US Direct Feeder Pigs 05/18
DTN Early Word Grains 05/22 06:01
DTN Early Word Grains 05/22 06:01 Grains Weak Ahead of Memorial Day Break July corn is down 1 1/2 cents per bushel, July soybeans are down 4 1/2 cents, and July KC wheat is down 4 1/2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is down 1 1/2 cents per bushel, July soybeans are down 4 1/2 cents, and July KC wheat is down 4 1/2 cents. CME Globex Recap: Weaker equity markets around the globe overnight with a weaker open expected in the U.S. For the week, however, equity markets are still higher with S&P futures sitting on an 80-point gain. Late-week pressure is being tied to China abandoning a gross domestic product target for the first time in history as it grapples with the worst downturn since the 1970's. Analysts were already skeptical of the economic data China released but if they choose to release even less going forward, analysts could really be kept in the dark. Official estimates suggest economic activity in China contracted by 6.8% in the first quarter which might suggest the contraction will be even worse in quarter two if they are not willing to release guidance. The concern about China bled into commodity markets and is keeping trade week on the final session Friday before the Memorial Day weekend. Post-Memorial Day trade will increasingly focus on weather as planting wraps up and attention shifts to what is required to achieve top end yields. Energy markets are sharply weaker while precious metals are firmer. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 101.78 at 24,474.12 and the S&P 500 down 23.10 at 2,971.61 while the 10-Year Treasury yield ended at 0.677%. Early Friday, the June DJIA futures are down 95 points. Asian markets are lower with Japan's Nikkei 225 down 164.15 (-0.8%) and China's Shanghai Composite down 54.16 points (-1.89%). European markets are lower with London's FTSE 100 down 70.27 points (-1.17%), Germany's DAX down 43.17 points (-0.39%) and France's CAC 40 down 7.36 points (-0.17%). The June Euro is down 0.006 at 1.090 and the June U.S. dollar index is up 0.437 at 99.840. The June 30-Year T-Bond is up 32/32nds, while June gold is up $14.50 at $1,736.40 and July crude oil is down $2.04 at $31.88. Soybeans on China's Dalian Exchange were up 2.56% while soybean meal was up -0.04%.
DTN Early Word Livestock Comments 05/22 06:38
DTN Early Word Livestock Comments 05/22 06:38 Mixed Trade Expected Friday Trade Friday is expected to be focused on position adjusting with traders getting books in order for the upcoming long holiday weekend, while limited to moderate adjustments are likely ahead of the afternoon Cattle on Feed report, as well as early shifts following Cold Storage and Livestock Slaughter reports.
DTN Midday Grain Comments 05/22 10:57
DTN Midday Grain Comments 05/22 10:57 Grains Mixed at Midday Friday Corn futures are flat to 1 cent lower, soybean futures are 1 to 2 cents higher, and wheat futures are 3 to 8 cents lower. David Fiala,DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the Dow 130 points lower. The U.S. Dollar Index is 42 higher. Interest rate products are firmer. Energies are weaker with crude 1.10 lower. Livestock trade is mixed. Precious metals are mixed with gold up 11.00. CORN: Corn futures are flat to 1 cent lower at midday with rangebound action on currency headwinds and little fresh news into the long weekend. Ethanol margins remain stable with more plants coming back online and better demand likely for Memorial Day weekend, even if well short of normal. Wetter weather will persist in some areas through the weekend. On the July contract, support is the 20-day moving average at $3.17 which we are testing this morning, and the upper Bollinger band at $3.25 which we tested Tuesday but failed to hold above. SOYBEANS: Soybean futures are 1 to 2 cents higher with two-sided trade early as the real holds gains against the dollar but other news remains limited. Meal is $2.00 to $3.00 higher and oil is 35 to 45 points lower. South America continues to move along harvest-wise with strong shipments out of Brazil likely to continue unless port issues redevelop. Crush margins remain stable as well with meal regaining the lead Friday. The July soybean chart support is the lower Bollinger band at $8.27, with resistance the 20-day moving average $8.42. WHEAT: Wheat futures are 3 to 8 cents lower with pressure from the stronger dollar and limited overall buying. Russia looks to have mostly average rainfall near term with France and Germany drier near term; better rains are on tap for much of the Plains. The Kansas wheat tour wrapped up with projections a bit under the USDA numbers. KC is at a 63-cent discount to Chicago on the July with slightly wider action Friday, while Minneapolis is back to a 7-cent premium. The July KC chart support is the lower Bollinger band at $4.37 which we tested Wednesday before bouncing with resistance at the 20-day moving average at 4.70. 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 (c) Copyright 2020 DTN, LLC. All rights reserved.
DTN Midday Livestock Comments 05/22 12:12
DTN Midday Livestock Comments 05/22 12:12
Livestock Contracts Trade Relaxed as Industry Looks Toward Weekend
The livestock contracts are trading all across the board and seem more than
ready to check out and head into the long weekend.
ShayLe Stewart
DTN Livestock Analyst
General Comments
Contracts are keeping with the set pace from earlier Friday morning; live
cattle continue to feel pressured in nearby contracts, the feeder cattle market
is rallying modestly all throughout and the lean hog contracts are simply
lower. The day seems to be waiting for the Cattle on Feed Report to come out so
the week can wrap up and head into the three-day weekend.
July corn is down 1 1/4 cents per bushel and July soybean meal is up $1.60.
The Dow Jones Industrial Average is down 132.17 points and NASDAQ is down 3.26
points.
LIVE CATTLE
Live cattle contracts are caught trading mixed heading into the noon hour as
nearby contracts feel pressure from the industries unknowing of how to manage
the built-up inventory of fed cattle while the deferred contracts rally
modestly into 2021. June live cattle are down $1.62 at $97.17, August live
cattle are down $1.22 at $97.10 and October live cattle are down $0.052 at
$99.37. The nearby contracts continue to be pressured at the $100 threshold and
as the day progresses, the June contract steps away further and further. Cash
cattle trade is quiet, extremely quiet and given that packers bought over
100,000 head last week, their aggression heading into a three-day weekend and
on top of a COF report is most likely not going to change.
Boxed beef prices are lower: choice down $0.94 ($400.87) and select down
$6.47 ($376.06) with a movement of 66 loads (21.89 loads of choice, 6.45 loads
of select, 7.31 loads of trim and 30.80 loads of ground beef).
FEEDER CATTLE
The feeder cattle contracts changed their momentum from Thursday and have
traded modestly higher all throughout Friday. August feeders are up $0.55 at
$129.42, September feeders are up $0.65 at $130.77 and October feeders are up
$0.77 at $131.95. The market seems to be caught in between a rock and a hard
spot as the countryside has been able to market calves/feeders and for
respectable prices but the support from the board has been less than supportive
throughout the week.
LEAN HOGS
The lean hog complex traded higher Thursday but has been teetered lower
again come Friday. Given that cash prices aren't available Friday morning
probably indicates that packers haven't been overly aggressive coming off
yesterday's advancement in the cash market. June lean hogs are down $0.62 at
$58.72, July lean hogs are down $1.27 at $55.90 and August lean hogs are down
$1.02 at $54.25.
The projected lean hog index for 5/21/2020 is down $1.15 at $63.45 and the
actual index for 5/20/2020 is down $1.39 at $64.59. Hog prices on the National
Direct Morning Hog Report aren't available due to confidentiality. Pork cutouts
total 340.31 loads with 327.11 loads of pork cuts and 13.20 loads of trim. Pork
cutout values: down $0.03, $97.82.
ShayLe Stewart can be reached shayle.stewart@dtn.com
(c) Copyright 2020 DTN, LLC. All rights reserved.
DTN Closing Grain Comments 05/22 14:16
DTN Closing Grain Comments 05/22 14:16 Row Crops Quiet, Wheat Falls Back July corn ended slightly higher and July soybeans a little lower on a quiet Friday of trading. July contracts of all three U.S. wheats finished lower with KC losing a dime, pressured by rain in the southwestern U.S. Plains.
DTN Cattle Close/Trends 05/22 15:25
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 05/22/20
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 11,078
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: 1,142 WEEK TO DATE: 25,619
STEERS DRESSED DELIVERED
473 175.00-175.00 175.00-175.00 175.00
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
278 180.00-180.00 180.00-180.00 180.00
HEIFERS DRESSED FOB
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 468 WEEK TO DATE: 5,067
STEERS LIVE FOB
253 110.00-110.00 110.00-110.00 110.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
215 110.00-110.00 110.00-110.00 110.00
HEIFERS LIVE DELIVERED
No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: NA Conf WEEK TO DATE: NA Conf
STEERS LIVE FOB
Trade not available due to confidentiality
STEERS LIVE DELIVERED
Trade not available due to confidentiality
HEIFERS LIVE FOB
Trade not available due to confidentiality
HEIFERS LIVE DELIVERED
Trade not available due to confidentiality
IOWA CONFIRMED CASH SALES - TODAY: 247 WEEK TO DATE: 21,086
STEERS DRESSED DELIVERED
41 182.00-182.00 182.00-182.00 182.00
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
503 175.00-190.00 175.00-190.00 184.81
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: A fairly quiet Friday with just a handful of trade
reported. The May 1 on feed report listed 11.2 million head, down 5% from
May 2019. Placements in April totaled 1.43. million head, 22% below last
year, and the second lowest placements for April since the series began in
1996; marketing's in April totaled 1.46 million head, 24% less than the
prior year, and the lowest April marketing's since the series began in 1996;
other disappearance in April totaled 70,000 head, 17% above the same time
last year.
5-AREA LV STR AVG(FOB)PR&WT: $116.49(1510) HIDE&OFFAL: $7.10 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD
LIVE BASED $180.30 $162.21 72,938
BOX BASED $384.74 $362.18 51,767
AVE INDEX $282.52 -2.44 $262.19 -4.08 124,705
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$396.74 -5.07 $374.18 -8.35
46.14 LDS CH CUTS / 13.65 LDS SEL CUTS / 9.00 LDS TRIM / 32.06 LDS GROUND
BOXED BEEF TREND: Not available due to technical difficulties
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 05/15 $421.80 +30.47
CUTTER 90% 350# UP C/O: $242.66 +1.66
NAT'L BONELESS BF TRIM: 40.28 lds / Shrply hr on gd dem & lt-mod offers
90% TRIM: 11 lds: Wtd Avg $305.94 / Firm to higher
FI KILL(WTD) FRI 102(499) WK AGO 91(449) YR AGO 120(601) MIX: THU SH80/CB23
SAT 56(555) WK AGO 50(499) YE AGO 46(647)
WEEKLY CANADIAN CATTLE IMPORTS.
FEEDERS SLAUGHTER S&H
Week Ending: 05/09/20 2,623 10,082
Week Ending: 05/02/20 3,243 7,353
Change from prev week: -620 +2,729
DTN Chart Technical Points 05/22 16:30
DTN Chart Technical Points 05/22 16:30 DTN FUTURES 10 5/22/20 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 508.75 509.31 505.89 512.76 533.07 44.39 42.89 44.11 67 57 24 13 CBTWT SEP 512.75 512.06 508.81 515.92 535.91 45.24 43.10 43.84 71 57 23 12 KC WT JUL 444.50 448.44 451.94 466.54 480.03 31.94 35.45 42.10 57 41 12 8 KC WT SEP 451.75 455.38 458.81 473.44 486.99 32.39 35.55 41.92 60 42 13 8 MN WT JUL 513.00 514.94 512.00 511.65 523.47 49.14 47.46 45.59 58 51 43 30 MN WT SEP 524.25 526.13 523.25 522.63 533.49 49.46 47.81 45.90 59 53 46 31 CORN JUL 318.00 319.13 319.39 318.33 328.45 44.29 42.04 38.56 26 39 51 48 CORN SEP 322.75 323.88 323.69 323.63 333.38 42.99 40.80 37.61 34 45 47 43 CORN DEC 332.75 333.50 333.19 333.90 342.89 42.33 40.12 37.39 44 50 43 39 OATS JUL 323.50 319.25 313.61 303.15 283.53 85.05 81.36 69.67 82 77 91 90 OATS SEP 286.50 283.69 280.42 274.13 265.48 86.49 79.31 64.34 66 60 81 80 BEANS JUL 833.25 839.38 841.06 842.78 853.69 40.03 41.83 41.91 34 42 39 47 BEANS AUG 836.50 842.38 843.53 844.60 855.28 40.74 42.19 41.73 35 45 41 49 BEANS SEP 838.50 843.50 844.22 845.07 854.16 41.85 42.85 41.74 35 47 43 48 S MEAL JUL 284.10 284.17 286.69 288.42 297.48 36.03 37.07 40.03 21 17 9 15 S MEAL AUG 286.00 286.05 288.09 289.59 296.80 36.85 37.40 39.68 23 18 10 14 B OIL JUL 26.64 27.05 26.72 26.52 26.62 49.87 49.79 46.22 62 75 82 78 B OIL AUG 26.82 27.23 26.90 26.70 26.79 49.79 49.76 46.22 62 75 82 78 CATTLE JUN 97.70 98.42 97.18 93.19 89.22 64.23 61.79 53.76 68 76 92 88 CATTLE AUG 97.33 98.06 98.45 96.65 92.84 52.85 54.20 50.86 37 45 74 75 FEEDER AUG 128.80 129.65 131.34 131.25 128.31 42.92 46.81 47.26 8 15 40 49 FEEDER SEP 130.15 131.02 132.73 132.55 129.42 42.57 46.77 47.26 8 14 42 51 HOGS JUN 58.78 57.91 58.35 60.20 56.85 51.54 50.84 46.54 67 44 50 56 HOGS JUL 55.90 56.29 57.77 60.05 59.47 37.71 41.11 41.33 26 18 29 40 COTTON JUL 57.61 58.27 58.09 56.88 54.58 54.21 54.42 49.61 32 50 79 85 COTTON OCT 57.51 58.32 57.95 57.50 55.84 49.65 50.86 47.48 48 69 80 79 RICE JUL 16.05 16.06 15.93 15.43 14.67 79.58 74.62 68.57 51 55 80 80 RICE SEP 11.91 11.93 11.93 11.92 11.97 44.88 46.28 47.94 65 73 44 38
DTN Closing Livestock Comment 05/22 17:04
DTN Closing Livestock Comment 05/22 17:04 Livestock Contracts Trade Mixed Into the Three-Day Weekend It was a strange week for livestock contracts as the board was unwilling to really do much of anything. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: A three-day weekend might be exactly what livestock contracts need. Seeming to be weighed down by the mess of COVID-19, livestock contracts aren't able to do much of anything until the backlog of cattle and hogs is thoroughly processed and the market is current again. Hog prices closed lower on the National Direct Afternoon Hog Report, down $0.68 with a weighted average of $38.68 on 4,694 head. July corn is up 1/4 cent per bushel and July soybean meal is up $1.60. The Dow Jones Industrial Average is down 8.96 points and NASDAQ is up 39.70 points.
