US Direct Feeder Pigs
DTN Early Word Grains 03/18 05:49
DTN Early Word Grains 03/18 05:49 Corn, Wheat Higher Monday Morning on Russian Drone Strikes in Odessa May corn is up 1 1/4 cents per bushel, May soybeans are down 3 1/4 cents, May KC wheat is up 5 1/4 cents, May Chicago wheat is up 7 1/4 cents and May Minneapolis wheat is up 4 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is up 1 1/4 cents per bushel, May soybeans are down 3 1/4 cents, May KC wheat is up 5 1/4 cents, May Chicago wheat is up 7 1/4 cents and May Minneapolis wheat is up 4 cents. CME GLOBEX RECAP: World equity markets are quiet but mostly higher Monday morning. Last week the U.S. market posted its second consecutive weekly lower close, although the Dow was only down 7 points, and the S&P was only down 6 points. The Federal reserve will have a meeting this week, but traders are universally anticipating that the Fed will leave rates unchanged. Chairman Powell's comments at the post meeting press conference will likely be the driver of any volatility associated with the meeting. Major economic reports this week include Housing Starts and Building Permits on Tuesday, with Jobless claims, flash PMI's, U.S. leading economic indicators and existing home sales on Thursday. The Federal reserve decision and press conference is Wednesday. In Agriculture, we will get all the normal weekly reports in addition to a cattle on feed report this Friday. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 190.89 at 38,714.77 and the S&P 500 down 33.39 at 5,117.09, The 10-Year Treasury yield ended at 4.30%. Early Monday, the June Dow Jones Futures are down 23 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.01%, spot futures of Germany's DAX is trading up 0.12% and the spot futures of France's CAC 40 Index up 0.12%. Asian markets are higher with Japan's Nikkei 225 Index up 2.67% and China's Shanghai Composite Index up 0.99%.
DTN Early Word Livestock Comments 03/18 06:18
DTN Early Word Livestock Comments 03/18 06:18 Two-Sided Trading Activity Expected Monday Most contracts in the livestock complex closed higher Friday, regaining some of the loss of Thursday. Higher cash cattle trade provided support with positioning ahead of the weekend. Hogs were supported by stronger cash and cutouts. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $229.87 +$0.70* Hogs: Higher Futures: Mixed Lean Equiv: $99.39 +$0.22** *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: Cattle traded higher for the week with Southern cattle up $1.00 and Northern dressed cattle gaining $4.00. This was impressive after higher cash the previous week. The packers have been trying to hold the line by slowing slaughter, but they have not been able to back up cattle in the country. Consumer demand continues to remain strong with boxed beef up again Friday: choice gaining $1.12 and select gaining $0.71. It will be an interesting week with feedlots likely holding for higher prices, but another week of higher cash may be difficult to obtain. Feeder cattle futures are in a downtrend and will need to find support to stabilize or reverse the trend. Feeders are still trading higher at auctions, which should help futures find support. The Commitments of Traders report showed funds increasing their long futures positions in live cattle by 3,299 contracts to a net long of 67,347 contracts. Funds sold 1,144 contracts in feeder cattle reducing their net-long positions to 9,335 futures contracts.
DTN Midday Grain Comments 03/18 10:53
DTN Midday Grain Comments 03/18 10:53 Wheat Futures Higher at Midday; Corn Mixed; Soybeans Lower Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 10 cents lower; wheat futures are 7 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 10 cents lower; wheat futures are 7 to 12 cents higher. The U.S. stock market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 9 points higher. The interest rate products are weaker. Energies have crude .95 higher and natural gas up .05. Livestock trade is firmer. Precious metals are mixed with gold up $2.50. CORN: Corn futures are narrowly mixed at midday with rangebound action continuing as early gains turned to two-sided action. Ethanol margins are expected to see little change with unleaded action likely boosting blender margins a bit. Weekly export inspections remained solid at 1.239 million metric tons (mmt). Basis looks to remain flat in the short term with colder weather slowing fieldwork. Early second crop corn should continue to progress in Brazil with planting pace still solidly ahead of average with the extended forecast looking to add some moisture toward the end of the month. On the May chart, the 20-day moving average at $4.30 is nearby support with the Upper Bollinger Band at $4.46 the next round up, which we faded from at midweek. SOYBEANS: Soybean futures are 8 to 10 cents lower at midday with early gains fading again and product action a bit softer and little fresh news so far as we struggle to consolidate past $12.00. Meal is .50 to 1.50 lower and oil was 100 to 120 points lower. South American weather should allow for Brazil harvest to head toward the homestretch with Argentina conditions remaining in good shape. Weekly export inspections were in line with seasonal norms at 686,181 metric tons (mt). Basis should remain flat domestically in the short term. May soybeans have support at the 20-day moving average at $11.66. The $12.09 Upper Bollinger band is the next level of resistance above the fresh high at $12.17 1/2 scored last week above that. WHEAT: Wheat futures are 7 to 12 cents higher at midday with trade working to rebound again after washing back to the lower end of the range last week. There was Another test of the low end of the range Monday morning after the initial strength faded. There were renewed strikes on Ukraine export infrastructure again over the weekend, but reaction so far has been muted. The Plains will see cooler temps in the short term with some moisture not expected until next week. The dollar is back to the middle of the range while MATIF wheat is solidly higher at midday as well. On the KC May chart, resistance is at the 20-day moving average at $5.77, which we are just below at midday. Support is the lower Bollinger Band at $5.55. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.
DTN Midday Livestock Comments 03/18 11:42
DTN Midday Livestock Comments 03/18 11:42 Trader Interest Sends Livestock Contracts Higher at Monday's Start Heading into Monday's afternoon, the livestock contracts are all trading higher and if consumer demand continues to shine through the market, a higher end to the day could be likely. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: The livestock complex is off to a strong start as all three of the markets trade higher into Monday's noon hour. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. May corn is up 1 cent per bushel and May soybean meal is down $0.20. The Dow Jones Industrial Average is up 142.71 points. LIVE CATTLE: The live cattle complex is trading higher as the week gets off to a positive start. It's once again supportive to see boxed beef prices higher, but packers aren't anticipated to increase processing speeds any time soon to slowly back up supplies so they don't have to continue paying more money in the cash market. April live cattle are up $0.70 at $187.95, June live cattle are up $1 at $184.57 and August live cattle are up $0.97 at $183.60. The cash cattle market won't likely trade until late in the week, and steady prices could be the market's theme as packers have been able to steadily commit more and more cattle to the deferred delivery option. Not to mention, Friday's Cattle on Feed report is expected to showcase higher placements which packers will try to use as a bearish factor for the immediate market. New showlists appear to be mixed, higher in Texas, but lower in Kansas, and Nebraska/Colorado. Last week, northern dressed cattle traded for $294 to $301, but mostly at $298, $4 higher than the previous week's weighted average. Southern live cattle traded from $181 to mostly $186, which is steady with the previous week's weighted average. Last week's negotiated cash cattle trade totaled 82,876 head. Of that, 80% (66,655 head) were committed to the nearby delivery and the remaining 20% (16,221 head) were committed to the deferred delivery. Boxed beef prices are higher: Choice up $1.43 ($313.33) and select up $1.40 ($303.80) with a movement of 43 loads (20.09 loads of choice, 9.85 loads of select, 4.56 loads of trim and 8.85 loads of ground beef). FEEDER CATTLE: The feeder cattle market is trading substantially higher as Monday's market nears the noon hour. With the market being far enough away from immediate resistance, traders have only seen a green light through Monday's trade as the live cattle complex is lending support. Don't be surprised if the market faces some pushback later this week, however, as another Cattle on Feed report will be released and higher placements are fully expected. April feeders are up $2.60 at $254.72, May feeders are up $2.60 at $258.60 and August feeders are up $1.85 at $269.22. LEAN HOGS: The lean hog market is following in the cattle complex's shadow as it trades mostly higher. Midday pork cutout values are up considerably which helps propel the market higher, but afternoon values are more crucial. Last Thursday's export report was lukewarm, so hog enthusiasts will be carefully watching for this week's export data and hoping that demand is more aggressive. April lean hogs are down $0.42 at $86.50, June lean hogs are up $0.02 at $102.50 and July lean hogs are up $0.40 at $104.90. The projected lean hog index for March 15 is up $0.20 at $82.54, and the actual lean hog index for March 14 is up $0.15 at $82.34. Hog prices are lower in the Daily Direct Morning Hog Report, down $1.82 with a weighted average price of $78.92, ranging from $76 to $80 on 730 head and a five-day rolling average of $79.61. Pork cutouts total 122.96 loads with 109.21 loads of pork cuts and 13.75 loads of trim. Pork cutout values: Up $1.76, $95.23. ShayLe Stewart can be reached at shayle.stewart@dtn.com. (c) Copyright 2024 DTN, LLC. All rights reserved.
DTN Closing Grain Comments 03/18 13:52
DTN Closing Grain Comments 03/18 13:52 Soybean Oil Leads Row Crop Prices Higher as Wheat Prices Sink Again Russia's increasing attacks on Odesa, Ukraine, caught the attention of wheat traders Monday, resulting in higher closes of all three U.S. wheats. May contracts of corn and soybeans ended lower with Argentina's crops still doing well down South. Todd Hultman DTN Lead Analyst GENERAL COMMENTS: May corn closed down 3/4 cent and December corn was unchanged. May soybeans closed down 10 1/2 cents and November soybeans were down 10 1/4 cents. May KC wheat closed up 7 1/2 cents, May Chicago wheat was up 14 1/4 cents and May Minneapolis wheat was up 4 1/4 cents.
DTN Cattle Close/Trends 03/18 15:50
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 03/18/24 VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0 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: 0 WEEK TO DATE: 0 STEERS DRESSED DELIVERED No reportable trade STEERS DRESSED FOB No reportable trade HEIFERS DRESSED DELIVERED No reportable trade HEIFERS DRESSED FOB No reportable trade TEXAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0 STEERS LIVE FOB No reportable trade STEERS LIVE DELIVERED No reportable trade HEIFERS LIVE FOB No reportable trade 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: 38 WEEK TO DATE: 38 STEERS DRESSED DELIVERED No reportable trade STEERS DRESSED FOB No reportable trade HEIFERS DRESSED DELIVERED No reportable trade HEIFERS DRESSED FOB No reportable trade COMMENTS: A very typical Monday with the cash trade at a virtual standstill. Bids and asking prices were not established today, significant trade volume will likely be delayed until the second half of the week. 5-AREA LV STR AVG(FOB)PR&WT: $187.11(1491) HIDE&OFFAL: $11.80 unchg CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD SUPPLY (Live) $282.87 $270.22 68,984 DEMAND (Box) $301.33 $291.05 37,425 INDEX VALUE $292.10 +0.85 $280.64 +0.75 106,409 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) $313.33 +1.43 $303.05 +0.65 69.55 LDS CH CUTS / 10.54 LDS SEL CUTS / 0.00 LDS TRIM / 7.95 LDS GROUND DAILY CHOICE/SELECT SPREAD $10.28 TOTAL LOAD COUNT 114 COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/15 $308.78 +4.93 CUTTER 90% 350# UP C/O: $255.70 -0.10 NAT'L BONELESS BF TRIM: 33.84 lds / Shrply lr on lt dem & mod offers 90% TRIM: 08 lds: Wtd Avg: $330.04 / Weak to lower FI KILL(WTD) MON 120(120) WK AGO 111(111) YR AGO 125(125) Previous Day Breakdown: FRI SH89/CB24 SAT SH13/CB2 WEEKLY CANADIAN CATTLE IMPORTS. WK ENDING FEEDERS SLAUGHTER S&H Week Ending: 03/02/24 2,676 13,656 Week Ending: 02/24/24 2,680 11,394 Change from prev week: -358 -1,880
DTN Closing Livestock Comment 03/18 15:56
DTN Closing Livestock Comment 03/18 15:56 Traders Start Week Off Strong It was a rallying day for the livestock complex with all three livestock markets able to round out Monday's close higher. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: It was an impressive start to the week as most of the livestock contracts closed higher, and once again boxed beef prices closed higher, too. No cash cattle trade developed throughout the day and trade will likely be delayed until Thursday, if not even potentially Friday. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $0.28 with a weighted average price of $79.66 on 3,425 head. May corn is down 3/4 cent per bushel and May soybean meal is down $2.80. The Dow Jones Industrial Average is up 75.66 points.
DTN Chart Technical Points 03/18 16:30
DTN Chart Technical Points 03/18 16:30 DTN FUTURES 10 3/18/24 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 MAY 542.75 536.94 537.75 553.93 581.01 43.80 41.48 41.95 31 40 21 20 CBTWT JUL 557.50 551.75 551.28 562.04 586.83 47.04 43.99 43.05 35 44 27 24 KC WT MAY 573.75 575.56 579.78 577.75 595.03 45.82 45.57 44.52 17 36 52 61 KC WT JUL 567.50 568.69 570.17 567.94 589.16 47.20 45.92 43.85 23 42 57 59 MN WT MAY 650.75 654.00 657.86 656.21 676.87 42.60 42.30 41.28 14 33 44 49 MN WT JUL 657.75 659.81 662.19 660.42 682.00 44.38 43.21 41.19 18 37 50 51 CORN MAY 436.00 436.94 437.53 430.76 441.79 51.31 48.44 43.42 28 46 79 80 CORN JUL 448.75 449.38 449.58 442.75 452.03 53.28 50.00 44.35 32 49 80 83 CORN SEP 458.00 458.06 457.44 451.32 459.00 56.01 51.92 45.58 41 56 84 84 OATS MAY 358.50 367.19 365.58 364.78 366.20 38.47 42.78 44.98 32 61 70 67 OATS JUL 357.00 361.56 358.78 358.93 362.44 44.12 45.76 45.43 33 59 66 58 BEANS MAY1187.751194.501183.531165.181191.56 57.08 52.22 44.50 51 69 80 75 BEANS JUL1202.251208.691196.141176.471201.44 59.35 53.91 45.38 55 72 82 77 BEANS AUG1199.001205.001191.471172.421194.10 60.76 55.26 46.30 60 75 84 78 S MEAL MAY 331.90 335.10 335.89 332.68 343.84 42.20 41.95 40.26 23 41 57 59 S MEAL JUL 336.30 339.35 339.53 335.92 346.84 43.86 42.99 40.61 28 47 63 63 B OIL MAY 48.70 48.77 47.49 46.28 46.77 68.18 63.12 53.18 80 86 88 73 B OIL JUL 49.27 49.30 47.97 46.73 47.08 70.13 64.85 54.29 81 86 90 76 CATTLE APR 188.58 188.18 188.01 187.61 184.28 55.87 56.88 56.56 25 36 70 73 CATTLE JUN 185.40 184.61 184.08 183.58 180.94 59.31 59.14 57.94 40 47 69 68 FEEDER MAR 251.20 249.56 249.63 250.82 245.00 56.33 57.41 57.69 50 37 45 48 FEEDER APR 255.10 253.56 254.19 255.67 249.97 52.98 54.56 56.19 30 27 41 48 HOGS APR 86.83 85.91 85.13 85.83 83.48 61.63 60.12 57.96 83 80 53 49 HOGS MAY 93.43 92.51 91.80 91.40 88.63 71.51 69.48 63.74 83 80 90 85 COTTON MAY 94.57 94.22 95.22 95.76 91.20 49.25 52.38 55.92 15 11 27 35 COTTON JUL 94.26 93.86 94.45 94.74 91.03 51.19 53.38 56.22 16 13 26 32 RICE MAY 17.77 17.86 17.86 18.18 18.30 34.35 39.17 46.47 18 34 6 6 RICE JUL 18.02 18.09 18.08 18.32 18.37 36.83 41.48 48.24 28 41 8 6