DTN Closing Grain Comments 04/23 13:49
DTN Closing Grain Comments 04/23 13:49 Soybeans Take a Turn Sliding to New Lows Both old-crop and new-crop soybean prices fell to their lowest closes in seven months Tuesday, succumbing to noncommercial selling and concerns about record ending supplies. July corn fell 3 1/4 cents lower while all three wheats negotiated small gains for the day.
US Direct Feeder Pigs 04/22
DTN Early Word Grains 04/23 05:51
DTN Early Word Grains 04/23 05:51 Weaker Grains as Planters Roll, Funds Extend Shorts May corn is down 2 cents per bushel, May soybeans are down 1/2 cent, and July K.C. wheat is down 2 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: May corn is down 2 cents per bushel, May soybeans are down 1/2 cent, and July K.C. wheat is down 2 3/4 cents. CME Globex Recap: Global equity markets are lightly mixed Tuesday as crude oil continues its march higher. Overnight, crude oil climbed to its highest level since Oct. 31 as traders raise concerns about supply as the Trump administration demands zero imports of Iranian oil by any country. The administration said they aim to bring Iran's crude oil exports "to zero." Despite the strength in the normally supportive crude oil market, grains cannot seem to lift a shoulder off the mat as planting conditions improve, and trade talks seem just out of reach. Traders are starting to realize that one of the only things that might be able to turn grains around are large-scale purchases of U.S. grains by China. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 3.12 at 26,449.54 and the S&P 500 down 6.61 at 2,907.06 while the 10-Year Treasury yield ended at 2.592%. Early Tuesday, the June DJIA futures are down 18 points. Asian markets are mixed with Japan's Nikkei 225 up 41.84 (0.19%) and China's Shanghai Composite down 16.45 points (-0.51%). European markets are mixed with London's FTSE 100 up 27.29 points (0.37%), Germany's DAX down 25.72 points (-0.21%) and France's CAC 40 down 10.32 points (-0.18%). The June euro is down 0.000 at 1.130 and the June U.S. dollar index is up 0.045 at 97.000. The June 30-year T-Bond is up 3/32nds, while June gold is down $2.50 at $1,275.10 and May crude oil is up $1.70 at $65.70. Soybeans on China's Dalian Exchange were up 0.27% while soybean meal was unchanged.
DTN Early Word Opening Livestock 04/23 06:35
DTN Early Word Opening Livestock 04/23 06:35 Early-Week Pressure Likely to Continue Strong triple-digit losses Monday is likely to limit buyer support early in the Tuesday session. This could leave markets lightly traded, bringing additional volatility to the complex. By Rick Kment DTN Analyst Cattle: Steady Futures: Mixed Live Equiv: $153.68 +0.81* Hogs: Steady Futures: Lower Lean Equiv: $ 92.75 +0.81** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue GENERAL COMMENTS: Cash cattle trade is expected to remain sluggish Tuesday morning with limited interest in asking prices or bids. The firm cash market support last week should spark some additional underlying momentum from feedyard managers, although underlying softness in futures trade could limit market potential. The recent developments of midweek trade may spark some additional interest the next couple of days, but most activity may still be delayed until the second half of the week. Futures trade is expected mixed to moderately lower following firm pressure in live cattle and feeder cattle trade. This could bring additional momentum back into the complex the next couple of days, but price volatility is likely on Tuesday.
DTN Midday Grain Comments 04/22 11:10
DTN Midday Grain Comments 04/22 11:10 Wheat Mixed at Midday; Corn, Soybeans Lower Corn and soybeans score fresh lows, with wheat mixed. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow 110 points higher. The interest rate products are weaker. The dollar index is 40 points higher. Energies are firmer with crude up .95. Livestock trade is mixed. Precious metals are lower with gold down 6.80. CORN Corn trade is 3 to 5 cents lower with trade score fresh lows with fund selling building over the course of the session. The short-fund position is pushing towards 340,000 short or more with the fresh action this morning. The forecast should allow for better progress in much of the Belt this week with the north remaining slowest, and a potentially wetter start to May. Ethanol blender margins will see another boost with the surge in the energy complex to start the week with ethanol futures remain flat. South American harvest should continue to move along toward completion. The weekly crop progress report pegged planting at 6% vs. 12% on average. On the May nearby chart support is the fresh low at $3.50 1/4, with the 10-day at $3.59 nearby resistance, and then the 20-day at $3.62. SOYBEANS Soybean trade is 12 to 14 cents lower with bigger selling building over the course of the day session with the fall lows coming out. Meal is $1.00 to $2.00 lower, and oil is 40 to 50 points lower. Crush margins have faded but remain solidly positive with meal still holding the $300 level at midday/ South American currencies remain cheap as soybean harvest winds down with the real edging slightly higher but still at the lower end of the range. The daily export wire has been quiet in recent days. The first crop progress report scored 1% planted vs. 2% on average. On the May chart, support is the fresh low at $8.64, with resistance clustered in the $8.89 to $8.91 range. WHEAT Wheat trade is 1 cent lower to 3 cents higher with light short covering at midday after initial selling pressure again overnight and the weak row cop trade. Europe and the Black Sea area will be watched closely for further rains, with a mixed start to the year overall and no major concerns currently and better rains for France and Romania on tap. The U.S. high Plains look wet for Oklahoma and Texas, with Kansas seeing a generally drier tint, and the north more open for progress in the next few days. The weekly crop conditions were 2 percentage points better at 62% good to excellent, and 8% poor to very poor and heading at 9% vs. 18% on average, while spring wheat was 5% planted vs. 22% on average. On the May Kansas City chart, support the fresh lows at $4.08, with the lower Bollinger Band at $4.11, and resistance the 10-day at $4.23. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.
DTN Midday Livestock Comments 04/23 12:08
DTN Midday Livestock Comments 04/23 12:08 Buyers Push Hog Prices Higher Midday Hog futures quickly turned around midmorning as sharp triple digit losses quickly ran out of gas, leaving buyers an open door to move back into the complex. By Rick Kment DTN Analyst General Comments Firm buyer support moved back into lean hog trade following aggressive triple-digit losses during early trade. This may help to rebound hog futures through the end of the week. Cattle trade is mixed in a narrowly mixed range. Corn futures are lower in light trade. May corn futures are 3 3/4 cents lower. Stock markets are higher in light trade. Dow Jones is 154 points higher with Nasdaq up 97 points. LIVE CATTLE: Narrow trading ranges are holding in live cattle futures following the pullback from early gains. There is limited interest through the entire complex with traders focusing on underlying buyer support. But limited volume is likely to keep prices shifting in a narrow to moderate range through most of the session. Cash cattle markets are quiet Tuesday morning. A few bids are starting to develop at $130 live and $212 dressed. It is expected that trade will be pushed to the last half of the week. Boxed Beef cut-outs at midday are higher, $0.26 higher (select) and up $0.25 per cwt (choice) with light movement of 73 total loads reported (38 loads of choice cuts, 15 loads of select cuts, 15 loads of trimmings, 5 loads of ground beef). FEEDER CATTLE: Mixed trade is seen through feeder cattle trade with prices hovering in a narrow range. Although May futures are holding a strong $1.25 per cwt loss, the underlying pressure in the complex is based more on lack of trade. The rest of the complex is mixed within a single-digit range, allowing for traders to focus on potential market stability over the next couple of days. LEAN HOGS: Lean hog futures have quickly turned around through the morning following additional news reports of African swine fever limiting production in China. This has pushed prices form $1.50 per cwt lower to 30 to 80 cents higher. There may be some additional support developing through the complex through the rest of the session. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.61 at $79.60 per cwt with the range from $73.00 to $83.00, on 2,710 head reported sold. Cash prices are unreported due to confidentiality on the Iowa/Minnesota Direct morning cash hog report. Pork values firmed with strong underlying support. Pork cutouts added $1.30 per cwt at $89.16 per cwt with 215 loads traded. Lean hog index for 4/19 is $81.51 up 0.52, with a projected two-day index is $82.07 up 0.53. Rick Kment can be reached at rick.kment@dtn.com (CZ) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.
DTN Closing Livestock Comment 04/23 15:20
DTN Closing Livestock Comment 04/23 15:20 Hog Futures Continue Lower on Tuesday Pressure in lean hog trade continued to develop late Tuesday. Despite a midday bounce higher, the weakness in the complex quickly eroded any buyer activity that attempted to move into the market. By Rick Kment DTN Analyst GENERAL COMMENTS: Firm pressure seen in lean hog trade quickly pushed prices lower in nearby trade. This offset a midday rally that was unable to hold, causing concerns of further losses. Cattle markets remain mixed in limited activity. Corn futures are lower in light trade. May futures fell 3 1/2 cents per bushel. Dow Jones Index is 145 points higher with Nasdaq up 105 points.
DTN Cattle Close/Trends 04/23 15:35
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 04/23/19
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK T0 DATE: 0
STEERS No reportable trade
HEIFERS No reportable trade
NEBRASKA CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 176
STEERS No reportable trade
HEIFERS No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0
STEERS No reportable trade
HEIFERS No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0
STEERS No reportable trade
HEIFERS No reportable trade
IOWA CONFIRMED CASH SALES - TODAY: 29 WEEK TO DATE: 331
STEERS No reportable trade
HEIFERS No reportable trade
COMMENTS: Another very quiet day with the cash trade at a standstill.
5-AREA LV STR AVE PR&WT: $ No Test HIDE&OFFAL: $8.94 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD
LIVE BASED 196.57 183.80 100,977
BOX BASED 222.11 209.26 42,345
AVE INDEX 209.34 -0.18 196.53 -0.68 143,322
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
234.11 -0.37 221.26 -1.38
56.16 LDS CH CUTS / 32.28 LDS SEL CUTS / 17.54 LDS TRIM / 10.44 LDS GROUND
BOXED BEEF TREND: Weak/lower on light to moderate demand & offerings
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/19 $228.88 +3.16
CUTTER 90% 350# UP C/O: $170.80 +0.06
NAT'L BONELESS BF TRIM: 33.52 lds / Shrply lr on mod dem & hvy offers
90% TRIM: 10 lds: Wtd Avg $220.34 / Generally steady
FI KILL(WTD) TUE 122(236) WK AGO 121(242) YR AGO 120(236) MIX: MON SH90/CB24
WEEKLY CANADIAN CATTLE IMPORTS.
FEEDERS SLAUGHTER S&H
Week Ending: 04/06/19 9,602 11,758
Week Ending: 03/30/19 8,324 10,574
Change from prev week: +1,278 +1,184
DTN Chart Technical Points 04/23 16:30
DTN Chart Technical Points 04/23 16:30 DTN FUTURES 10 4/23/19 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 438.75 441.44 450.36 457.58 460.64 30.34 34.30 37.92 13 14 9 19 CBTWT JUL 445.00 446.31 454.72 461.88 465.87 31.48 34.77 37.80 15 15 9 15 KC WT MAY 414.50 416.69 422.44 428.06 437.89 33.78 35.60 36.95 20 21 10 15 KC WT JUL 421.00 422.81 428.75 434.83 445.95 33.64 35.11 36.27 20 20 10 13 MN WT MAY 511.25 517.81 525.00 531.44 547.73 23.28 27.44 34.31 10 19 6 12 MN WT JUL 519.50 524.56 530.67 537.31 551.15 21.69 26.02 33.36 14 22 7 11 CORN MAY 351.25 355.69 358.58 360.64 368.47 25.36 30.85 36.95 10 16 8 16 CORN JUL 360.25 364.50 367.36 369.57 377.41 25.62 30.90 37.03 11 15 8 16 CORN SEP 368.25 372.31 375.33 377.75 384.29 24.40 30.26 37.17 10 14 7 14 OATS MAY 294.50 294.81 289.94 284.99 276.56 62.93 61.47 57.01 49 62 79 82 OATS JUL 282.75 280.25 277.56 276.04 272.69 68.05 62.15 54.71 77 72 85 77 BEANS MAY 862.00 874.63 886.42 891.60 901.29 21.34 27.96 36.77 6 7 6 24 BEANS JUL 875.50 888.25 900.00 905.01 914.88 21.69 28.16 36.85 6 7 6 24 BEANS AUG 881.50 894.06 905.72 910.82 920.79 21.58 28.06 36.78 6 7 5 22 S MEAL MAY 301.00 302.65 305.92 307.53 308.18 30.91 36.44 41.88 4 4 6 22 S MEAL JUL 304.50 306.23 309.57 311.16 311.89 30.41 36.03 41.71 4 4 6 22 B OIL MAY 28.06 28.51 28.73 28.79 29.37 29.79 33.72 39.66 33 32 24 34 B OIL JUL 28.37 28.81 29.04 29.10 29.69 29.13 33.27 39.53 31 30 21 32 CATTLE APR 128.33 128.07 127.13 126.66 127.88 62.89 57.20 53.43 89 87 59 39 CATTLE JUN 121.13 121.94 121.50 120.73 120.64 49.10 51.21 53.37 50 68 61 52 FEEDER MAY 149.63 150.64 150.48 149.88 148.90 45.68 49.32 51.74 43 55 53 49 FEEDER AUG 159.70 160.11 159.24 157.88 155.08 62.70 62.73 60.73 59 74 86 86 HOGS MAY 87.83 88.99 88.89 87.56 78.64 52.51 58.05 60.65 47 59 70 73 HOGS JUN 92.38 94.76 96.34 95.13 87.14 40.48 49.10 55.64 17 30 66 78 COTTON MAY 76.57 77.30 77.37 77.45 75.65 44.43 48.57 50.83 44 59 51 55 COTTON JUL 77.91 78.40 78.25 78.20 76.60 48.50 51.11 51.94 60 70 65 62 RICE MAY 10.23 10.40 10.40 10.53 10.65 30.51 35.18 41.47 24 44 19 22 RICE JUL 10.44 10.64 10.62 10.73 10.82 30.45 35.19 41.73 39 59 26 27
