9-3-10
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Wilhelmi 9-3-10 09/03/10 9:28:27 AM
Wilhelmi 9-3-10 AM keys
Financial
Unemployment up .1% to 9.6%
67,000 private jobs added versus 41,000 expected but 200,000 needed just to break even
Summer recovery has been a flop
Hourly wages up
ISM service sector due accounts for 80% of economy
Dow up 3% this week
Dow starts up 127
Crude up $ .11
Gold off $8 at $1241
Dollar eases by 17 points
Livestock
Cash trade at $97
Bids drop to $96 and offers at $100
Boxed beef steady
Lots cautious in replacement buying due to new highs in corn and replacement costs
Kill up slightly weights unchanged
Beef production on 5 year average
Beef exports up 31% but remains at low level
Reduced 4Q supplies support cattle
Outside markets a bit better
Iowa-Minnesota direct off $1.10
Futures discount to cash positive
Slaughter weights off 1#
Kill a little light this week
Pork cut out off $1.50 for week
Grains and soybeans
Corn up 2, beans 7 and wheat 9
December corn nears $4.50 weekly resistance
Corn export sales begin year above the norm
Egypt buys 120,000 tons of corn and 225,000 of wheat
China corn estimates at about 158 MT versus 167 last year
Chinese corn imports projected at 5 MT
China auctions some beans cutting import demand and watches good prospects in Brazil up 2-3 MT perhaps
US-France major wheat competitors
Russian winter wheat prospects mixed but better than ravaged spring
Talks of extended Russian wheat export ban just talk market paid little attention
Argentine plantings of wheat complete and could produce 9-11 MT versus 7.5 Last year
Bean yields USDA 44 with privates at little lower a d corn 164 with privates also a bit lower
Crop report 9-10
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