DTN Early Word Grains 09/13 05:49
DTN Early Word Grains 09/13 05:49 Wheat Leads Crop Prices Higher Early Friday December corn was up 4 cents, November soybeans were up 3 cents, and December KC wheat was up 8 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: December corn was up 4 cents, November soybeans were up 3 cents, and December KC wheat was up 8 cents. CME GLOBEX RECAP: The University of Michigan's consumer sentiment index for early September is due out at 9 a.m. CDT Friday. Grain traders will continue to watch the latest forecasts, especially for South America and the Black Sea region. Here in the U.S., Hurricane Francine is weakening as rain is dispersed throughout the southeastern U.S. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 235.06 at 41,096.77 and the S&P 500 Index up 41.63 at 5,595.76. The 10-Year Treasury yield ended at 3.68%. Early Friday, September Dow Jones futures are up 70 points. European markets are mostly higher with the spot futures of the London FTSE 100 trading up 0.02%, spot futures of Germany's DAX trading up 0.51% and spot futures of France's CAC Index trading up 0.31%. Asian markets are lower with Japan's Nikkei 225 index down 0.68% and China's Shanghai Composite Index down 0.48%.
DTN Early Word Livestock Comments 09/13 06:24
DTN Early Word Livestock Comments 09/13 06:24 Hope Increased For Steady Cash Cattle Trade Friday Cattle futures opened higher and uncovered increasing buying interest throughout Thursday. Traders turned more hopeful of steady cash trade developing through the end of the week. Hog futures struggled most of the day with contracts closing on the Thursday's lows. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $225.63 +$0.17* Hogs: Lower Futures: Mixed Lean Equiv: $100.29 +$1.27** *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 futures have had two days of strength as traders became more optimistic over the potential for cash cattle to trade steady for the week. On Wednesday, some cattle traded $1.00 lower in the South with Thursday showing some trade developing at steady money with last week. That prompted traders to become more optimistic. The weekly export sales report provided little support to the market with sales 31% below the previous week. The WASDE report was not very supportive as the USDA lowered its estimates for steer prices for the next four quarters. Feedlots may gain some confidence to hold for no less than steady cash due to the strength of the futures market over the past two days. Boxed beef prices were mixed with choice down $0.18 and select up $1.26.
DTN Midday Grain Comments 09/13 10:53
DTN Midday Grain Comments 09/13 10:53 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 7 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 2 to 3 cents lower; wheat futures are 7 to 13 cents higher. The U.S. stock market is firmer at midday with the S&P 30 points higher. The U.S. Dollar Index is 37 points lower. The interest rate products are flat. Energy trade has crude .70 higher and natural gas unchanged. Livestock trade is lightly mixed. Precious metals are firmer with gold up 25.00. CORN: Corn futures are 3 to 4 cents higher at midday with trade pushing back toward the top of the range with firmer spread action and trade just a bit off the highs with positive spillover from wheat. On the report, yield came in at 183.6 bushels per acre (bpa) versus 183.1 bpa last month, but carryout eased to 2.057 billion bushels (bb) from 2.073 bb on better demand with world stocks edging lower. Ethanol margins are getting some support with unleaded continuing to firm off the lower end of the range. Weather looks to mostly keep maturity moving forward ahead of wetter weather expected to slow the early harvest pace next week. Basis action will likely continue to fade into midmonth as more bushels become available. On the December chart, the 20-day moving average at $4.00 is support with the next round up at the Upper Bollinger Band at $4.16. SOYBEANS: Soybean futures are 2 to 3 cents lower with early gains fading as product values slip and harvest pressure expands going into the weekend. Meal is 2.00 to 3.00 lower and oil is 5 to 15 points lower. On the report, yield was unchanged at 53.2 bpa with carryout falling 10 million bushels (mb) to 550 mb with stocks slightly higher. Warmer weather should continue to push maturity in much of the belt with early harvest likely to ramp up into the weekend, before moisture expected next week in the north and west. Better rains have entered the second week forecast for part of Brazil, but overall the drier trend remains in play. The daily export wire saw 100,000 metric tons (mt) sold to China. Basis will see more pressure in the short term with exports still a couple of weeks from hitting full stride. The November chart support is at the 20-day moving average at $9.93, with the Upper Bollinger Band at $10.33 as the next level of resistance. WHEAT: Wheat futures are 7 to 13 cents higher with KC trade pushing back to the $6.00 area on the front month before fading a bit with cargo attacks in the Black Sea area helping us test and consolidate the upper end of the range. On the report, carryout was unchanged at 828 mb with world stocks edging slightly higher. Northern Hemisphere harvest should continue to wind down. Early Plains wheat drilling is under way with some wetter conditions expected into midmonth to potentially support emergence. The U.S. Dollar has faded back to the low end of the range, with MATIF scoring a fresh high as well before easing a bit. On the KC December chart, support is the 20-day moving average at $5.66, with the Upper Bollinger Band at $6.04 as the next level of 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 09/13 11:37
DTN Midday Livestock Comments 09/13 11:37 Trader Interest Falls Short of Supporting the Livestock Complex on Friday After a long week, the livestock complex is trading mostly lower into Friday's noon hour as traders seem checked out the market ahead of the day's close. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Even though the Dow Jones is up over 300 points, the livestock complex is trading mostly lower into Friday's noon hour as traders seem eager for the weekend. Some Northern dressed cattle sales have been reported 288 which is steady with last week's weighted average. December corn is up 3 cents per bushel and December soybean meal is down $3.10. The Dow Jones Industrial Average is up 301.90 points. LIVE CATTLE: The live cattle complex is merely chopping sideways into Friday's noon hour as the market seems to be longing for the weekend. It is impressive however that some Northern sales have been reported this morning at $288 dressed which is steady with last week's weighted average. Feedlot managers were hoping to keep the market at least steady this week and Northern sales did just that. Throughout the week Southern live cattle have traded at mostly $180 to $181 which is steady to $1.00 lower than last week's weighted average. A few more sales could develop ahead of the week's end, but largely it looks like the week's trade is done with. October live cattle are down $0.90 at $177.12, December live cattle are down $0.62 at $177.97 and February live cattle are down $0.57 at $179.00. Boxed beef prices are lower: choice down $2.11 ($305.07) and select down $0.84 ($294.80) with a movement of 97 loads (55.71 loads of choice, 8.87 loads of select, 3.04 loads of trim and 29.84 loads of ground beef). FEEDER CATTLE: The feeder cattle complex is skating moderately lower into Friday's noon hour as traders seem exhausted from the week's trade. October feeders are down $1.12 at $238.72, November feeders are down $0.82 at $234.65 and January feeders are down $0.75 at $230.25. But with the combination of the live cattle contracts trading lower and the cash cattle market trading steady to $1.00 lower -- it's not surprising to see traders allowing feeders to drift lower ahead of the week's end as significant ground was gained earlier in the week and business seems to be essentially done for the week. LEAN HOGS: The lean hog complex is trading mixed into Friday's noon hour as some of the late spring 2025 contracts are trading mildly higher, but most of the contracts are trading slightly lower. October lean hogs are down $0.12 at $78.77, December lean hogs are down $0.02 at $71.52 and February lean hogs are up $0.02 at $75.22. The lean hog complex seems to have the same lackluster attitude that the cattle complex has but it's also being pressured to trade slightly lower as neither cash sales nor pork cutout values are currently supportive. The projected lean hog index for 9/12/2024 is down $0.48 at $84.87, and the actual index for 9/11/2024 is down $0.11 at $85.35. Hog prices are lower on the Daily Direct Morning Hog Report, down $0.78 with a weighted average price of $75.94, ranging from $75.00 to $76.00 on 923 head and a five-day rolling average of $77.33. Pork cutouts total 182.69 loads with 162.43 loads of pork cuts and 20.26 loads of trim. Pork cutout values: down $0.24, $93.94. ShayLe Stewart can be reached [email protected] ** If you're planning to attend Husker Harvest Days in Grand Island, Nebraska, be sure and check out the DTN building to learn more about our latest products and efforts. You'll also want to sit in on our weather and markets outlooks from Ag Meteorologist John Baranick and Lead Analyst Todd Hultman. The outlook sessions are at 10:00 a.m. CDT and 2 p.m. CDT on Sept. 10 and 11. On Sept. 12 we'll have a weather outlook at 10:00 a.m. Hultman will be covering the USDA WASDE report, which comes out at 11:00 a.m. CDT, and hosting a webinar discussion about the report at 12:30 p.m. To register for the free webinar, go to https://www.dtn.com/wasde-webinars/ (c) Copyright 2024 DTN, LLC. All rights reserved.
US Direct Feeder Pigs
DTN Closing Grain Comments 09/13 13:49
DTN Closing Grain Comments 09/13 13:49 Wheat, Corn Extend Winning Streak; Soybeans, Soy Products Fail to Hold Early Gains From the start Friday, all three wheat markets and the European milling contract scored big gains. That is the fourth time in the past five days Chicago December has closed higher. Corn futures also extended the Thursday reversal from post-WASDE lows to finish sharply higher. Soybeans and products began the day in the green but could not hold onto that strength. Dana Mantini Senior Market Analyst GENERAL COMMENTS: December corn closed up 7 1/4 cents per bushel at $4.13 1/4 and March corn was up 6 1/2 cents at $4.31 0/1. November soybeans closed down 4 1/2 cents at $10.06 1/4 and January soybeans were down 4 3/4 cents at $10.25 3/4. December KC wheat closed up 13 3/4 cents at $6.00 0/1, December Chicago wheat was up 16 1/4 cents at $5.95 3/4 and December Minneapolis wheat was up 13 3/4 cents at $6.35 3/4.
DTN Cattle Close/Trends 09/13 15:35
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 09/13/24
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 469 WEEK TO DATE: 5,246
STEERS LIVE FOB
170 181.00-181.00 181.00-181.00 181.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
40 181.00-181.00 181.00-181.00 181.00
HEIFERS LIVE DELIVERED
No reportable trade
NEBRASKA CONFIRMED CASH SALES - TODAY: 6,474 WEEK TO DATE: 9,542
STEERS DRESSED DELIVERED
2,923 287.00-294.00 288.00-290.00 290.41
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
703 288.00-294.00 288.00-290.00 290.16
HEIFERS DRESSED FOB
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 848 WEEK TO DATE: 3,388
STEERS LIVE FOB
628 181.00-181.00 181.00-181.00 181.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
220 181.00-181.00 181.00-181.00 181.00
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: 7,314 WEEK TO DATE: 9,254
STEERS DRESSED DELIVERED
2,051 287.00-294.00 287.00-294.00 289.86
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
145 288.00-288.00 288.00-288.00 288.00
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: This week Northern dressed deals were marked at mostly
$288, about steady with last week's weighted averages, while Southern live
trade came in at mostly $181, generally steady with the prior week's weighted
averages.
5-AREA LV STR AVG(NEG)PR&WT: $181.07(1445) HIDE&OFFAL: $11.33 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD
SUPPLY (Live) $274.18 $257.77 28,883
DEMAND (Box) $292.91 $282.17 55,744
INDEX VALUE $283.55 -0.95 $269.97 -0.56 84,627
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$304.91 -2.27 $294.17 -1.47
99.65 LDS CH CUTS / 13.84 LDS SEL CUTS / 6.39 LDS TRIM / 38.02 LDS GROUND
DAILY CHOICE/SELECT SPREAD $10.74 TOTAL LOAD COUNT 158
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 09/06 $312.12 -1.45
CUTTER 90% 350# UP C/O: $290.86 +3.46
NAT'L BONELESS BF TRIM: 14.50 lds / Shrply hr on mod-gd dem & lt offers
90% TRIM: 07 lds: Wtd Avg: $371.67 / Sharply higher
FI KILL(WTD) FRI 118(603) WK AGO 123(499) YR AGO 121(622)
SAT 17(620) WK AGO 43(542) YR AGO 9(631)
PREVIOUS DAY BREAKDOWN: THURSDAY SH99 / CB24
WEEKLY CANADIAN CATTLE IMPORTS.
WK ENDING FEEDERS SLAUGHTER S&H
Week Ending: 08/31/24 1,827 9,724
Week Ending: 08/24/24 1,827 9,724
Change from prev week: +20 +27
DTN Chart Technical Points 09/13 16:30
DTN Chart Technical Points 09/13 16:30 DTN FUTURES 10 9/13/24 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 SEP 571.25 564.19 560.42 538.22 536.87 71.95 64.67 53.73 89 73 91 87 CBTWT DEC 594.75 581.69 576.06 558.38 559.33 74.29 66.31 54.30 77 71 87 84 KC WT SEP 578.50 579.38 577.19 557.38 556.06 64.36 59.99 51.47 65 63 85 85 KC WT DEC 600.00 589.63 585.53 568.24 570.19 70.69 64.12 53.23 74 66 85 83 MN WT SEP 608.00 593.44 590.83 577.08 586.90 66.98 60.28 51.05 77 50 81 79 MN WT DEC 635.50 620.94 617.86 602.08 608.21 69.85 62.86 52.56 76 56 82 80 CORN SEP 390.75 384.25 385.78 378.11 384.48 63.30 57.02 48.24 49 31 68 71 CORN DEC 413.25 407.06 408.28 401.24 403.68 65.45 58.92 49.60 56 38 71 74 CORN MAR 431.00 425.56 426.69 419.75 420.59 65.19 59.11 50.14 57 40 73 75 OATS SEP 366.25 362.38 353.33 341.49 331.93 71.54 67.00 59.13 100 100 98 89 OATS DEC 377.00 372.00 362.75 341.36 326.15 84.26 78.10 64.94 88 93 95 96 BEANS SEP 986.75 983.88 992.89 977.28 999.62 51.25 48.91 43.91 30 24 70 75 BEANS NOV1006.251003.691010.53 995.751012.68 52.33 50.01 44.92 31 26 67 72 BEANS JAN1024.751022.131028.531013.501029.47 52.73 50.40 45.27 33 27 67 73 S MEAL SEP 315.40 313.95 317.36 314.12 318.11 50.23 49.03 46.57 34 26 57 63 S MEAL OCT 318.40 316.65 319.30 313.04 312.93 55.90 53.87 49.37 36 30 65 71 B OIL SEP 40.69 40.67 41.20 41.41 42.44 44.05 44.42 44.64 18 15 45 52 B OIL OCT 39.53 39.98 40.57 40.76 41.77 40.38 41.93 43.16 17 18 42 50 CATTLE OCT 177.65 177.24 177.42 177.23 180.73 48.93 46.84 46.07 72 60 40 37 CATTLE DEC 178.50 177.69 177.41 176.89 180.82 54.24 50.00 46.55 82 70 49 42 FEEDER SEP 241.90 240.74 239.24 239.15 245.80 56.18 50.46 45.41 89 80 58 43 FEEDER OCT 239.13 237.94 236.53 236.07 243.83 55.40 49.99 44.68 88 78 58 44 HOGS OCT 78.45 78.91 79.86 80.00 77.03 43.51 48.78 50.47 28 22 56 66 HOGS DEC 71.30 71.57 71.91 71.32 68.91 51.71 54.06 52.28 56 43 71 76 COTTON OCT 69.48 69.23 69.08 69.46 68.52 53.22 52.19 48.59 71 56 50 46 COTTON DEC 69.82 69.51 69.26 69.55 69.27 54.28 52.39 48.50 79 58 56 50 RICE SEP 15.50 15.37 15.30 15.16 14.97 61.64 58.78 54.94 83 61 75 75 RICE NOV 15.27 15.13 15.09 15.03 15.04 58.05 55.09 52.02 76 56 55 53
DTN Closing Livestock Comment 09/13 16:20
DTN Closing Livestock Comment 09/13 16:20 Livestock Complex Rounds Out the Week on Slightly Lower Tone Traders weren't overly interested in supporting the livestock contracts through Friday's end, but it was positive to see that dressed cattle were marked at $288 this week which is steady with last week's weighted average. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Friday's market wasn't overly eventful as trades were somewhat checked out early for the week and mostly let the contracts either chop sideways or drift lower ahead of Friday's close. It was encouraging; however, to see that Northern cattle traded at mostly $288 which is fully steady with last week's weighted average. December corn is up 7 1/4 cents per bushel and December soybean meal is down $0.30. The Dow Jones Industrial Average is up 310.99 points.
