US Direct Feeder Pigs
DTN Early Word Grains 04/23 05:48
DTN Early Word Grains 04/23 05:48 Grain Markets Higher on Weather, Technical Factors May corn is up 3/4 cent per bushel, July soybeans are up 1 cent, July KC wheat is up 7 1/2 cents, July Chicago wheat is up 7 3/4 cents and July Minneapolis wheat is up 8 3/4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is up 3/4 cent per bushel, July soybeans are up 1 cent, July KC wheat is up 7 1/2 cents, July Chicago wheat is up 7 3/4 cents and July Minneapolis wheat is up 8 3/4 cents. CME GLOBEX RECAP: World equity markets are mostly higher again Tuesday morning, as markets on Monday rebounded due to lower interest rates. With no further escalation in the Middle East this past weekend, energy prices relaxed, which takes away one of the inflationary factors that have traders worried. The recent rally in interest rates has mostly priced steady rates from the Fed through their June meeting, pending the new data that will be released over the next month and a half. Tuesday morning the market will digest new home sales numbers and the flash PMI's in services and manufacturing. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 253.58 at 38,239.98 and the S&P 500 up 43.37 at 5,010.60, The 10-Year Treasury yield ended at 4.62%. Early Tuesday, the June Dow Jones Futures are up 72 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.42%, spot futures of Germany's DAX is trading up 0.92% and the spot futures of France's CAC 40 Index up 0.68%. Asian markets are mixed with Japan's Nikkei 225 Index up 0.3% and China's Shanghai Composite Index down 0.74%.
DTN Early Word Livestock Comments 04/23 06:12
DTN Early Word Livestock Comments 04/23 06:12 Follow-Through Price Strength Expected Tuesday Livestock futures were higher across the board Monday with cattle traders reacting to the Cattle on Feed report and hogs moving higher due to strong cash and continued strength of cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Higher Futures: Higher Live Equiv: $219.54 +$0.30* Hogs: Higher Futures: Higher Lean Equiv: $107.66 +$1.61** *Based on the formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. The index has been updated to depict recent changes in live cattle weights and grading percentages.) ** based on formula estimating lean hog equivalent of gross packer revenue. GENERAL COMMENTS: Cattle gapped higher in the open Monday and never looked back. The bullish implications of the Cattle on Feed report provided the fodder needed for traders to buy aggressively into the market. The concerns about impact on beef demand due to avian flu in dairy cattle were put on the back burner and this is possibly becoming old news. It has not been discovered in beef cattle and it is not a threat to the beef supply. The market seems to be moving back to the fundamentals of tight cattle numbers that likely will be seen throughout this year. The downside to price potential is packers continue to reduce processing speeds in an attempt to back up cattle and improve margins. Boxed beef prices were higher with choice up $0.26 and select up $1.04.
DTN Midday Grain Comments 04/23 10:48
DTN Midday Grain Comments 04/23 10:48 Corn, Soybean, Wheat Trading Higher by Midday Tuesday Corn trade is flat to a penny higher. Beans are 1-2 cents higher and wheat trade is 2-4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 55 points higher. The dollar index is off 35 points. The interest rate products are firmer. Energies are mixed with crude up .90 cent and natural gas off 1 cent. Livestock trade is mostly higher. Precious metals are mixed with gold off $12. CORN: Corn is flat to a penny higher at midday with trade working to consolidate recent gains with mixed spread action with fresh bullish news still in limited overall supply. Ethanol margins should have narrowed a bit with the corn rebound and unleaded gains boosting blenders a bit today after early week struggles. Near-term weather looks to be warmer and wetter for much of the belt which should keep planting moving along ahead of the five-year average with the report showing us at 12% vs. 10% on average and 3% emerged vs. 2% on average yesterday. The daily wire was quiet again today. The second crop in Brazil sees some areas of dryness but overall major concerns are limited while Argentina dries out a bit to help with the recent excess moisture. On the May chart, the 20-day at $4.32 is nearby support which we closed just above Friday with the recent high at $4.48 the next level of resistance. SOYBEANS: Soybeans are 1-2 cents lower at midday with trade working to build on the recent rebound with product gains slowing for meal and oil. Meal is .50 cent to $1.50 lower and oil is 5-15 points higher. Brazil harvest should be just about wrapped up, with Argentina bushels coming soon as the South American export season expands into late spring. The daily wire was quiet again today. Planting progress should expand in the drier areas with the warm-up, showing 8% vs. 4% on average on the report yesterday. May soybean futures have support at the $11.28 recent low. Chart resistance is at the 20-day moving average at $11.71 which we were just short of overnight. WHEAT: Wheat trade is 2-4 cents higher with trade finding light buying so far. Trade looks to hold the Monday surge to the top of the range with condition declines and mixed outside market direction. The Plains will see seasonal to above temps to push the crop along with better overall rain chances the next two weeks to support development with the weekly progress report showing 17% headed vs. 13% on average and good to excellent falling 5% to 50% and poor to very poor rising 3% to 16% while spring wheat is 15% planted vs. 10% on average and emergence is at 2% vs. 3% on average. The dollar continues to work a bit short of the highs with MATIF wheat fading back from the fresh highs scored yesterday. On the KC May chart, support is the 20-day at $5.82, with the fresh high at $6.10 as further resistance. David Fiala can be reached at [email protected]. Follow him on social platform X @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.
DTN Midday Livestock Comments 04/23 11:42
DTN Midday Livestock Comments 04/23 11:42 Feeders Continue to Grind Higher Even with the live cattle contracts trading slightly lower, the feeder cattle complex continues to trade higher as its market is seeing ample technical and fundamental support. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The live cattle complex isn't trading higher but that hasn't delayed any progress in the feeder cattle market thus far. Meanwhile, the lean hog complex is continuing to trade higher as well, as traders believe demand will keep the market well supported. May corn is up 2 3/4 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 247.72 points. LIVE CATTLE: The live cattle complex is trading mostly lower into Tuesday's noon hour as the market seems to catch its breath after Monday's aggressive sprint. As of this point, it is promising however to see that traders are respecting the market's previous resistance threshold at $175.50 and keep the market above that price point. If traders let the market close below that point, it will signal some weakness. June live cattle are down $1.15 at $176.92, August live cattle are down $0.82 at $175.52 and October live cattle are down $0.47 at $179.45. No cash cattle trade has developed and it's not likely that the market will see any trade unfold until Thursday or Friday. Bids and asking prices are still elusive, but feedlots are expected to price cattle higher this week. Boxed beef prices are higher: choice up $3.69 ($299.62) and select up $0.74 ($292.61) with a movement of 71 loads (35.95 loads of choice, 12.58 loads of select, 5.15 loads of trim and 17.78 loads of ground beef). FEEDER CATTLE: Even with the live cattle contracts trading slightly lower, the feeder cattle complex has maintained its positive position and continues to trade higher into Tuesday's noon hour. The momentum that stemmed from Friday's lower placements was just the kick of encouragement that the market needed as it also ignited higher feeder cattle sales in the countryside. At this point, it's looking like the feeder cattle complex possesses enough support to potentially round out the day higher even without the live cattle market's support. May feeders are up $1.00 at $246.17, August feeders are up $0.90 at $259.40 and September feeders are up $1.35 at $260.72. LEAN HOGS: Even with the midday pork cutout values being doing notably, the lean hog complex is charging onward and hopes that the day's afternoon cutout price will lend the market support. June lean hogs are up $2.12 at $107.62, July lean hogs are up $1.77 at $109.45 and August lean hogs are up $1.97 at $106.92. The cash cattle market still hasn't seen much packer interest develop, but with the market's stronger tone and the continued aggressive pace in processing, packers could get more aggressive later this afternoon or likely on Wednesday. The projected lean hog index for April 22 is up $0.14 at $91.45 and the actual index for April 19 is down $0.04 at $91.31. Hog prices on the Daily Direct Morning Hog Report average $91.01, ranging from $90.00 to $92.00 on 995 head and a five-day rolling average of $89.60. Pork cutouts total 133.48 loads with 122.71 loads of pork cuts and 10.77 loads of trim. Pork cutout values: down $3.39, $98.31. ShayLe Stewart can be reached at [email protected] (c) Copyright 2024 DTN, LLC. All rights reserved.
DTN Closing Grain Comments 04/23 13:59
DTN Closing Grain Comments 04/23 13:59 Wheat Prices End Higher a Fourth Day; Row Crops Follow With Small Gains July Chicago wheat closed up 15 1/4 cents at a new two-month high as traders continued to show concerns about adverse weather in a few of the world's wheat regions. December corn and November soybeans posted small gains Tuesday with light support from a dry forecast for central Brazil and a wet forecast for Argentina. Todd Hultman DTN Lead Analyst GENERAL COMMENTS: July corn closed up 2 3/4 cents and December corn was up 2 1/4 cents. July soybeans closed up 5 1/2 cents and November soybeans were up 2 1/4 cents. July KC wheat closed up 11 3/4 cents, July Chicago wheat was up 15 1/4 cents and July Minneapolis wheat was up 9 1/2 cents.
DTN Cattle Close/Trends 04/23 15:30
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 04/23/24
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0
STEERS LIVE FOB
No reportable trade
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable trade
HEIFERS LIVE DELIVERED
No reportable trade
NEBRASKA CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0
STEERS DRESSED DELIVERED
No reportable trade
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
No reportable trade
HEIFERS DRESSED FOB
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0
STEERS LIVE FOB
No reportable trade
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable trade
HEIFERS LIVE DELIVERED
No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: NA Conf WEEK TO DATE: NA Conf
STEERS LIVE FOB
NA Due to Confidentiality
STEERS LIVE DELIVERED
NA Due to Confidentiality
HEIFERS LIVE FOB
NA Due to Confidentiality
HEIFERS LIVE DELIVERED
NA Due to Confidentiality
IOWA CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 30
STEERS DRESSED DELIVERED
No reportable trade
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
No reportable trade
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: Another quiet day in cash cattle country with business
at complete standstill. Bids and asking prices have yet to be established.
Significant trade volume will likely be delayed until Thursday or later.
5-AREA LV STR AVG(FOB)PR&WT: $No Test HIDE&OFFAL: $11.56 -0.03
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD
SUPPLY (Live) $276.86 $268.41 57,051
DEMAND (Box) $285.40 $280.76 48,168
INDEX VALUE $281.13 +0.74 $274.59 +0.45 105,219
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$297.40 +1.47 $292.76 +0.89
98.72 LDS CH CUTS / 18.16 LDS SEL CUTS / 7.40 LDS TRIM / 22.56 LDS GROUND
DAILY CHOICE/SELECT SPREAD $ 4.64 TOTAL LOAD COUNT 147
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/12 $303.29 -1.21
CUTTER 90% 350# UP C/O: $267.91 -1.66
NAT'L BONELESS BF TRIM: 23.48 lds / Shrply lr on lt dem & lt-mod offers
90% TRIM: 11 lds: Wtd Avg: $345.56 / Sharply lower
FI KILL(WTD) TUE 125(238) WK AGO 124(252) YR AGO 127(252)
Previous Day Breakdown: MON SH92 / CB21
WEEKLY CANADIAN CATTLE IMPORTS.
WK ENDING FEEDERS SLAUGHTER S&H
Week Ending: 04/06/24 3,218 14,078
Week Ending: 03/30/24 3,363 14,424
Change from prev week: -145 -346
DTN Closing Livestock Comment 04/23 15:57
DTN Closing Livestock Comment 04/23 15:57 Hogs and Feeder Cattle Close Higher, While Live Cattle Walk Backwards The live cattle complex wasn't as brave through Tuesday's market as traders want more fundamental support before they advance the complex any higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was a mixed day for the livestock complex as the lean hog and feeder cattle contracts closed higher, but the live cattle market ended the day lower. No cash cattle trade has developed and won't likely until Thursday or Friday. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.54 with a weighted average price of $91.85 on 4,249 head. May corn is up 3 1/4 cents per bushel and July soybean meal is up $1.30. The Dow Jones Industrial Average is up 263.71 points.
DTN Chart Technical Points 04/23 16:30
DTN Chart Technical Points 04/23 16:30 DTN FUTURES 10 4/23/24 SLOW STOCHASTIC PRICES ARE DECIMAL MOVING AVERAGES RSI'S 5 Day 20 Day CONTRACT CLOSE 4-Day 9-Day 18-Day 45-Day 9Day 14Day 30Day %K %D %K %D CBTWT MAY 585.00 560.56 554.28 556.25 555.23 70.41 63.40 54.05 84 54 49 37 CBTWT JUL 602.75 577.50 570.17 571.85 567.11 71.54 64.82 55.40 86 57 51 38 KC WT MAY 608.75 591.25 586.92 583.53 580.87 65.91 60.45 53.37 75 50 61 54 KC WT JUL 614.25 593.75 585.92 580.69 574.65 69.71 63.88 55.39 85 62 71 63 MN WT MAY 666.50 652.00 644.03 643.92 651.45 68.11 60.35 51.00 81 60 53 36 MN WT JUL 672.25 657.63 650.44 651.29 657.11 67.71 60.25 50.86 78 54 48 31 CORN MAY 443.00 435.75 433.33 433.68 432.72 63.10 57.84 50.81 91 62 43 31 CORN JUL 452.50 445.38 444.19 445.42 444.71 60.47 56.05 50.09 85 55 34 23 CORN SEP 461.00 453.81 453.08 455.10 453.81 59.73 55.65 50.36 84 52 34 24 OATS MAY 367.25 360.81 355.06 348.33 356.79 67.68 60.94 52.93 88 76 82 69 OATS JUL 354.25 350.50 344.47 341.21 350.77 65.01 57.75 50.08 91 85 74 57 BEANS MAY1167.501153.311155.471167.691172.01 51.69 48.86 45.92 71 44 22 13 BEANS JUL1182.001168.311169.861181.421184.52 52.06 49.24 46.26 73 46 23 14 BEANS AUG1183.751170.061170.471181.111182.11 53.41 50.43 47.23 75 48 24 14 S MEAL MAY 345.20 342.80 340.41 336.79 335.76 62.73 58.19 51.23 78 66 76 65 S MEAL JUL 346.10 342.88 341.07 338.83 338.58 61.60 57.09 50.48 79 61 65 53 B OIL MAY 45.31 44.71 45.13 46.66 46.73 40.81 41.55 44.08 62 38 16 9 B OIL JUL 45.88 45.29 45.69 47.20 47.23 41.01 41.78 44.39 62 38 16 9 CATTLE APR 183.35 182.46 181.30 181.02 184.78 57.27 52.54 50.29 87 89 48 37 CATTLE JUN 177.15 176.56 175.17 175.17 179.99 54.18 50.07 48.33 79 83 42 31 FEEDER APR 243.75 242.39 240.74 240.96 249.10 55.72 49.67 48.16 89 89 32 23 FEEDER MAY 246.05 243.94 240.82 241.19 250.78 58.54 52.10 48.75 87 89 42 30 HOGS MAY 98.58 96.56 95.71 95.67 93.00 69.40 66.36 63.42 93 72 63 54 HOGS JUN 107.95 105.24 104.09 104.73 102.34 69.51 65.70 62.70 92 70 53 43 COTTON MAY 80.22 79.26 80.76 84.56 90.58 30.29 31.23 38.32 38 24 9 7 COTTON JUL 81.72 81.44 82.80 86.22 90.87 29.32 31.47 38.98 36 25 10 8 RICE MAY 19.20 19.04 18.42 17.40 17.74 79.46 71.84 61.75 78 85 93 89 RICE JUL 19.38 19.20 18.47 17.51 17.88 79.47 72.21 62.48 78 85 92 87
