US Direct Feeder Pigs 05/07
DTN Early Word Grains 05/18 05:58
DTN Early Word Grains 05/18 05:58 Grains Higher With Less Rain in the Forecast July corn is up 10 1/2 cents, July soybeans are up 13 cents and July KC wheat is up 9 cents. Todd Hultman DTN Lead Analyst Pre-6 a.m. Globex Prices: July corn is up 10 1/2 cents, July soybeans are up 13 cents and July KC wheat is up 9 cents. CME Globex Recap: Early Tuesday, Dow Jones futures are trading higher, in line with higher stocks overseas. Investors continue to waffle between recognizing an economic rebound, accompanied by improving coronavirus statistics on one hand and being concerned about inflation and the possibility of higher interest rates on the other. A report on April U.S. housing starts is due out at 7:30 a.m. CDT. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 54.34 at 34,327.79 and the S&P 500 down 10.56 at 4,163.29 while the 10-Year Treasury yield ended at 1.64%. Early Monday, June Dow Jones futures are trading up 93 points. Asian markets are higher with Japan's Nikkei 225 index up 2.09% and China's Shanghai Composite Index up 0.32%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.29%, spot futures of Germany's DAX trading up 0.34% and spot futures of France's CAC Index trading up 0.37%. The June euro is up $0.0059 at $1.2225. The June U.S. Dollar Index is down 0.39 at 89.76. The June 30-year T-bond is down 7/32nds, while June gold is up $2.20 at $1,869.80 and June crude oil is up $0.52 at $66.79. On China's Dalian exchange, September corn was down 0.4%, July soybeans were up 0.1%, September soybean meal was up 0.6% and September soybean oil was up 0.1%. July common wheat on China's Zhengzhou exchange was unchanged. July Malaysian palm oil is trading up 4.1%.
DTN Early Word Livestock Comments 05/18 06:38
DTN Early Word Livestock Comments 05/18 06:38 Trader May Take a Wait-N-See Attitude Both live cattle and hog futures Monday were two sided, indicating no solid price direction. Cash markets are not overly supportive either, leaving futures searching for support. Robin Schmahl DTN Contributing Analyst Cattle: Lower Futures: Mixed Live Equiv: $232.76 +2.24* Hogs: Steady Futures: Higher Lean Equiv: $123.27 +0.87** * based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. 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: Live cattle futures were in a wait and see mode Monday and likely the same will be seen Tuesday. Traders would like to see some cash business before taking a position on market direction. Boxed beef closed up very strong again with choice up $2.68 and select up $3.70, but that will have little influence on cash this week. There were a few head of cattle that traded Monday at steady money, but that provides no strong indication of what the average will be for the week. In fact, the anticipation is for no better than steady cash and possibly $1.00 lower. Packers have reduced slaughter and already have cattle on their books, leaving less urgency to bid aggressively. The Commitment of Traders report showed funds increasing their net-long positions by 6,080 to the current level of 54,945 contacts.
DTN Midday Grain Comments 05/18 10:46
DTN Midday Grain Comments 05/18 10:46 Corn Headed Higher Midday Tuesday Corn is 9 to 11 cents higher, soybeans are 2 to 3 cents lower with new crop 4 to 5 cents higher and wheat 3 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow down 60 points. The U.S. Dollar Index is 0.30 lower. Interest rate products are mixed. Energies are mixed with crude down $0.50. Livestock trade is mixed. Precious metals are flat with $1.50 higher. CORN: Corn trade is 9 to 11 cents higher at midday with slightly stronger spread action as the July contract continues to lead with little surprise on the weekly crop progress report and good demand. Trade looks for more new-crop sales with another 1.36 million metric tons sold to China. Ethanol margins should remain solid with ethanol values offsetting the corn rebound. Weather looks to warm up with better moisture for many areas. Brazil continues to struggle with dryness during pollination and crop estimates still falling but time running out to change the crop size much in either direction, albeit with some relief rains out there. Corn basis wobbled a little bit with the river issues. Weekly crop progress put corn planting at 80% complete versus 68% on average, with emergence at 41% versus 35% on average. On the July contract, chart resistance is the 20-day at $6.69, with support the fresh low at $6.33. SOYBEANS: Soybeans is 2 to 3 cents lower at midday with weaker spread trade after testing $16.00 again overnight, while new crop holds on to 4- to 5-cent better action; meal is $1.00 to $2.00 lower and oil 0.20 cent to 0.30 cent lower. Planters will continue to roll short term with some areas of rain slowing action and warmer temps to boost emergence by the end of the week, with planting well ahead of average at 61% versus 37% on average and emergence at 20% versus 12%. South America should continue to see shipping progress short term, while domestic crush will carry U.S. basis with oil continuing to lead action but notable processor weakness in some areas. On the July soybean chart, support is the 20-day at $15.53, with resistance at the upper Bollinger Band at $16.36. WHEAT: Wheat trade is 3 to 6 cents higher at midday with support from the dollar making new lows and spillover from the row crops. Seasonal weather on the Plains should boost growth with big rains in parts of Kansas and a better forecast for the North, with conditions down 1% at 48% good to excellent and 19% poor to very poor, and heading at 53% versus 58% on average. Spring wheat is 85% planted versus 71% good to excellent, and 47% emerged versus 36% on average with better rains expected. Other Northern Hemisphere weather will continue to be watched as well with little fresh news on the front. The dollar remaining at the lower end of the range should add support as well. KC July on the chart has remains below the 20-day at $6.90 with the lower Bollinger Band below that at $6.38. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.
DTN Midday Livestock Comments 05/18 11:44
DTN Midday Livestock Comments 05/18 11:44 Live Cattle and Lean Hogs Find Support After Monday's disappointing trade in both the live cattle and lean hog markets, Tuesday's market is giving the contracts a chance at regaining some of the position they lost. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Both the live cattle and lean hog markets are excitedly trading higher into Tuesday afternoon, but the fate of the feeder cattle market isn't as lucky. As corn prices find stability through Tuesday's market and climb modestly higher, the feeder cattle contracts have begun to trade lower. July corn is up 8 1/4 cents per bushel and July soybean meal is down $2.90. The Dow Jones Industrial Average is down 76.12 points and NASDAQ is up 78.40 points. LIVE CATTLE The live cattle contracts have picked up a snappier tune and are fully higher heading into Tuesday afternoon. June live cattle are up $1.42 at $116.77, August live cattle are up $1.35 at $119.77 and October live cattle are up $1.25 at $124.65. The market's encouraging beat could be stemming from the fact that midday boxed beef prices are up notably and from the fact that Argentina has posted a 30-day government mandated ban on all cattle exports. This could give the U.S. an opportunity to potentially export more cattle in the weeks ahead, but as with all things, time will tell. The cash cattle market has yet to be tested as packers have yet to offer up bids. Asking prices in the South are noted at $121 and bids in the North are not established yet. Boxed beef prices are higher: choice up $3.30 ($322.92) and select up $2.72 ($299.61) with a movement of 50 loads (17.44 loads of choice, 12.74 loads of select, 13.10 loads of trim and 6.92 loads of ground beef). FEEDER CATTLE The feeder cattle contracts are trading fully lower as the corn market finds stability. May feeders are down $0.82 at $137.10, August feeders are down $0.90 at $151.85 and September feeders are down $0.80 at $153.42. Even though it was utterly refreshing to see the corn market come below $7.00 last week, the feeder cattle contracts are still going to have to keep extremely close tabs on corn prices as cost of gains continue to be a limiting factor for buying calves this summer and potentially the upcoming fall. LEAN HOGS The cash hog market continues to drive itself lower as Canadian hogs continue to work their way into the U.S. markets and ultimately give packers more supplies to choose from. But even with the deterioration in the cash hog market, the steadily higher trade in the pork cutout value is seen as a positive sign and traders are willing to move the market higher heading into Tuesday's afternoon. June lean hogs are up $0.87 at $109.52, July lean hogs are up $1.45 at $110.37 and August lean hogs are up $1.45 at $106.77. With prices still volatile and subject to drastic swings, it's essential that we carefully watch the day's estimated slaughter and continue to track the pork cutout value closely. The projected lean hog index for May 17 is up $0.36 at $111.75 and the actual index for May 14 is up $0.46 at $111.39. Hog prices are lower on the National Direct Morning Hog Report, down $4.41 with a weighted average of $103.23, ranging from $101.68 to $113.00 on 2,624 head and a five-day rolling average of $108.62. Pork cutouts total 224.08 loads with 205.32 loads of pork cuts and 18.76 loads of trim. Pork cutout values: up $1.70, $118.27. ShayLe Stewart can be reached shayle.stewart@dtn.com (c) Copyright 2021 DTN, LLC. All rights reserved.
DTN Closing Grain Comments 05/18 13:47
DTN Closing Grain Comments 05/18 13:47 China Comes Calling Again for New Crop Corn China again showed up in the Foreign Agricultural Service' Tuesday morning flash sales with another 1.360 million metric tons (mmt) of U.S. corn bought, raising the total in the past two weeks to 321.2 mb of new crop corn. Soybeans soared early on the heels of more new contract highs in both palm oil and soybean oil markets, but sold off late as crude oil and bean oil reversed early gains to close lower. Dana Mantini Senior Market Analyst GENERAL COMMENTS: July corn closed up 5 3/4 cents per bushel, December corn finished 6 cents higher, July soybeans finished down 13 1/4 cents, and November was up 2 1/2 cents. July KC wheat was down 4 1/2 cents, July Chicago wheat closed down 1 3/4 cents and July Minneapolis wheat settled down 1 1/2 cents. The June U.S. Dollar Index is trading down 0.397 at 89.745. The Dow Jones Industrial Average is down 86.53 points at 34,241.26. June gold is up $1.70 at $1,869.30, July silver is up $0.10 at $28.37 and July copper is up $0.0235 at $4.7350. June crude oil is down $0.82 at $65.45, June heating oil is down $0.0050, June RBOB is down $0.0025 and June natural gas is down $0.095.
DTN Chart Technical Points 05/18 16:30
DTN Chart Technical Points 05/18 16:30 DTN FUTURES 10 5/18/21 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 698.00 701.63 724.83 726.88 670.04 41.93 48.43 53.68 17 17 47 64 CBTWT SEP 699.00 701.56 724.61 726.33 670.34 42.14 48.75 54.05 18 17 47 64 KC WT JUL 647.75 653.88 687.08 693.53 634.29 35.84 43.80 50.33 8 8 37 59 KC WT SEP 653.50 659.31 691.75 698.04 639.76 35.87 43.88 50.46 9 8 36 59 MN WT JUL 714.00 727.75 754.25 753.29 688.41 38.08 46.22 53.52 15 18 48 64 MN WT SEP 720.75 733.75 759.50 758.47 694.47 38.47 46.54 53.80 16 18 48 65 CORN JUL 658.25 657.31 692.11 679.10 604.64 45.88 52.38 58.73 16 10 57 75 CORN SEP 571.00 570.88 607.69 599.51 544.16 41.47 48.01 55.18 14 9 39 63 CORN DEC 543.25 545.38 584.11 574.61 523.86 39.79 46.47 53.98 10 7 32 58 OATS JUL 356.50 364.19 388.50 398.50 384.21 18.64 28.21 41.71 5 6 6 35 OATS SEP 355.00 360.31 378.75 381.63 364.75 25.31 35.33 47.73 7 7 21 52 BEANS JUL1574.251583.001592.891559.191470.74 55.87 59.96 61.74 11 23 70 82 BEANS AUG1521.251524.131533.831502.291423.12 57.88 61.09 62.25 19 27 70 82 BEANS SEP1438.501440.691454.031419.921343.31 57.48 61.03 62.84 27 33 70 82 S MEAL JUL 410.80 416.40 430.31 427.16 415.22 36.03 42.09 47.60 2 10 32 62 S MEAL AUG 408.40 412.47 425.07 422.04 410.37 37.33 43.30 48.80 2 10 32 62 B OIL JUL 68.67 67.75 66.10 63.83 56.97 80.60 78.24 73.59 81 80 92 91 B OIL AUG 64.88 64.09 62.67 59.90 54.12 81.86 78.47 72.93 81 81 93 91 CATTLE JUN 116.75 115.75 116.66 116.03 119.06 50.51 47.97 47.52 23 27 51 52 CATTLE AUG 119.73 119.09 119.82 118.65 119.81 52.73 51.81 51.63 19 27 55 65 FEEDER MAY 137.20 137.53 135.54 134.97 142.45 52.99 47.17 44.64 65 74 56 42 FEEDER AUG 151.93 151.58 149.12 148.50 153.71 58.79 53.22 49.93 70 73 69 51 HOGS JUN 110.65 109.53 111.19 110.34 106.81 53.30 55.36 58.76 25 17 62 71 HOGS JUL 111.50 109.89 111.53 110.15 106.03 57.75 58.95 61.22 33 20 68 76 COTTON JUL 84.01 83.44 86.49 87.47 85.15 40.75 44.00 47.90 11 8 15 41 COTTON OCT 83.86 82.91 85.47 86.23 83.59 43.74 46.52 50.22 17 7 19 44 RICE JUL 13.35 13.52 13.90 13.83 13.55 34.59 41.09 47.23 2 3 34 54 RICE SEP 13.55 13.64 13.86 13.77 13.34 39.65 47.83 55.77 15 18 52 69
DTN Cattle Close/Trends 05/18 15:50
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 05/18/21
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 3,704 WEEK TO DATE: 5,185
STEERS LIVE FOB
1,472 119.00-120.00 119.00-120.00 119.63
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
1,825 119.00-120.00 119.00-120.00 119.30
HEIFERS LIVE DELIVERED
No reportable trade
NEBRASKA CONFIRMED CASH SALES - TODAY: 3,440 WEEK TO DATE: 3,760
STEERS DRESSED DELIVERED
362 191.00-191.00 191.00-191.00 191.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable dressed trade
HEIFERS LIVE DELIVERED
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 3,503 WEEK TO DATE: 5,163
STEERS LIVE FOB
1,717 119.00-120.00 119.00-120.00 119.79
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
895 119.00-120.00 119.00-120.00 119.46
HEIFERS LIVE DELIVERED
No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: 313 WEEK TO DATE: 313
STEERS LIVE FOB
189 120.00-120.00 120.00-120.00 120.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
124 120.00-120.00 120.00-120.00 120.00
HEIFERS LIVE DELIVERED
No reportable trade
IOWA CONFIRMED CASH SALES - TODAY: 1,886 WEEK TO DATE: 2,303
STEERS DRESSED DELIVERED
486 191.00-191.00 191.00-191.00 191.00
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
40 190.00-190.00 190.00-190.00 190.00
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: A light trade developed in most areas this afternoon, with
Southern live deals marked at $119 to mostly $120, steady to $1 higher than
last week's weighted averages. Northern dressed business was at $190 to
mostly $191, fully steady with last week's weighted average basis Nebraska.
5-AREA LV STR AVG(FOB)PR&WT: $119.58(1417) HIDE&OFFAL: $12.05 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD
LIVE BASED $176.15 $158.62 57,023
BOX BASED $311.34 $287.05 38,276
AVE INDEX $243.74 +1.82 $222.84 +1.05 95,299
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$323.34 +3.72 $299.05 +2.16
51.03 LDS CH CUTS / 22.61 LDS SEL CUTS / 28.42 LDS TRIM / 11.82 LDS GROUND
BOXED BEEF TREND: Not available due to changes on USDA reports
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 05/14 $300.61 +11.16
CUTTER 90% 350# UP C/O: $207.74 +0.73
NAT'L BONELESS BF TRIM: 35.65 lds / Shrply lr on lt dem & hvy offers
90% TRIM: 00 lds: Wtd Avg $No Test/ Mostly sharply higher
FI KILL(WTD) TUE 120(235) WK AGO 118(230) YR AGO 105(203) MIX: MON SH92/CB23
WEEKLY CANADIAN CATTLE IMPORTS.
FEEDERS SLAUGHTER S&H
Week Ending: 05/01/21 2,785 10,153
Week Ending: 04/24/21 3,046 8,761
Change from prev week: -261 +1,392
DTN Closing Livestock Comment 05/18 16:13
DTN Closing Livestock Comment 05/18 16:13 Live Cattle, Lean Hog Contracts Take Tuesday With Stride The revival that both the live cattle and lean hog contracts had throughout Tuesday's trade came as a breath of fresh air following their doggish demeanor throughout Monday's hours. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was a rallying day for both the live cattle and lean hog markets as both sought out higher prices following Monday's weaker close. Meanwhile, the feeder cattle complex wasn't as lucky, as the modestly higher trade in the corn market rocked the feeder cattle market's confidence and sent prices trading lower once again. Hog prices closed higher on the National Direct Afternoon Hog Report, up $0.91 with a weighted average of $111.01 on 8,329 head. July corn is up 5 3/4 cents per bushel and July soybean meal is down $4.10. The Dow Jones Industrial Average is down 267.13 points and NASDAQ is down 75.41 points.
