DTN Early Word Grains 06/24 05:57
DTN Early Word Grains 06/24 05:57 Grain Prices Find Early Support Friday After Bearish Week December corn was up 8 cents, November soybeans were up 1 cent and September KC wheat was up 11 cents. Todd Hultman DTN Lead Analyst PRE-6 a.m. GLOBEX PRICES: December corn was up 8 cents, November soybeans were up 1 cent and September KC wheat was up 11 cents. CME GLOBEX RECAP: Early Friday, U.S. stocks on the Dow Jones Industrials are trading higher, in line with higher trade in both Asia and Europe. According to the Wall Street Journal, signs of economic slowing are leading to expectations for smaller rate hikes ahead. Several sources, including the Journal, are reporting Ukrainian forces are ceding control of Severodonetsk to the Russian military after constant shelling destroyed 80% of vital infrastructure. Friday morning, USDA will provide weekly export sales data and Friday afternoon, USDA's cattle on-feed report for June 1 is expected to show 11.9 million head of cattle on feed, up 1.5% from a year ago. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 194.23 at 30,677.36 and the S&P 500 up 35.84 at 3,795.73 as the 10-Year Treasury yield ended at 3.07%, down from the highest level in three and a half years. Early Friday, June Dow Jones futures are trading up 217 points. Asian markets are higher with Japan's Nikkei 225 index up 1.23% and China's Shanghai Composite Index up 0.89%. European markets are higher with the spot futures of the London FTSE 100 trading up 1.16%, spot futures of Germany's DAX trading up 0.26% and spot futures of France's CAC Index trading up 1.39%. The September euro is up $0.0022 at $1.0606. The September U.S. Dollar Index is down 0.18 at 104.01. The September 30-year T-bond is down 9/32nds, while August gold is down $2.00 at $1,827.80 and August crude oil is up $0.73 at $105.00. On China's Dalian exchange, September corn was down 1.4%, July soybeans were down 2.3%, September soybean meal was down 2.7% and September soybean oil was down 1.0%. September Malaysian palm oil is trading down 2.9%.
DTN Early Word Livestock Comments 06/24 06:17
DTN Early Word Livestock Comments 06/24 06:17 Mixed Trading Activity Ahead of Report It was a weird Thursday for the cattle complex with live contracts under pressure while feeders posted strong gains. Higher cash prices in the North failed to generate buying interest. Hogs took a beating as slower slaughter and demand concerns increased trader anxiety. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $196.36 -$1.19* Hogs: Lower Futures: Higher Lean Equiv: $117.81 -$1.38** *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: Live cattle just could not generate sufficient buyer interest to pull futures into positive territory Thursday. It seemed the goal was to close the chart gap left from last week, but once that was accomplished selling continued as stops were triggered. Friday, traders are staring at the Cattle on Feed report that will be released after the close. This may keep trading activity subdued prior to the weekend. June live cattle have one more week remaining of trade, and it is confusing indeed that futures are below cash. This week has been interesting in the cash market as Southern cattle have traded steady to as much as $2.00 lower than the previous week. However, Northern dressed cattle increased $2.00 to $4.00 Thursday as packers stepped up to the plate. Boxed beef was lower again with choice down $1.91 and select down $1.05. Beef in cold storage during the month of May totaled 519.8 million pounds, up 25% from a year ago.
DTN Midday Grain Comments 06/24 10:48
DTN Midday Grain Comments 06/24 10:48 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 8 to 17 cents higher at midday Friday; soybean futures are 10 to 20 cents higher; wheat futures are 3 cents lower to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 17 cents higher at midday Friday; soybean futures are 10 to 20 cents higher; wheat futures are 3 cents lower to 8 cents higher. The U.S. stock market is firmer with the DOW up 630 points. The U.S. Dollar Index is 25 points lower. Interest rate products are weaker. Energies are firmer with crude up 4.00. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up .20. CORN: Corn futures are 8 to 17 cents higher at midday with spreads weakening and new crop leads with short-covering after the washout this week as we start to head toward next week's stocks and acres report. Trade will continue to watch the forecast with the near-term moderation still intact with the first half of July the bigger deal. Weekly export sales showed improvement at 671,900 metric tons (mt) of old crop and 358,400 mt of new. Ethanol margins are likely to remain rangebound with strong blender margins remaining in place even as they have narrowed a bit in recent days. Basis remains solid through most of the Corn Belt, which may back off a bit if the spread relaxes Friday. On the July contract chart, we have support at the 100-day moving average at $7.36 with resistance at the $7.60 20-day moving average. SOYBEANS: Soybean futures are 10 to 20 cents higher at midday with trade trying to find footing after the dramatic washout seen the first three days of the week with products showing a bit of support this morning. Mea1 is $7.50 to $8.50 higher and oil is 130 to 160 points higher. Biodiesel margins are very good at the moment, which should bolster crush recovery a bit. South America is moving toward post-harvest footing at this point. Planting is wrapped up for full season in the U.S. and getting started on double crop with wheat harvest moving quickly. Basis is fading a bit at processors and exporters in recent days with the daily export wire remaining quiet. Weekly export sales were poor at 29,300 metric tons (mt) of old crop; 265,000 mt of new; -8,200 of old meal; and 42,300 of new; and 1,400 of oil. On the July soybean chart support is at $15.78, the May 9 low, then the 200-day is all the way down at $14.79. Resistance is now at the 100-day moving average at $16.48, then the 10-day moving average at $16.95. WHEAT: Wheat futures are 3 cents lower to 8 cents higher with early short-covering fading with after-harvest pressure lingering and better support from the outside markets. The Chicago contract has led all session with the higher protein wheat struggling. Plains weather should allow for rapid harvest with isolated showers while spring wheat should continue to make progress in catching up a bit, development-wise. The dollar continues to hold in the upper end of the range with the strong ruble helping competitiveness as well with Russia expected to have near record supplies. Weekly export sales showed further improvement at 477,800 mt. The KC July chart has support at $9.93, a late March low, then the 200-day moving average down at $9.29. Resistance is at the 100-day moving average at $10.81. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.
DTN Midday Livestock Comments 06/24 11:39
DTN Midday Livestock Comments 06/24 11:39 Feeders Trend Lower as Corn Attempts to Regain Some Ground After trading lower throughout the earlier part of the week, the corn complex is now trading higher, which has sent feeders trailing lower. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Heading into Friday afternoon, the market is waiting to see what Friday's Cattle on Feed report reveals. After months of higher on feed numbers largely driven by drought, there's question as to how on feed numbers can still be this high as showlists in the North are green, carcass weights are declining and throughput has been incredibly strong. July corn is up 9 1/2 cents per bushel and July soybean meal is up $8.30. The Dow Jones Industrial Average is up 630.37 points. LIVE CATTLE: What a week it's been for the live cattle market! While the futures market skates lower thanks to an overall weak commodity market and deliveries driving some longs out of the market, the cash cattle market stayed true to its sober realities and saw cattle trade higher despite the board's weakness in the North. It's easy to get sucked into the emotional roller coaster of the market's minute-by-minute decision making, but as Northern feedlots keenly reminded us all, there's power in keeping with the facts and forgoing the emotion. June live cattle are up $0.20 at $135.45, August live cattle are down $0.22 at $133.67 and October live cattle are down $0.02 at $139.97. The cash cattle market hasn't seen any more trade develop and it's likely that the bulk of the week's business is done with. Throughout the week, Southern cattle have traded for mostly $138 which is steady to $2.00 lower than last week. Northern cattle have ranged anywhere from $230 to $240, mostly at $234 though which is $4.00 higher than last week. Boxed beef prices are higher: choice up $0.45 ($265.11) and select up $0.19 ($245.13) with a movement of 59 loads (30.53 loads of choice, 12.45 loads of select, 6.86 loads of trim and 9.54 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is reacting to a reversal in the corn market's behavior as the corn market rallies $0.11 to $0.19 higher after trading lower throughout the week. The uptick in corn prices has sent the feeder cattle contracts lower and it's likely that the market keeps this trend through closing as the live cattle market isn't lending much support at this point and Friday's Cattle on Feed report is expected to be bearish with potentially record on feed numbers for June 1. August feeders are down $2.27 lower at $172.57, September feeders are down $1.95 at $174.90 and October feeders are down $1.82 at $176.80. LEAN HOGS: After enduring significant losses throughout Thursday's trade, the lean hog contracts are rallying $1.00 to $2.00 higher as pork cutout values trade higher into Friday's afternoon and as the cash hog market sees unexpected support come Friday. July lean hogs are up $2.15 at $110.70, August lean hogs are up $2.87 at $106.55 and October lean hogs are up $1.97 at $92.22. It's likely that Friday's market will close within Thursday's parameters, leaving next week the task of determining what's next. It's likely that the market doesn't make any more significant moves ahead of next week's Quarterly Hogs and Pigs report as the market yearns for reassurance. The projected lean hog index for June 23 is up $0.23 at $110.90 and the actual index for June 22 is down $0.07 at $110.67. Hog prices are higher on the Daily Direct Morning Hog Report, up $1.32 with a weighted average of $119.93, ranging from $112.00 to $125.50 on 6,771 head and a five-day rolling averaged of $117.42. Pork cutouts total 171.57 loads with 152.28 loads of pork cuts and 19.29 loads of trim. Pork cutout values: up $3.21, $112.98. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2022 DTN, LLC. All rights reserved.
US Direct Feeder Pigs 09/03
DTN Closing Grain Comments 06/24 14:16
DTN Closing Grain Comments 06/24 14:16 Row Crops Find Light Support at End Of Bearish Week December corn was up 18 1/2 cents and November soybeans were up 8 3/4 cents Friday, finishing the week with a hint of hope for support after most prices posted large losses across the grain sector this week. All three U.S. wheats were modestly lower with September KC wheat ending at $9.98 1/4, just below the $10.00 mark. Todd Hultman DTN Lead Analyst GENERAL COMMENTS: July corn closed up 3 1/2 cents and December corn was up 18 1/2 cents. July soybeans closed up 17 1/2 cents and November soybeans were up 8 3/4 cents. September KC wheat closed down 12 1/2 cents, September Chicago wheat was down 12 3/4 cents and September Minneapolis wheat was down 9 1/4 cents. The September U.S. Dollar Index is trading down 0.20 at 103.99. The Dow Jones Industrial Average is up 639.18 points at 31,316.54. August gold is up $1.90 at $1,831.70, July silver is up $0.14 at $21.18 and July copper is down $0.0010. August crude oil is up $3.11 at $107.38, August heating oil is up $0.0171, August RBOB gasoline is up $0.1069 and August natural gas is up $0.002.
DTN Cattle Close/Trends 06/24 15:35
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 06/24/22
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 14,447
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: 172 WEEK TO DATE: 25,532
STEERS DRESSED DELIVERED
No reportable trade
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
No reportable dressed trade
HEIFERS DRESSED FOB
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 8,840
STEERS LIVE FOB
No reportable trade
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable trade
148IFERS LIVE DELIVERED
No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 3,327
STEERS LIVE FOB
No reportable trade
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable trade
HEIFERS LIVE DELIVERED
No reportable trade
IOWA CONFIRMED CASH SALES - TODAY: 868 WEEK TO DATE: 28,613
STEERS DRESSED DELIVERED
No reportable dressed trade
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
No reportable trade
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: This week's business had Southern live deals marked at
mostly $138, generally steady (Texas) to roughly $1 lower (Kansas) than last
week's weighted averages. In the North it was yet another week large ranges,
with dressed deals marked at $230 to $240, mostly $234 which is $4 higher
than last weeks weighted average basis Nebraska.
The June 1 on feed report listed 11.8 million head, up 1% from June 2021,
this is the highest June 1 inventory since the series began in 1996.
Placements in May totaled 1.87 million head, 2% below last year; marketing's
in May totaled 1.91 million head, 2% greater than the prior year; other
disappearance in May totaled 76,000 head, 13% above the same time last year.
5-AREA LV STR AVG(FOB)PR&WT: $147.30(1429) HIDE&OFFAL: $13.82 +0.03
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD
SUPPLY (Live) $215.40 $195.23 75,992
DEMAND (Box) $252.98 $233.02 44,655
INDEX VALUE $234.19 +2.02 $214.12 +1.90 120,647
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$264.98 +0.32 $245.02 +0.08
46.30 LDS CH CUTS / 17.21 LDS SEL CUTS / 10.61 LDS TRIM / 10.88 LDS GROUND
DAILY CHOICE/SELECT SPREAD $19.96 TOTAL LOAD COUNT 85
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 06/17 $260.18 -3.96
CUTTER 90% 350# UP C/O: $222.31 +1.54
NAT'L BONELESS BF TRIM: 31.15 lds / Unevenly stdy on mod dem & offers
90% TRIM: 12 lds: Wtd Avg: $279.21 / Moderately to sharply higher
FI KILL(WTD) FRI 122(620) WK AGO 124(619) YR AGO 117(590) MIX: THU SH93/CB29
SAT 46(666) WK AGO 48(667) YR AGO 70(660)
WEEKLY CANADIAN CATTLE IMPORTS.
WK ENDING FEEDERS SLAUGHTER S&H
Week Ending: 06/11/22 3,909 6,091
Week Ending: 06/04/22 4,864 8,268
Change from prev week: -955 -2,177
DTN Chart Technical Points 06/24 16:30
DTN Chart Technical Points 06/24 16:30 DTN FUTURES 10 6/24/22 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 JUL 923.75 953.191010.721039.171093.84 21.11 28.42 40.13 4 5 2 8 CBTWT SEP 936.50 965.441023.751051.761100.71 21.24 28.64 40.43 4 5 2 9 KC WT JUL 992.501019.501085.421117.641170.79 18.72 27.12 40.26 4 5 2 6 KC WT SEP 998.251025.751092.111124.441175.07 18.65 27.06 40.27 4 5 2 6 MN WT JUL1070.751093.751153.891186.581222.75 16.36 25.83 40.10 2 3 1 4 MN WT SEP1070.501093.501153.921186.531219.37 16.63 26.15 40.63 2 3 1 4 CORN JUL 750.25 756.44 767.78 759.01 777.62 40.82 43.53 48.60 24 27 52 64 CORN SEP 682.75 690.19 714.39 716.33 738.29 32.81 35.93 43.67 16 16 27 42 CORN DEC 674.00 681.19 706.06 706.29 724.83 34.38 37.28 44.47 15 16 29 46 OATS JUL 597.00 613.38 640.44 652.93 655.08 27.56 34.97 42.55 11 17 19 38 OATS SEP 533.00 568.00 599.86 615.54 603.51 16.09 25.66 39.36 8 15 16 40 BEANS JUL1610.751634.441672.111696.191677.57 31.87 37.70 45.72 10 10 11 23 BEANS AUG1520.751547.631589.061618.511614.51 27.25 33.33 42.63 9 9 8 15 BEANS SEP1445.751475.561518.441545.211542.78 24.64 31.36 41.57 8 8 9 18 S MEAL JUL 432.60 430.75 426.04 421.19 422.81 57.53 54.99 51.52 61 69 78 70 S MEAL AUG 411.40 412.15 410.86 409.90 414.52 49.45 48.73 47.95 42 55 49 45 B OIL JUL 69.75 70.37 74.12 77.52 79.93 26.32 30.77 40.95 12 9 7 9 B OIL AUG 66.93 68.25 72.16 75.58 77.23 21.46 26.94 38.90 9 7 6 7 CATTLE JUN 135.35 136.14 136.34 135.24 134.31 48.76 51.04 50.58 12 45 78 85 CATTLE AUG 133.38 134.61 135.12 134.74 134.88 41.18 44.77 46.72 7 32 63 71 FEEDER AUG 172.50 173.95 172.88 172.68 171.27 49.86 50.84 49.72 52 64 75 72 FEEDER SEP 175.08 176.13 174.95 174.83 173.86 51.31 51.58 49.84 58 66 77 71 HOGS JUL 110.93 111.01 109.58 109.23 108.95 55.30 53.21 50.75 57 73 71 63 HOGS AUG 106.78 107.14 106.08 106.36 107.53 50.86 49.60 48.53 44 64 61 54 COTTON JUL 103.76 131.73 138.47 139.19 142.16 10.17 17.49 31.26 7 11 33 57 COTTON OCT 107.15 112.87 120.56 124.75 128.97 13.67 21.28 35.04 6 5 5 8 RICE JUL 16.06 16.15 16.29 16.61 16.90 33.75 37.83 44.88 32 30 8 12 RICE SEP 16.41 16.52 16.65 16.94 17.11 34.67 39.08 46.67 29 29 9 15
DTN Closing Livestock Comment 06/24 16:16
DTN Closing Livestock Comment 06/24 16:16 Livestock Complex Looks to Monday for Direct Heading into next week's trade, the livestock complex hopes to gain a better understanding of its short-term trajectory. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock contracts rounded out the day mixed as the feeder cattle contracts closed lower with corn prices trading higher, the live cattle market closed on both sides of steady, and the hog market closed anywhere from $1.00 to $3.00 higher. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.59 with a weighted average of $120.23 on 8,140 head. July corn is up 3 1/2 cents per bushel and July soybean meal is up $5.90. The Dow Jones Industrial Average is up 823.32 points.
