DTN Closing Livestock Comment 02/01 15:40
   Lower Tones Dominate Livestock Complex by Wednesday's Close

   Heading into Thursday, be prepared for export data and on the lookout for
any developments in the cash market.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS

   The livestock complex traded lower throughout much of Wednesday's market as
fears of what the Federal Reserve would do grew heavier on the market as the
day traded. Hog prices closed higher on the Daily Direct Afternoon Hog Report,
up $2.18 with a weighted average of $73.03 on 10,408 head. March corn is up 1
1/4 cents per bushel and March soybean meal is up $0.50. The Dow Jones
Industrial Average is up 7.94 points.

DTN Chart Technical Points             02/01 16:30
DTN FUTURES  10       2/01/23                                   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    MAR 759.75 755.88 745.92 743.58 754.41 58.49 53.10 47.54  78  80 52 39
CBTWT    MAY 770.50 765.44 754.50 751.92 763.16 60.76 54.31 47.83  82  83 54 40
KC WT    MAR 884.25 876.50 857.19 845.40 855.59 65.91 59.23 51.87  90  89 80 59
KC WT    MAY 876.75 869.56 850.83 840.25 850.06 65.88 59.08 51.58  89  89 79 58
MN WT    MAR 926.00 922.81 913.58 909.18 915.47 60.56 55.40 50.40  82  84 70 53
MN WT    MAY 919.25 916.00 907.11 903.56 909.79 61.18 55.51 49.77  84  83 75 56
CORN     MAR 681.00 681.88 678.25 672.88 663.93 58.21 57.26 54.42  62  74 83 75
CORN     MAY 679.50 679.56 676.25 671.28 663.27 58.93 57.58 54.39  64  75 83 75
CORN     JUL 668.00 666.63 664.47 661.18 656.14 57.71 56.00 53.09  63  69 72 65
OATS     MAR 393.00 391.69 383.08 369.82 359.97 78.06 69.75 57.33  85  89 94 92
OATS     MAY 386.50 385.63 376.56 364.72 356.71 77.72 69.30 56.60  89  92 96 93
BEANS    MAR1520.251525.751512.691511.031491.51 53.76 54.57 54.80  81  83 72 57
BEANS    MAY1516.501520.191507.501509.011494.17 53.77 54.14 54.32  83  85 64 48
BEANS    JUL1508.001510.561498.641503.901494.20 52.72 52.87 53.44  85  86 54 37
S MEAL   MAR 484.70 482.78 473.23 474.37 458.30 62.24 61.17 60.07  86  86 80 62
S MEAL   MAY 469.40 467.30 459.02 459.46 448.81 62.86 61.03 59.43  88  87 82 62
B OIL    MAR  60.79  61.27  61.26  62.22  63.37 39.81 41.08 44.35  65  54 20 13
B OIL    MAY  61.03  61.47  61.41  62.16  62.92 41.31 42.53 45.46  68  58 22 15
CATTLE   FEB 158.43 158.19 157.67 157.45 156.67 59.44 57.73 55.93  85  73 67 57
CATTLE   APR 162.23 162.36 161.48 161.10 160.46 57.47 56.87 56.27  79  77 73 64
FEEDER   MAR 183.25 184.20 183.47 183.64 184.49 47.17 47.63 48.89  56  71 49 45
FEEDER   APR 187.95 188.46 187.87 188.01 188.33 49.16 49.34 50.27  64  69 49 46
HOGS     FEB  73.98  74.97  76.24  77.57  82.83 19.03 26.23 35.74   7  12  3  4
HOGS     APR  84.30  85.93  85.84  86.90  90.60 30.39 33.76 39.72  47  58 21 17
COTTON   MAR  85.61  85.96  86.48  85.07  83.93 51.43 52.35 51.53  26  35 69 74
COTTON   MAY  86.34  86.62  87.04  85.46  83.98 53.10 53.82 52.59  29  37 72 77
RICE     MAR  17.84  18.03  18.13  18.04  17.86 40.60 45.54 49.30  13  39 67 73
RICE     MAY  18.20  18.37  18.44  18.34  18.13 42.19 46.98 50.53   3  31 74 79

DTN Early Word Grains         02/03 05:42
   Wheat Prices Lower Early Friday With Rain in Extended Forecast

   March corn is down 3 cents, March soybeans are up 3 cents and March KC wheat
is down 7 cents.

Todd Hultman
DTN Lead Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is down 3 cents, March soybeans
are up 3 cents and March KC wheat is down 7 cents.

   CME GLOBEX RECAP: Early Friday, stock futures in the U.S. were trading lower
after the Bank of England and European Central Bank each added half-percent
increases of their own Thursday. Thursday's earnings reports from the big tech
firms also reinforced ideas of slower economic activity ahead. At 7:30 a.m.
CST, the U.S. Labor Department will release nonfarm payrolls for January and
the monthly unemployment rate. Friday's earnings reports include Cigna and
LyondellBasell Industries.

   OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial
Average down 39.02 at 34,053.94 and the S&P 500 up 60.55 at 4,179.76. The
10-Year Treasury yield ended at 3.40%, near the lowest yield in over four
months. Early Friday, March Dow Jones futures are down 111 points. Asian
markets are mixed with Japan's Nikkei 225 index up 0.39% and China's Shanghai
Composite Index down 0.68%. European markets are mostly lower with the spot
futures of the London FTSE 100 trading up 0.26%, spot futures of Germany's DAX
trading down 0.66% and spot futures of France's CAC Index trading down 0.26%.
The March euro is up $0.0020 at $1.0954. The March U.S. Dollar Index is down
0.12 at 101.46. The March 30-year T-bond is down 1/32nd, while April gold is
down $3.90 at $1,926.90 and March crude oil is up $0.25 at $76.13. On China's
Dalian exchange, March corn was up 0.0%, March soybeans were down 1.2%, May
soybean meal was down 0.3% and May soybean oil was down 0.7%. April Malaysian
palm oil is trading up 2.5%.

DTN Early Word Livestock Comments      02/03 06:17
   Cattle Trade Pushed to End of Week

   The livestock complex pushed higher with all categories posting triple-digit
gains Thursday. Live cattle traders anticipate higher cash to develop while
feeder cattle reacted to lower corn prices. Hogs saw increased technical buying
along with good export sales.

DTN Midday Grain Comments     02/03 10:39

   Grain Futures Seeing Red Midday Friday

   Corn trade is flat to 1 cent lower, beans are 6 to 8 cents lower and wheat 
trade is 6 to 10 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is flat to 1 cent lower, beans are 6 to 8 cents lower and wheat 
trade is 6 to 10 cents lower. The U.S. stock market is mixed with the Dow up 75 
points. The U.S. Dollar Index is 0.80 higher. Interest rate products are 
weaker. Energies are mixed with crude up $0.20 and natural gas off $0.08.  
Livestock trade is mixed with hogs leading. Precious metals weaker with gold 
down $50.00.

CORN:

   Corn trade is flat to 1 cent lower at midday Friday with trade fading into 
nearby support levels and slightly weaker spread action as early day session 
strength fading once again. Ethanol margins have support from natural gas while 
blender margins tighten again with the recent fade in unleaded values, but 
spring blends will boost margins soon. Crop development will continue to be 
watched with drier weather short term in Argentina and early double crop 
planting in Brazil to expand rapidly in coming days. The daily export wire was 
silent for corn all week. Basis has stabilized in the west with above average 
action holding up overall. On the March chart, support is at the $6.73 20-day 
moving average, which we are testing at midday with the upper Bollinger Band at 
$6.93 the next round up, which we have faded from last week with a fresh high 
for the move being scored at $6.88 3/4, which we tested Thursday.

SOYBEANS:

   Soybeans are 6 to 8 cents lower with expanding Brazil harvest and short-term 
dryness in Argentina while nearby U.S. demand appears to have slowed down a bit 
this week. Meal is $2.50 to $3.50 higher and oil is 1.55 cents to 1.65 cents 
lower. The daily export wire saw 132,000 metric tons soybeans sold to unknown 
for new crop. Trade will be looking for the Brazil export pace to pick up soon 
as harvest expands further, while Argentina will be watched for further 
deterioration. Basis remains mostly sideways near term. March chart support is 
at the $15.13 20-day, which we remain solidly above, with the upper Bollinger 
Band at $15.49.

WHEAT:

   Wheat trade is 6 to 10 cents lower at midday with KC the downside leader as 
trade once again tested resistance early in the session before fading, with 
spread trade remaining solid. The Southern Plains should show improvement 
temperature wise with the best rain shots for the eastern plains, and little 
change to the Europe and Black Sea situation short term. Matif wheat values are 
flat but holding up better than U.S. values so far. On the chart, KC March has 
support at the 20-day moving average at $8.48, which we are solidly above, with 
the recent high at $8.95 as resistance with the upper Bollinger Band at $8.92.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




(c) Copyright 2023 DTN, LLC. All rights reserved.

DTN Midday Livestock Comments          02/03 11:38

   Livestock Prices Slightly Higher Friday Morning

   Active futures contracts for live cattle, feeders and lean hogs were all 
trading slightly higher at midday Friday with April cattle still challenging 
new contract highs and April hogs possibly finding support.

Todd Hultman
DTN Lead Analyst

GENERAL COMMENTS:

   The Labor Department's report of stronger-than-expected job growth in 
January offered some more good news in a week that is already having bullish 
influence on cattle prices.

LIVE CATTLE:

   Live cattle futures are slightly higher at midmorning Friday with the April 
contract up a nickel at $163.90, staying close to new high territory. This has 
been a week of bitter cold weather for cattle in the Northern Plains and as far 
south as Kansas. Even Friday morning's map shows subzero readings throughout 
Iowa and single digits in Kansas, one last extra shot of cold before readings 
start to warm this weekend and usher in a mostly warmer February.

   This week will also be remembered for Tuesday afternoon's inventory report, 
reporting the lowest U.S. cattle inventory since 2015 and the lowest number of 
beef cows on record going back over 50 years. Early Friday, the U.S. Labor 
Department said nonfarm payrolls increased by 517,000 in January, much more 
than expected and showing that the economy is doing better than many in the 
business news have been worrying about. For the most part, beef demand remains 
active and the slaughter pace is humming along.

   Friday morning's report from USDA showed choice cuts down 20 cents at 
$264.90, down almost $3 on the week, so far. Selects were up 12 cents at 
$253.78, up over $3 from last Friday afternoon. Slaughter estimates have 
maintained an active pace this week and Dow Jones estimates Friday's cattle 
slaughter at 121,000, down 1,000 from a week ago. Saturday's slaughter is 
estimated at 30,000, up 3,000 from a week ago. Cash trade has been quiet this 
week and should get busy Friday afternoon. Emboldened by Tuesday's report and 
after every live cattle futures contract posted a new contract high Thursday, 
packers are likely to find a difficult market to bid into this week.

FEEDER CATTLE:

   Just over a couple hours into Friday's trade, March feeder cattle are up 20 
cents at $186.12, holding a modest gain for the week. March corn overcame a 
lower start and is now trading two cents higher, despite Thursday's 10-point 
increase in Argentina's good-to-excellent crop rating, now at 22%. Corn prices 
are on track, however, for a modestly lower close this week, offering slight 
help for feeder prices. As with live cattle, the influences on feeder prices 
have been mostly bullish this week. Stressful winter conditions throughout much 
of the western Plains, a historically bullish inventory report on Tuesday and 
good news on the jobs front on Friday morning offering a more promising outlook 
for beef demand.

   Overall, feeder cattle prices remain well-supported despite the strain of 
high feed costs. The National Weather Service shows increased chances for 
precipitation in the western Plains in the six- to 14-day period, but DTN 
meteorologists say the more beneficial amounts are likely to lean east. 
Increased precipitation in the western Plains, if it could happen, would 
provide helpful relief for many cattle producers. The CME Feeder Index posted 
$180.90 for Thursday, Feb. 2, up $1.33 from a week ago.

LEAN HOGS:

   At midmorning Friday, April hog futures are trading a little higher, up 20 
cents at $86.20 after a slightly lower start. Hog futures are still showing 
signs of support after Wednesday's venture to new low ground was quickly 
rejected Thursday. Thursday's report from USDA showed 30,900 mt of pork export 
sales with Mexico named the top buyer, not horrible, but not enough to explain 
the new buying interest in hogs. Thursday's new highs in live cattle futures 
likely helped, but the most bullish encouragement came from a bounce in the 
prices of negotiated hogs. Negotiated prices that briefly fallen below $70 in 
mid-January were quoted at $72.65 in Friday morning's national Daily Direct Hog 
report, a modest bump for the week and possible sign of support.

   USDA's morning pork report posted Friday's cutouts down $2.30 at $79.20, 
back near where price was a week ago and pressured by a $13.21 drop in bellies. 
USDA reported 156.57 loads of pork cuts and 17.69 loads of trim.

   Hog slaughter remains active and was estimated by Dow Jones at 486,00 for 
Friday, down 1,000 from last week. Saturday's slaughter is estimated at 
161,000, up from 87,000 last week. CME's lean hog index was projected at $73.05 
for Thursday, up 41 cents from a week ago. With this week's bounce in cash hog 
prices coinciding with a successful test of support in the futures market, the 
outlook for hog prices is showing signs of improvement.

   Todd Hultman can be reached at Todd.Hultman@dtn.com

   Follow him on Twitter @ToddHultman1




(c) Copyright 2023 DTN, LLC. All rights reserved.

DTN Closing Grain Comments    02/03 13:53
   Wheat Can't Hold Gains in Volatile Trade, Bean Oil Falls with Crude

   In volatile and two-sided trade, wheat failed to hold early gains, while
soybeans faded early with the plunge in bean oil, as crude oil has now fallen
for five of the past six days. Soybean meal continued its winning ways, scoring
yet another new contract high.

Dana Mantini
Senior Market Analyst

GENERAL COMMENTS:

   March corn closed up 2 1/4 cents per bushel and May corn was up 1 3/4 cents.
March soybeans closed down 2 1/4 cents and May soybeans were down 2 1/4 cents.
March KC wheat closed down 7 3/4 cents, March Chicago wheat was down 4 1/4
cents and March Minneapolis wheat was down 3 1/4 cents.

DTN CATTLE PRICES/TRENDS               02/03 14:45

      HEAD SOLD LIVE  STEERS  DRESSED        LIVE  HEIFERS DRESSED 
KANSAS     .   *157.00(BID)   .             *157.00(BID)   .
NEBRASKA 1,700 *155.00(BID)   250.00        *155.00(BID)   250.00
TEXAS      .   *157.00(BID)   .             *157.00(BID)   .
COLORADO   .    .             .              .             .
IOWA     1,000  159-160      *250.00(BID)    159-160       250.00
                               *PRIVATE SOURCES     
    
DTN COMMENTS:  A light trade is beginning in the North this afternoon with 
dressed deals marked at $250, $2 higher than last week's weighted average 
basis Nebraska. The South continues to be locked in a standoff. Just who 
will blink first? Asking prices remain firm around $158 to $160 in the 
South, and $252-plus in the North. 

Today's slaughter totaled 122,000 head, 2,000 below last week, but 8,000 
greater than a year ago. Saturday's kill is estimated at 19,000 head, 
bringing the weekly total to 641,000 head, 18,000 less than the prior week, 
but 6,000 above 2022. Cattle futures closed modestly to moderately higher on 
both live (up 17 to off 52) and feeder (up 17 to 62) contracts. Beef cutouts 
are expected to close mixed with light to moderate box movement.

DAILY DIRECT SLAUGHTER CATTLE-NEGOTIATED PURCHASES-SUMMARY
**Summary includes trade from 1:30 PM the previous day through 9:30 AM today.**

KANSAS    CONFIRMED CASH SALES:      90  WEEK TO DATE:      90
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


NEBRASKA  CONFIRMED CASH SALES:     497  WEEK TO DATE:     497
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   248.00   65-80  248.00-248.00    457

                                      248.00   TOTAL  248.00-248.00    457
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


TEXAS     CONFIRMED CASH SALES:       0  WEEK TO DATE:       0
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


COLORADO  CONFIRMED CASH SALES: NA Conf  WEEK TO DATE: NA Conf
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
NA Due to Confidentiality             NA Due to Confidentiality
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
NA Due to Confidentiality             NA Due to Confidentiality
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
NA Due to Confidentiality             NA Due to Confidentiality
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
NA Due to Confidentiality             NA Due to Confidentiality


IOWA      CONFIRMED CASH SALES:   2,493  WEEK TO DATE:   3,409
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
154.39   80+    154.00-155.00  1,093  248.00   80+    248.00-248.00    279

154.39   TOTAL  154.00-155.00  1,093  248.00   TOTAL  248.00-248.00    279
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
154.96   80+    154.00-158.00    816  248.00   80+    248.00-248.00    160

154.96   TOTAL  154.00-158.00    816  248.00   TOTAL  248.00-248.00    160
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade 

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. A 
weekly summary from this data will be posted on the Weekly Cattle Sales 
Reported to DTN page.