20Dollar little changedGood weather, thoughts that China may be covered in beans for now and outside market weakness press beansCattle and hogs rally on short covering off the lowsWal-Mart to offer choice beef cuts this summer Chinaadds 232,000 tons of new crop beans to their shopping listCorn sales large but as expected and wheat neutralShort covering due in livestock off lowsPackers hold cattle bids steady at $120Cash hogs lower callMay hogs fall to a discount to cash confirming weakness?FinancialQuiet open—Dow up just 5 points169,000 new jobs expected tomorrow with the rate steady at 8.2%Chinese PMI recedes and US coming outEuro zone PMI was weakECB does not alter interest ratesCrude oil off $.27, gold down $14 and dollar index steady at 79.14Japan on holiday Grain and soybeansGood growing weatherThe thought that China may be covered for now regarding soybean needsOutside market weaknessThese three factors pressured the beansKansas wheat in great shapeSpring wheat is over three-quarters plantedRain possible in dry areas of Ukraine and RussiaWeekly exports large as expected in beans and corn but wheat was just neutralFriday morning look first to the European markets and then the US jobs report.1:53  update FinancialAs the grain and soybean markets were closing the Industrials were off 89 points and crude down $2.50 with gold $20 lower.  Dow closed down 61 pointsThe ISM service sector index dropped to 53.5 from 56 and that was the prime fundamental driver169,000 new jobs are expected in Friday mornings employment report with the rate unchanged at 8.2%Europe remains on the edge of economic ruinDAX was off just .2%ECB sticking with interest rates as they areStay tuned the skeletons are threatening to get out of the closet againcenter_img LivestockShort covering took cattle up limit but hogs slipped back to a 4.67 gain at the closeSmall cash trade thus far at $120Boxed beef up just $.20Wal Mart, the largest food retailer, may feature choice beef this summerPork cutout higher but hogs struggled lateBeef exports up 4.5% over a year ago Facebook Twitter Home Market Market Watch Gary Wilhelmi 5/3/2012 PM Comment LivestockLight cattle trade at $120 inKansasand some $120 bids passed elsewhereStrong cattle basisBoxed beef up $.71 choice and steady on selectPork cutout up $.69 with loin’s up $.89 and hams $2.51 higherNew lows yesterdayBeef exports 16,800 up 9% SHARE Facebook Twitter Previous articleVilsack Urges Petroleum Companies to Increase Adoption of American Made Renewable EnergyNext articleCool Weather Causes Early-Planted Corn To Develop Slowly Hoosier Ag Todaylast_img

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