US Direct Feeder Pigs
DTN Midday Grain Comments 04/29 10:49
DTN Midday Grain Comments 04/29 10:49 Corn, Beans Lower; Wheat Flat to Lower Midday Monday Corn trade is 3-4 cents lower. Beans are 1-2 cents lower and wheat trade is flat to 20 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Monday with the S&P 10 points higher. The dollar index is off 25 points. The interest rate products are firmer. Energies are mixed with crude off $1.10 and natural gas up 8 cents. Livestock trade is mostly lower. Precious metals are mixed with gold unchanged. CORN: Corn is 3-4 cents lower at midday with trade fading back to nearby support with the positive spillover from wheat easing and little other fresh bullish news. Ethanol margins should remain range-bound with short term as spring driving should expand further into May. Near-term weather keeps rain chances in play for much of the belt with planting and emergence likely to remain just ahead of the five-year average today. The daily wire was quiet today with weekly export inspections fading a little to 1.226 million metric tons (mmt). Little change is seen near term for South American weather with some areas of concern lingering for second-crop corn. On the July chart, the 20-day at $4.46 is nearby support which we are testing at midday with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybeans are 1-2 cents lower at midday with trade fading from another test of nearby resistance at midday. Meal is $3.50 to $4.50 higher and oil is 65 to 75 points lower. South American bushels should continue to attract the most export attention as harvest continues to wrap in Brazil with Argentina coming soon. The daily wire was quiet today with weekly inspections soft at 250,332 metric tons (mt). Planting progress is likely slow with rains, but the warmer weather should help the emergence on planted acres with the weekly report likely to show both just ahead of average. July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.79 which we have faded from again at midday. WHEAT: Wheat trade is flat to 20 cents lower with Chicago action the downside leader with better Black Sea weather short term while the Plains remain mixed and overbought conditions ease a bit. The Plains will see seasonal-to-above-normal temps push the crop along with better overall rain chances expected into early May with some of the eastern growing areas getting significant rains this weekend. Black Sea concerns should ease short term. The dollar continues to work a bit short of the highs with MATIF wheat fading off the highs this morning. Weekly export inspections were in line with recent weeks at 481,183 mt. Weekly crop progress is expected to show further declines with maturity ahead of average with spring wheat holding just ahead of average on planting and emergence. On the KC July chart, support is the 20-day at $5.94, with the fresh high at 6.64 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 04/29 11:41
DTN Midday Livestock Comments 04/29 11:41 Traders Vaguely Support the Livestock Contracts at Monday's Noon Hour The entire livestock complex is trading meekly as traders long to see what the week's consumer demand amounts to. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Traders are taking a careful approach to Monday's market as all three of the livestock markets are trading mixed into the noon hour. The biggest thing that traders seemed concerned about for the time being is demand -- what will beef and pork demand be over the summer? July corn is down 1 3/4 cents per bushel and July soybean meal is up $8.20. The Dow Jones Industrial Average is up 105.02 points. LIVE CATTLE: The live cattle complex is trading gingerly into the day's noon hour as traders would like to see followed through fundamental support following last week's late-week technical advancement. Feedlots could be hard-pressed to get cattle traded for more money this week as last week's negotiated cash cattle trade totaled 92,548 head -- the second biggest volume sold thus far in 2024. June live cattle are down $1.10 at $177.47, August live cattle are down $0.80 at $175.97 and October live cattle are down $0.72 at $179.85. New showlists appear to be mixed, higher in Kansas, Nebraska/Colorado, but lower in Texas. Last week Southern live cattle traded for mostly $182 which is steady with the previous week's weighted average. Northern dressed cattle traded at mostly $294 which is $2.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 92,548 head. Of that 74% (68,496 head) were committed to the nearby delivery, while the remaining 26% (24,052 head) were committed to the deferred delivery. Boxed beef prices are higher: choice up $0.40 ($297.54) and select up $2.27 ($290.99) with a movement of 51 loads (30.88 loads of choice, 7.70 loads of select, 7.88 loads of trim and 5.01 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is trading with a lower tone as the market would like to see the live cattle complex better supported before it advances. May feeders are down $0.97 at $247,82, August feeders are down $0.80 at $259.75 and September feeders are down $0.67 at $260.90. Feeder cattle interest throughout the countryside has been exceptional and with green grass and turnout season quickly approaching, demand should remain strong as there simply aren't as many feeders to sort through this year. LEAN HOGS: The lean hog complex is trading mixed into Monday's noon hour with only some of the nearby contracts struggling to trade higher. With there still being concern over what summertime demand will amount to in the pork sector, traders are cautiously trading the late summer early fall 2024 contracts. The big uptick in today's midday carcass price comes from a $31.99 jump in the belly which will likely continue to be a volatile cut moving forward. June lean hogs are up $0.17 at $102.65, July lean hogs are down $0.65 at $105.30 and August lean hogs are down $0.55 at $103.40. The projected lean hog index for 4/26/2024 is down $0.52 at $90.36, and the actual index for 4/25/2024 is down $0.55 at $90.88. Hog prices are unavailable on the Daily Direct Morning Hog Report due to confidentiality. However, we can see that 170 head have traded and that Pork cutouts total 221.74 loads with 195.93 loads of pork cuts and 25.81 loads of trim. Pork cutout values: up $7.09, $104.72. ShayLe Stewart can be reached at [email protected] (c) Copyright 2024 DTN, LLC. All rights reserved.
DTN Closing Grain Comments 04/29 13:43
DTN Closing Grain Comments 04/29 13:43 Soybean Prices End Higher, Nudged by South American Problems July soybeans closed up 4 3/4 cents at $11.82 Monday, given a lift from harvest delays in Argentina and southern Brazil and news of a strike at San Lorenzo. December corn ended down 3/4 cent and July contracts of winter wheat ended lower, breaking their streak of seven consecutive higher closes. Todd Hultman DTN Lead Analyst GENERAL COMMENTS: July corn closed down 3/4 cent and December corn was down 3/4 cent. July soybeans closed up 4 3/4 cents and November soybeans were up 3 1/4 cents. July KC wheat closed down 3 3/4 cents, July Chicago wheat was down 13 3/4 cents and July Minneapolis wheat was up 4 1/4 cents.
DTN Closing Livestock Comment 04/29 15:49
DTN Closing Livestock Comment 04/29 15:49 Cautious Tones Dominate Monday's Livestock Complex Heading into Tuesday's market traders may be slightly more apt to support the contracts as both pork and beef demand was slightly stronger at Monday's close. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was a quiet day throughout the livestock complex as not much developed from either a technical or fundamental stance. Traders could be slightly more aggressive in the contracts on Tuesday as both pork cutout values and boxed beef prices closed higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.75 with a weighted average price of $89.63 on 1,095 head. July corn is down 3/4 cent per bushel and July soybean meal is up $9.60. The Dow Jones Industrial Average is up 146.43 points.
DTN Chart Technical Points 04/29 16:30
DTN Chart Technical Points 04/29 16:30 DTN FUTURES 10 4/29/24 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 590.25 597.56 574.39 565.79 557.12 63.68 61.03 54.25 79 88 87 76 CBTWT JUL 608.50 616.06 591.83 581.94 570.58 64.34 62.06 55.47 79 88 87 77 KC WT MAY 643.75 636.56 609.33 596.96 586.51 76.23 69.46 59.07 87 90 91 81 KC WT JUL 650.50 643.81 613.25 597.08 581.55 77.56 71.54 60.96 88 92 93 87 MN WT MAY 715.25 695.63 669.31 657.01 654.86 85.08 76.24 61.81 95 95 96 79 MN WT JUL 707.75 698.75 673.86 663.11 660.44 81.92 73.15 59.42 95 95 95 77 CORN MAY 439.25 439.50 436.81 434.92 434.26 55.34 53.50 49.13 67 72 71 58 CORN JUL 449.25 449.94 446.92 445.97 446.13 53.69 52.26 48.62 72 77 66 52 CORN SEP 458.50 459.38 455.83 455.26 455.32 53.85 52.43 49.13 75 81 69 53 OATS MAY 371.25 369.75 363.50 352.18 357.89 68.03 62.31 54.06 58 80 83 88 OATS JUL 369.75 358.31 352.81 343.43 351.23 75.90 67.62 55.83 75 77 87 83 BEANS MAY1160.751162.251156.861163.001172.15 47.35 46.26 44.79 53 65 44 36 BEANS JUL1182.001180.131173.111177.681185.47 52.41 49.54 46.41 64 72 49 38 BEANS AUG1185.251183.251175.441178.291183.72 54.57 51.27 47.61 69 75 53 41 S MEAL MAY 348.30 344.55 343.12 339.50 336.66 63.01 59.41 52.42 47 51 77 78 S MEAL JUL 354.30 348.95 345.23 341.71 339.60 68.24 63.10 54.25 69 71 83 77 B OIL MAY 43.69 44.53 44.66 45.79 46.67 29.15 33.70 40.24 42 58 18 19 B OIL JUL 44.37 45.15 45.26 46.36 47.19 29.85 34.27 40.70 43 59 19 20 CATTLE APR 185.40 184.03 182.98 181.48 184.48 64.11 57.85 52.99 93 79 78 62 CATTLE JUN 177.15 177.19 176.71 175.23 179.45 52.23 49.98 48.62 73 64 64 53 FEEDER MAY 248.03 246.77 244.79 241.65 249.63 60.80 54.89 50.60 84 80 75 58 FEEDER AUG 259.63 258.69 256.95 253.23 260.53 59.74 54.81 50.59 75 71 85 68 HOGS MAY 94.03 95.23 95.79 96.01 93.48 42.16 47.33 53.18 10 34 51 61 HOGS JUN 102.48 104.35 104.57 104.96 102.85 40.89 45.72 51.76 20 47 50 57 COTTON MAY 80.02 79.63 79.46 82.04 89.37 34.00 33.05 38.75 58 58 14 12 COTTON JUL 81.52 81.13 81.29 83.85 89.84 33.23 33.31 39.40 27 32 10 11 RICE MAY 19.10 19.05 19.02 18.01 17.77 69.41 66.44 59.86 58 67 91 92 RICE JUL 19.46 19.26 19.18 18.11 17.93 71.73 68.27 61.49 60 63 90 90
DTN Cattle Close/Trends 04/29 15:40
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 04/29/24
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: 378 WEEK TO DATE: 378
STEERS DRESSED DELIVERED
71 294.00-294.00 294.00-294.00 294.00
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
269 294.00-294.00 294.00-294.00 294.00
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: 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
COMMENTS: A typically quiet Monday with the cash trade at a
virtual standstill. Bids and asking prices have not been established,
significant trade volume will likely be delayed until the second half of
the week.
5-AREA LV STR AVG(FOB)PR&WT: $185.72(1498) HIDE&OFFAL: $11.42 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD
SUPPLY (Live) $279.19 $269.83 70,765
DEMAND (Box) $285.53 $278.21 48,301
INDEX VALUE $282.36 +0.70 $274.02 +0.80 119,066
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$297.53 +0.39 $290.21 +1.49
63.96 LDS CH CUTS / 15.77 LDS SEL CUTS / 9.71 LDS TRIM / 14.25 LDS GROUND
DAILY CHOICE/SELECT SPREAD $ 7.32 TOTAL LOAD COUNT 104
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/26 $299.19 -1.69
CUTTER 90% 350# UP C/O: $270.08 +0.22
NAT'L BONELESS BF TRIM: 19.29 lds / Shrply lr on lt dem & mod offers
90% TRIM: 00 lds: Wtd Avg: $No Test/ Sharply lower
FI KILL(WTD) MON 113(113) WK AGO 113(113) YR AGO 122(122)
Previous Day Breakdown: FRI SH90/CB23 SAT SH11/CB1
WEEKLY CANADIAN CATTLE IMPORTS.
WK ENDING FEEDERS SLAUGHTER S&H
Week Ending: 04/13/24 4,038 14,274
Week Ending: 04/06/24 3,218 14,078
Change from prev week: +820 +196
DTN Early Word Grains 04/30 05:48
DTN Early Word Grains 04/30 05:48 Grain Markets Lower on Planting Progress, Heavy Deliveries in Chicago Wheat, Soybeans, Soybean Oil July corn is down 1 cent per bushel, July soybeans are down 1/4 cent, July KC wheat is down 7 1/4 cents, July Chicago wheat is down 6 1/4 cents and July Minneapolis wheat is down 4 1/2 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 1 cent per bushel, July soybeans are down 1/4 cent, July KC wheat is down 7 1/4 cents, July Chicago wheat is down 6 1/4 cents and July Minneapolis wheat is down 4 1/2 cents. CME GLOBEX RECAP: World equity markets are mixed Tuesday morning. Monday's U.S. session was quiet with a slightly higher close. The Federal Reserve begins its meeting Tuesday and will wrap up Wednesday with a press conference from Chairman Powell. Traders are waiting patiently to gage the relative hawkishness or dovishness of Powell's comments in that press conference. But sentiment is nearly universal that no rate changes will be made at this month's meeting. We didn't have any new economic data Monday, but we do get several new reports Tuesday at 7:30 a.m. CDT: Employment Cost Index, S&P Case-Shiller Home Price Index (20 cities), the Chicago Business Barometer (PMI), and Consumer Confidence. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 146.43 at 38,386.09 and the S&P 500 up 16.21 at 5,116.17, The 10-Year Treasury yield ended at 44.83%. Early Tuesday, the June Dow Jones Futures are down 9 points. European markets are mixed with the spot futures of London's FTSE 100 trading up 0.45%, spot futures of Germany's DAX is trading down 0.49% and the spot futures of France's CAC 40 Index up 0.01%. Asian markets are mixed with Japan's Nikkei 225 Index up 0.17% and China's Shanghai Composite Index down 0.26%.
DTN Early Word Livestock Comments 04/30 06:19
DTN Early Word Livestock Comments 04/30 06:19 Livestock Futures Expected to be Choppy Tuesday Live cattle futures slowly eroded throughout Monday sd traders didn't have anything to latch onto. Feeder cattle futures made a higher high before slipping back on price uncertainty. Hogs seemed to have ended the liquidation phase and were able to close with minimal losses in nearby contracts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $219.81 +$0.51* Hogs: Higher Futures: Higher Lean Equiv: $104.91 +$1.37** *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: Today is the last day to trade the April live cattle contract. June will take over, posting an $8.00 lower price as traders anticipate cash weakness over the next two months. There has been greater concern developing over demand through the summer months but that remains to be seen. Even though cattle numbers may be tight and heifer retention has not been taking place to any great extent, lower demand will impact prices. Packers will hold the line on chain speed to improve margins and keep supply in line with demand. Feedlots may have difficulty getting more money out of packers this week. Boxed beef prices were higher on Monday with choice up $0.39 and select up $1.49.
