DTN Midday Grain Comments     04/20 11:26

   Grain Futures Up Big Midday Tuesday

   Corn is 15 cents higher on May, 9 cents higher on December, soybeans are 17 
to 23 cents higher and wheat 7 to 13 cents higher.

David M. Fiala
DTN Contributing Analyst

   MARKET SUMMARY:

   The U.S. stock market is weaker with the Dow off 275 points. The U.S. Dollar 
Index went to a new low for the move but has bounced to 0.08 higher at midday. 
Interest rate products are firmer. Energies are lower with crude down $1. 
Livestock trade is firmer. Precious metals are higher with gold up $8.

   CORN:

   Corn trade was firmer overnight then saw some explosive upside with short 
covering early in the day session, getting nearby to 20 cents higher. At 
midday, May is 15 cents higher with new crop up 9 cents. The new high for the 
move on May is $6.11 3/4 at this juncture, and December new crop went to $5.33 
1/2. Expect buy stops above these numbers the rest of the day with a chance of 
limit-up if short covering occurs Tuesday afternoon. Ethanol was firm Monday 
into Tuesday morning, giving corn support. The cool weather and snow has not 
given corn a chance to see early plantings or early development, which is 
limiting sellers. The forecast remains cool with the first few days of May, 
currently expected to still see many daily lows across the Corn Belt in the 
40s. Corn basis continues to hold firm throughout the belt. The weekly Monday 
afternoon USDA progress numbers had planting at 8% on the five-year average, 
with emergence at 2% -- same as the average. On the May contract, chart 
resistance is the fresh contact high with support at the $5.84 10-day moving 
average then the 20-day at $5.68.  

   SOYBEANS:

   Soybeans are up around 23 cents on May to 17 cents higher on November at 
midday. Meal is up $4.50 and bean oil up 1.80 cents on nearby to 0.85 cent on 
new crop. The upward momentum and lack of selling has allowed trade to march to 
new highs. Traders now expect a very active rest of the week going into May 
option expiration on Friday. The cool weather will limit early planting and 
early development in the U.S. The uncertainty is limiting sellers this week. 
Although the market knows we can still have the crops planted near 
normal/average timeframes, we still lose some early advantage with the 
country-wide extreme cold start to the growing season. The weekly report had 
soybean plantings at 3% complete versus the 2% average. On the May soybean 
chart, support is at the 10-day at $14.18 with resistance at our morning high 
of $14.85 1/2 then $15!

   WHEAT:

   Wheat trade is 7 cents higher on Minneapolis at midday with the winter wheat 
contracts sitting 13 cents higher. Momentum has stalled at midday with futures 
around a dime below the early highs. Support is coming from the row crop 
strength and the cold air and snow across Kansas, but market bears argue the 
moisture is OK. The downtrend in the dollar is supportive for exports with a 
new dollar low for the move overnight. KC has narrowed back to a 40-cent 
discount to Chicago with Minneapolis now only a nickel above Chicago. The 
weekly export inspections were strong Monday at 613,595 metric tons, helping 
fuel this April futures recovery. The weekly crop progress Monday afternoon 
showing winter wheat heading at 10% versus the 14% average, and conditions 
unchanged at 53% good to excellent. The spring wheat planting were at 19% 
versus 12% on average. KC May on the chart has support at the 50-day at $6.07, 
with resistance at our daily high of $6.35 3/4 then the $6.64 contract high 
printed in late February.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




(c) Copyright 2021 DTN, LLC. All rights reserved.

DTN Midday Livestock Comments          04/20 11:47

   Livestock Contracts Back to Trading Fully Higher

   And just like that the livestock complex has had a change in attitude and 
heading into Tuesday afternoon trade the entire livestock sector is trading 
higher. 

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   The cattle contracts felt left out Monday afternoon as the lean hog 
contracts rallied throughout the day. But with the dawning of a new day and a 
strong shot of optimism the entire livestock complex is now rallying into 
Tuesday afternoon. May corn is up 15 cents per bushel and July soybean meal is 
up $4.70. The Dow Jones Industrial Average is down 236.43 points and NASDAQ is 
down 130.06 points.

   LIVE CATTLE:

   The live cattle contracts decided eight consecutive days in a row of lower 
trade was enough and are back to rallying modestly. April live cattle are up 
$0.47 at $120.82, June live cattle are up $1.05 at $119.65 and August live 
cattle are up $1.15 at $119.80. With both boxed beef prices higher and a 
rigorous kill schedule expected for the week ahead, feedlots are liking how 
this week's market is shaping up for the cash cattle side of things. With the 
futures market now playing a supportive role in the week's developments, 
feedlots could stand to gain at least $1.00 or $2.00 amid strong demand and 
favorable fundamental signs. Feedlots have yet to share their asking prices and 
bids have yet to surface and it's most likely that the week's business will at 
least wait until Wednesday to transpire if not later. Packers have bought a 
considerable number of cattle for delayed delivery and that could be one hiccup 
that arises in the cash cattle market and makes it more difficult for feedlots 
to demand higher prices.

   Boxed beef prices are higher: choice up $1.38 ($277.55) and select up $1.30 
($270.43) with a movement of 56 loads (30.18 loads of choice, 5.48 loads of 
select, 10.28 loads of trim and 10.43 loads of ground beef).

   FEEDER CATTLE:

   And just like that, the spot May corn contract jumps $0.15 Tuesday morning 
to now demand a stout $6.07 per bushel price. And as odd as it may seem, the 
feeder cattle contracts have gone from trading lower early Tuesday morning to 
now trading modestly higher in the nearby contracts and well over $1.00 higher 
in some of the deferred contracts. April feeders are up $0.42 at $138.15, May 
feeders are up $0.97 at $143.45 and August feeders are up $1.62 at $154.40. 
Call it what you want. Some will say higher corn prices may be summoning higher 
cattle prices; some will say feeders are trying to establish a short-term 
bottom; and some will fall flat out of their feed-wagons and howl that the 
markets are plum drunk at noon!

   LEAN HOGS:

   Last week's hard sell-off in the futures complex surely didn't feel good at 
the moment but it has allowed for the contracts to rally early this week 
without any resistance pressure. June lean hogs are up $1.55 at $105.87, July 
lean hogs are up $1.77 at $103.75 and August lean hogs are up $1.32 at $99.87. 
Paying much attention to the midday pork cutout value doesn't do anyone much 
good, so don't let the slightly weaker pork cutout concern you. It's positive 
to see cash prices higher Tuesday morning but heading into the afternoon it's 
going to be even more important to keep an eye on the day's estimated slaughter 
and the total number of hogs bought through the cash market. Strong slaughter 
speeds will be challenged in the weeks and months to come from limited hog 
supplies but keeping a snappy pace is vital to keep up with demand.

   The projected CME Lean Hog Index for 4/19/2021 is up $0.65 at $104.42 and 
the actual index for 4/16/2021 is up $0.52 at $103.76. Hog prices are higher on 
the National Direct Morning Hog Report, up $0.88 with a weighted average of 
$103.88, ranging from $102.82 to $109.00 on 2,826 head. Pork cutouts total 
221.93 loads with 210.40 loads of pork cuts and 11.53 loads of trim. Pork 
cutout values: down $0.25, $113.83.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




(c) Copyright 2021 DTN, LLC. All rights reserved.

DTN Closing Grain Comments    04/20 13:54
   Soybeans Skyrocket Tuesday to New Contract Highs; Corn, Wheat Follow

   Led by soybeans and bean oil, the ag markets surged in unison Tuesday, with
soybeans, bean oil, corn and Minneapolis wheat all recording new contract
highs.

Dana Mantini
Senior Market Analyst

   GENERAL COMMENTS:

   May corn closed up 14 1/2 cents per bushel, May soybeans finished up 22 1/4
cents, July KC wheat is up 9 1/4 cents, July Chicago wheat closed up 7 1/2
cents and July Minneapolis wheat closed up 6 3/4 cents. The June U.S. Dollar
Index is trading up 0.190 at 91.240. The Dow Jones Industrial Average is down
333.54 points at 33,744.09. June gold is up $7.20 at $1,777.80, May silver is
down $0.00 at $25.84 and May copper is down $0.0305 at $4.2075. June crude oil
is down $0.97 at $62.46, May heating oil is down $0.0184, June RBOB is down
$0.0302 and May natural gas is down $0.025.

DTN Chart Technical Points             04/20 16:30
DTN FUTURES  10       4/20/21                                   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 659.75 654.56 643.50 628.58 642.12 69.72 62.15 55.02  70  78 86 80
CBTWT    JUL 661.25 656.38 645.72 628.31 636.04 72.94 65.69 57.66  70  78 87 84
KC WT    MAY 620.75 612.44 597.78 581.42 604.38 73.05 63.68 54.92  78  84 88 75
KC WT    JUL 628.00 619.56 605.25 588.36 610.02 73.44 64.24 55.51  78  83 89 77
MN WT    MAY 669.00 665.25 656.44 633.63 636.94 73.50 67.16 60.13  74  80 90 88
MN WT    JUL 676.00 672.50 663.78 641.92 644.82 73.33 67.12 60.29  73  80 90 88
CORN     MAY 606.50 593.50 586.00 569.50 555.99 72.68 68.51 64.17  70  69 86 80
CORN     JUL 592.00 580.75 572.19 555.04 542.96 75.89 70.91 65.23  75  74 89 84
CORN     SEP 547.25 536.19 524.33 507.36 497.89 83.58 77.24 69.57  88  88 94 92
OATS     MAY 385.25 382.19 378.83 376.11 373.17 65.26 60.95 58.81  67  71 83 72
OATS     JUL 386.75 383.00 378.25 374.36 369.42 71.17 65.36 61.26  77  79 88 80
BEANS    MAY1472.001443.311419.221412.581410.92 70.12 64.15 60.23  90  90 73 51
BEANS    JUL1457.751431.941411.311404.711400.21 69.70 63.89 60.22  87  86 72 53
BEANS    AUG1413.001390.061372.671365.721358.74 70.28 64.46 60.74  85  83 72 56
S MEAL   MAY 410.40 405.50 402.79 404.73 410.54 58.47 53.59 50.74  74  60 24 16
S MEAL   JUL 414.70 409.73 407.10 407.77 410.82 60.79 55.76 52.40  73  60 32 25
B OIL    MAY  58.32  56.45  54.53  53.68  52.47 71.56 66.74 64.59  93  94 71 49
B OIL    JUL  55.14  54.03  52.38  51.55  50.77 67.77 63.86 62.55  90  93 82 62
CATTLE   APR 120.58 120.84 122.02 121.58 120.63 41.44 46.28 49.86  20  18 44 59
CATTLE   JUN 119.20 119.16 120.81 121.93 120.52 35.41 41.33 48.89  23  16 18 32
FEEDER   APR 137.58 138.74 141.66 143.69 142.66 25.38 33.94 43.12  12   6 14 33
FEEDER   MAY 142.77 143.35 146.34 148.63 147.11 27.51 35.40 44.74  23  15 14 29
HOGS     MAY 108.08 104.94 105.28 103.54  96.18 69.11 69.84 70.33  64  43 83 83
HOGS     JUN 106.35 104.27 106.08 105.87 100.36 55.51 57.69 61.61  42  26 57 66
COTTON   MAY  83.77  83.94  82.86  81.17  85.32 56.11 52.55 51.12  66  77 75 59
COTTON   JUL  85.17  85.29  84.20  82.44  86.36 56.96 53.25 51.69  67  77 78 62
RICE     MAY  12.84  12.90  13.02  13.09  13.13 29.29 36.39 44.15   4  11 10 23
RICE     JUL  13.14  13.20  13.30  13.35  13.35 32.22 38.88 46.14   4  16 19 36

DTN Closing Livestock Comment 04/20 16:17
   Livestock Contracts Savor the Victory of a Fully Higher Close

   Even though the corn market closed higher, that didn't seem to bother the
cattle contracts as they closed higher right alongside the bullish lean hog
contracts.

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   It was a rather impressive day throughout the livestock sector, as nearly
the entire complex closed higher, and the market's fundamentals are aligning
for a strong trade later in the week as well. Hog prices closed higher on the
National Direct Afternoon Hog Report, up $1.14 with a weighted average of
$106.08 on 6,205 head. May corn is up 14 1/2 cents per bushel and July soybean
meal is up $3.40. The Dow Jones Industrial Average is down 256.33 points and
NASDAQ is down 128.50 points.

DTN Early Word Grains         04/21 05:54
   Wheat Higher as Temperatures Drop, Forecast Stays Dry

   July corn is up 2 1/4 cents, July soybeans are up 4 cents and July KC wheat
is up 7 cents.

Todd Hultman
DTN Lead Analyst

   Pre-6 a.m. Globex Prices: July corn is up 2 1/4 cents, July soybeans are up
4 cents and July KC wheat is up 7 cents.

   CME Globex Recap: Early Wednesday, Dow Jones futures are steady, while
European markets are trading modestly higher. Positive earnings reports out of
Europe are helping to counter recent concerns about rising infections in India
and Brazil. June crude oil is trading lower with caution about rising
infections in India and Brazil, but prices are holding above $60.00.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 256.33 at 33,821.30 and the S&P 500 down 28.32 at 4,134.94 while
the 10-Year Treasury yield ended at 1.56%. Early Wednesday, December Dow Jones
futures are up 1 point. June crude oil is starting lower, cautious with global
coronavirus concerns but also holding above the $60.00 mark, so far. Asian
markets are mostly lower with Japan's Nikkei 225 index down 2.03% and China's
Shanghai Composite Index slightly lower . European markets are a little higher
with the spot futures of the London FTSE 100 trading up 0.37%, spot futures of
Germany's DAX trading up 0.29% and spot futures of France's CAC Index trading
up 0.44%. The June euro is down $0.0018 at $1.2027. The June U.S. Dollar Index
is up 0.06 at 91.29. The June 30-year T-bond is down 7/32nds, while June gold
is up $0.60 at $1,779.0 and June crude oil is down $0.67 at $62.00.  On China's
Dalian exchange, September corn was up 0.4%, July soybeans were up 1.4%,
September soybean meal was up 0.4% and September soybean oil was up 2.4%. July
common wheat on China's Zhengzhou exchange was unchanged. June Malaysian palm
oil is trading up 3.4%.

DTN Early Word Livestock Comments      04/21 06:19
   Traders Regain Confidence

   Livestock futures rallied Tuesday even in the face of continued rising grain
prices. Cattle may be pulled ahead more aggressively, increasing beef supply to
a strong demand market. This could stabilize cash prices for a period of time.
Tightening hog supplies have been a concern of packers and will remain that way
for a period of time.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Steady   Futures: Higher   Live Equiv:   $205.61 +1.31*

   Hogs:  Steady   Futures: Mixed    Lean Equiv:  $121.54 +0.95**

   * based on formula estimating live cattle equivalent of gross packer revenue.

   (The Live Cattle Equiv. 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:

   Fund selling and long liquidation finally ran its course. Futures were
overdone to the downside, and even if the market would have been bearish, it
was high time for a bounce. But that is just it. The fundamentals of the market
have not been overly bearish, yet selling pressure continued to trigger sell
stops, causing the market to pancake lower. Continued strength of cash and
boxed beef prices did not warrant such a sell-off, nevertheless it did. Traders
had the confidence to step back in and buy the market due to it being oversold,
and because the selling pressure had also subsided. Beef demand through the
spring is expected to remain strong, and there is high interest for friends and
family to get together with outdoor grilling likely being a favorite way of
being together while exercising social distancing. It is possible demand could
increase more than it already has. However, futures regaining what was lost may
be difficult to achieve. Higher grain prices may bring more beef to the market
for a period of time.

DTN CATTLE PRICES/TRENDS               04/21 08:05

      HEAD SOLD LIVE  STEERS  DRESSED        LIVE  HEIFERS DRESSED 
KANSAS     .    .             .              .             .
NEBRASKA   .    .             .              .             .
TEXAS      .    .             .              .             .
COLORADO   .    .             .              .             .
IOWA       .    .             .              .             .
                               *PRIVATE SOURCES     
    
DTN COMMENTS:  The country is slow to start this morning, but packer inquiry 
should improve as the day progresses. Asking prices are around $122 to $125 
in the South and not established as of yet in the North. Beef cutouts are 
expected to be higher with light to moderate box movement.

NOTE:  Feedlots are encouraged to call DTN with any cattle sales, at
1-800-369-7675, ext. 3678. All sales will be listed anonymously and 
organized by state. All live sales are FOB and set for 1-9 day delivery. 
General trends and summaries from this data will also be posted on the Daily 
Sales Reported to DTN page.