DTN Closing Grain Comments    06/25 13:56
   Soybeans Ease Lower Ahead of Friday's Reports

   November soybeans dropped 6 1/4 cents Tuesday, in spite of low crop ratings
from USDA as traders look ahead to what else USDA might say in Friday's
reports. December corn edged higher and September contracts of wheat were mixed.

DTN Chart Technical Points             06/25 16:30
DTN FUTURES  10       6/25/19                                   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    JUL 535.75 531.56 532.61 521.14 481.46 63.15 62.89 59.79  61  47 74 78
CBTWT    SEP 540.00 536.25 536.78 525.94 488.07 62.92 62.71 59.65  62  48 74 77
KC WT    JUL 465.25 460.94 465.17 463.22 435.33 54.98 55.56 53.71  36  26 46 55
KC WT    SEP 478.25 472.75 477.03 475.51 446.74 55.90 56.20 54.10  41  28 46 55
MN WT    JUL 548.50 541.56 549.97 556.07 538.05 48.17 49.88 50.41  29  14 19 37
MN WT    SEP 557.00 549.94 557.56 564.36 546.52 48.56 50.10 50.56  33  16 19 34
CORN     JUL 447.50 446.63 447.44 434.89 400.02 62.76 64.41 63.49  40  37 72 79
CORN     SEP 453.00 451.75 452.92 442.07 407.86 61.69 63.49 63.16  39  36 71 79
CORN     DEC 457.50 457.31 459.25 449.92 416.82 59.49 62.10 62.69  34  33 72 80
OATS     JUL 271.50 276.19 288.06 294.64 293.92 24.99 32.72 42.13  10   7  4 12
OATS     SEP 273.00 275.44 284.75 287.76 281.71 29.14 37.54 45.94  18  19 17 32
BEANS    JUL 903.50 907.69 905.00 887.44 860.04 59.37 59.36 54.90  36  50 84 89
BEANS    AUG 908.75 913.44 911.14 893.89 866.48 58.52 58.78 54.66  32  48 83 88
BEANS    SEP 914.50 919.44 917.67 900.72 872.76 58.02 58.51 54.69  28  45 82 88
S MEAL   JUL 315.70 317.98 320.03 318.68 307.62 47.72 51.13 52.20  18  27 63 75
S MEAL   AUG 317.00 319.28 321.34 320.03 309.00 47.64 51.06 52.16  17  27 63 75
B OIL    JUL  28.00  28.35  28.21  27.82  27.57 51.13 52.05 49.52  42  66 82 86
B OIL    AUG  28.14  28.48  28.34  27.96  27.71 51.28 52.16 49.53  41  65 82 86
CATTLE   JUN 107.75 107.35 108.29 108.32 110.87 42.96 41.54 40.31  21  13 17 28
CATTLE   AUG 103.25 102.96 104.06 104.31 107.38 40.47 39.63 39.05  14  12 16 27
FEEDER   AUG 131.33 132.87 134.88 136.10 142.17 26.24 30.22 34.50  11  18 15 26
FEEDER   SEP 131.88 133.41 135.30 136.49 142.90 25.70 29.37 33.58  10  18 13 22
HOGS     JUL  74.40  75.69  79.29  82.27  88.07 25.68 28.17 35.07   7   5  4  6
HOGS     AUG  76.18  77.30  79.96  82.27  88.88 30.62 31.59 36.68   9  15  9 11
COTTON   JUL  62.20  62.23  64.22  65.87  69.18 28.51 30.67 34.57  25  20 15 14
COTTON   OCT  65.65  65.31  66.15  66.55  69.27 41.97 40.39 39.48  15  11 19 29
RICE     JUL  11.06  11.19  11.40  11.53  11.20 27.79 36.80 46.73  21  26 15 37
RICE     SEP  11.40  11.53  11.73  11.80  11.38 31.34 40.50 50.23  22  27 26 57

DTN Closing Livestock Comment 06/25 16:40
   Buying Redevelops Across Livestock Trade

   Live cattle and lean hog futures moved higher Tuesday as traders adjusted
positions following sharp losses last week. Hog trade led the complex higher
with $1.95-per-cwt gains, potentially sparking renewed buying activity midweek.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS: Livestock futures moved mostly higher Tuesday with lean
hogs up by triple digits. Initial gains appeared to be due to traders covering
short positions, and then increasing buyer support throughout the session
helped to solidify those early gains. Cash cattle activity remained sluggish
Tuesday afternoon with a few token bids of $107 live basis and $174 to $175
dressed. Although asking prices are not readily available, a few cattle have
been priced in the South at $110 to $111 live basis. It is expected to be
Wednesday or later before cash trade develops. Even when it does develop,
activity could trickle in over a couple of days at the end of the week. Given
that next week is the first week of July, and a holiday week to boot, it is
uncertain just how many cattle will be purchased before the end of June. The
National Daily Direct afternoon hog report was $1.33 lower ($62-$76.50,
weighted average $72.18) on 9,751 head sold. Corn futures ended mixed Tuesday
following early gains with July up 3/4 cent per bushel. The Dow Jones Index was
179 points lower with the NASDAQ down 120 points.

DTN Early Word Grains         06/26 05:51
   Grains Sag Lower Ahead of Friday's Reports

   December corn is down 3 1/4 cents, November soybeans are down 3 1/4 cents
and September KC wheat is down 4 cents.

By Todd Hultman
DTN Lead Analyst

6:00 a.m. CME Globex:   December corn is down 3 1/4 cents, November soybeans
are down 3 1/4 cents and September KC wheat is down 4 cents.

CME Globex Recap:   U.S. stock futures and European stock markets are mixed
early Wednesday with a report on U.S. durable goods orders due out at 7:30 a.m.
CDT. August crude oil is trading higher with early headlines showing harsh
rhetoric traded back and forth between the U.S. and Iran after the U.S. imposed
new sanctions against Iran on Monday.

OUTSIDE MARKETS:   Previous closes Tuesday showed the Dow Jones Industrial
Average down 179.32 at 26,548.22 and the S&P 500 down 27.97 at 2,917.38 while
the 10-Year Treasury yield ended at 1.99%. Early Wednesday, the September DJIA
futures are up 118 points. Asian markets are lower with Japan's Nikkei 225 down
107.22 (-0.5%) and China's Shanghai Composite down 5.79 points (-0.2%).
European markets are mixed with London's FTSE 100 down 2.56 points (-0.03%),
Germany's DAX up 7.80 points (0.06%) and France's CAC 40 down 3.12 points
(-0.06%). The September Euro is down 0.002 at 1.143 and the September U.S.
dollar index is up 0.16 at 95.80. The September 30-Year T-Bond is down
15/32nds, while August gold is down $8.20 at $1,410.50 and August crude oil is
up $1.03 at $58.86. Soybeans and meal on China's Dalian Exchange were both
slightly lower.

DTN Early Word Opening Livestock       06/26 06:19
   Traders Focus on Rebuilding Support Levels

   Limited morning trade is expected in cattle and hog futures Wednesday as
traders try to adjust to the wide market swings over the last couple of
sessions. The rally in lean hog and live cattle trade Tuesday could bring
stability to the market through the end of the month.

By Rick Kment
DTN Analyst



Cattle: Steady               Futures: Mixed   Live Equiv: $141.58 -0.25*
Hogs:   Steady to $2 Lower   Futures: Mixed   Lean Equiv: $ 80.57 -1.75**

*   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 interest has been limited the last couple of days, which is
expected to keep both sides sluggish early Wednesday morning. Packers are
expected to bid similar to Tuesday around $107 live and $174 to $175 dressed
basis. Asking prices are likely to become more evident as the day develops,
although it is uncertain just how much trade will develop Wednesday. Given the
trend for midweek trade in the South over the last couple of months, it is
likely that there could be a push to trade at least some cattle by the end of
the day, but the softness of the cattle market will likely keep packers from
aggressively pushing bids higher in the next few days. With the upcoming
holiday week, it is also uncertain just how many negotiated cattle are needed
to fill procurement schedules. This could limit cash market support through the
end of the week. Futures trade is expected to remain mixed in a moderate
trading range. With strong gains Tuesday pushing prices off of contract lows,
the focus now moves to follow-through buying and rebuilding underlying market
support at these price levels. Weakness in feeder cattle trade will continue to
limit the upside potential of the entire cattle complex in the next couple of
weeks.

DTN Midday Livestock Comments          06/26 11:31

   Support Floods Cattle Complex Wednesday 

   Limit gains have swept through feeder cattle trade Wednesday morning as 
active support moved into all cattle futures. This move could stimulate active 
end-of-week support, reviving additional price gains during early July.

By Rick Kment
DTN Analyst

General Comments

   Buyers quickly moved back into the cattle complex with feeder cattle trade 
leading the surge higher. August futures are locked in limit gains of $4.50 per 
cwt, helping to stimulate support through the rest of the cattle complex. Hog 
markets are mixed in a narrow range as traders try to sort out longer-term 
direction later in the week. Corn futures are lower in light trade. July corn 
futures are 2 1/4 cents lower. Stock markets are higher in light trade. Dow 
Jones is 41 points higher with NASDAQ up 45 points. 

   LIVE CATTLE:

   Limited initial gains at opening bell have quickly expanded following 
aggressive buyer interest moving into feeder cattle trade. This has allowed for 
triple-digit gains in all live cattle trade with August futures leading the 
surge higher, on a $2.12-per-cwt rally. This underlying support in the complex 
is taking advantage of the severely oversold market status, which until now, 
limited a critical mass of buyers willing to step into the complex. The move 
not only pushed prices off contract lows, but sparked a technical reversal in 
the complex, allowing for potential upside movement through the end of the 
month. Although overall beef market fundamentals remain shaky through early 
summer, the focus on sparking long-term support is likely to bring about 
renewed interest over the next couple of weeks. Cash cattle interest remains 
sluggish with a few bids redeveloping Wednesday morning in the same range as 
Tuesday. Bids are seen at $107 live and $174 to $175 dressed. Given the wide 
gap between bids and asking prices, and strong futures support, it is unlikely 
that packers will gain any interest at these levels. Asking prices are holding 
at $110 and higher live and $$180 to $182 dressed. Although some trade may 
develop by the end of the day, most activity is likely to be pushed into 
Thursday or Friday. Boxed Beef cut-outs at midday are higher, $0.21 higher 
(select) and up $0.59 per cwt (choice) with moderate movement of 86 total loads 
reported (36 loads of choice cuts, 18 loads of select cuts, 4 loads of 
trimmings, 27 loads of ground beef).

   FEEDER CATTLE:

   Buying interest quickly developed Wednesday morning as traders focus on a 
technical reversal seen in cattle markets with prices bouncing off contract 
lows following recent market pressure. Although the light pressure in corn 
trade is limiting production concerns, traders are focused on the intensely 
oversold cattle complex, and potential for unrestricted buying that may develop 
over the near future. August futures have spent much of the morning limit 
higher with $4.50 per cwt gains, while other nearby contracts are holding gains 
above $4 per cwt.

   LEAN HOGS: 

   Limited activity is seen in hog trade Wednesday morning with trade interest 
quickly shifting to aggressive gains in cattle markets. Lean hog futures remain 
mixed in a narrow to moderate trading range, although most contracts are able 
to etch out firmer price levels midday Wednesday. Lightly traded July futures 
remain under limited pressure, falling 40 cents per cwt, while all other nearby 
contracts are hanging onto 10 to 50 cent gains, although volume remains 
sluggish across the complex. If current gains hold, this will go a long way in 
stimulating additional but more stable buyer support late in the week as 
traders focus on bouncing off of long term lows set Monday. Cash prices are 
lower on the National Direct morning cash hog report. The weighted average 
price is down $1.76 at $70.31 per cwt with the range from $62 to $71.50 on 
3,736 head reported sold. Cash prices are unreported due to confidentiality on 
the Iowa/Minnesota Direct morning cash hog report. Pork values continue to show 
weakness following a $10.26 per cwt loss in rib prices. Pork cutouts fell $0.95 
per cwt at $74.63 per cwt with 143 loads traded. Lean hog index for 6/24 is 
$78.31, down 0.34, with a projected two-day index is $77.91, down 0.40.

   Rick Kment can be reached at rick.kment@dtn.com 


(BAS)

Copyright 2019 DTN/The Progressive Farmer. All rights reserved.

DTN Midday Grain Comments     06/26 11:07

   Grains Mixed at Midday

   Trade has faded back to mixed action at midday.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are firmer with the Dow 50 higher.  The dollar 
index is 8 lower. Interest rate products are firmer. Energies are firmer with 
crude 1.65 higher. Livestock trade is mostly higher led by feeder cattle. 
Precious metals are weaker with gold 3.90 lower.

   CORN

   Corn trade is 1 to 3 cents lower at midday with trade remaining rangebound 
as we draw closer to the report on Friday. The forecast looks to trend towards 
warmer and drier into July which will be needed to boost growth. The weekly 
ethanol report showed production off by 9,000 barrels per day, and stocks down 
48,000 barrels. Corn basis remains on a firmer trend, especially for the 
Eastern Belt. Looking ahead to the report on Friday expectations are for 86.62 
million acres of corn on a range of 82 million to 89.8 million vs, 92.79 
million in March, with stocks at 5.35 billion on a range of 5.174 to 5.90 
billion, with full prevent plant not expected to be incorporated until August. 
On the July nearby chart support is the 10-day at $4.47 which we are test at 
midday, with the 20-day at $4.35 below there. Resistance is the upper Bollinger 
Band at $4.61. 

   SOYBEANS

   Soybean trade is 2 to 4 cents lower with range bound trade continuing with 
little fresh news today. Meal is 1.50 to $2.50 lower and oil is narrowly mixed. 
Crush margins remain solidly positive overall with meal regaining the lead to 
start the week and oil leading today. World export demand remains slow, with 
the real remaining near the upper end of the range but still cheap vs. the 
dollar, but the USDA did announce 145,000 metric tons of old crop sold to 
unknown. Field work will likely be slowed again in many areas with days now 
getting shorter for soybean growth. The report is expected to show soybean 
acres as 84.35 million on a range of 81 million to 86.5 million. Stocks are 
expected to be 1.861 billion bushels on a range of 1.7 billion to 1.962 
billion. The July chart support is the 100-day at $8.93 with the 200-day above 
the market at 9.07 which we failed to hold.

   WHEAT

   Wheat trade is 3 to 8 cents higher at with harvest for winter wheat expected 
to expand more towards the weekend with delays still in place today. The Kansas 
City/Chicago spread has widened to new records again this a.m. The warmer 
weather should get combines moving more in the short term with above 90 degrees 
expected for the Plains. The dollar is below 96 on the index with the slide 
arrested for now. Black Sea area weather remains mixed with world values soft 
and short term heat in place. Hard red wheat is working into feed rations in 
some areas with the bounce in corn values, and reduced quality may increase 
feeding on that front. On the report, wheat acres are expected to be 45.65 
million acres on a range of 44.5 million to 46.10 million, and stocks at 1.10 
billion with a range of 1.077 billion vs. 1.16 billion bushels. On the July 
Kansas City chart, support is the 10-day and 20-day at $4.63-4.64, at which we 
are tested this morning with more support at the lower Bollinger band at 4.43, 
and resistance the recent high at $4.73. 

   

   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 CATTLE PRICES/TRENDS               06/26 11:25

      HEAD SOLD LIVE  STEERS  DRESSED        LIVE  HEIFERS DRESSED 
KANSAS     .    .             .              .             .
NEBRASKA   .   *107.00(BID)  *174-175(BID)  *107.00(BID)  *174-175(BID)
TEXAS      .   *107.00(BID)   .             *107.00(BID)   .
COLORADO   .    .             .              .             .
IOWA       .    .             .              .             .
                               *PRIVATE SOURCES     
    
DTN COMMENTS: Still just a few token bids on the table at midday, with the 
current board action those bids are easily passed. Significant trade volume 
will likely be delayed until Thursday or later. As of now asking prices are 
around $110 to $112 in the South, and $180 to $182 in the North. 

Beef cutouts are higher at midday (choice 220.23 +0.59, 199.16 +0.21) with 
light to moderate box movement (36.36 lds of choice cuts, 18.19 lds of 
select cuts, 4.18 lds of trim, and 26.93 lds of ground). Cattle futures as 
of this writing are sharply higher on both live (up 100 to 235) and feeder 
(up 352 to 450) contracts.

NOTE:  Feedlots are encouraged to call DTN with any cattle sales, at
1-800-369-7675, ext. 3678, sales will be listed anonymously and organized by 
state. All live sales are FOB and set for 1-9 day delivery. General trends 
and summaries from this data will also be posted on the Daily Sales Reported 
to DTN page.