DTN Early Word Grains         12/11 05:51
   Grain Markets Mixed with Corn, Wheat Higher on USDA Report Follow-Through

   March corn is up 3/4 cent per bushel, January soybeans are down 3 cents,
March KC wheat is up 1 1/2 cents, March Chicago wheat is up 1 1/2 cents and
March Minneapolis wheat is up 1/2 cent.

Kent Beadle, DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: March corn is up 3/4 cent per bushel,
January soybeans are down 3 cents, March KC wheat is up 1 1/2 cents, March
Chicago wheat is up 1 1/2 cents and March Minneapolis wheat is up 1/2 cent.

   CME GLOBEX RECAP: World equity markets are mixed Wednesday morning, with
Asia continuing to rally on new Chinese stimulus while U.S. and European
markets falling on profit taking ahead of the important CPI report that will be
released Wednesday morning. This report and the PPI report on Thursday will be
the last major inflation indicators before the Federal reserve meets next week.
Traders will be watching these numbers closely to see if they need to adjust
their expectations for a 1/4 point rate cut by the Fed at their meeting.

   OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial
Average down 154.10 at 44,247.83 and the S&P 500 down 17.94 at 6,034.91. The
10-Year Treasury yield ended at 4.221%. Early Wednesday, the December Dow Jones
Futures are down 36 points. European markets are mixed with the spot futures of
London's FTSE 100 trading up 0.07%, spot futures of Germany's DAX is trading
down 0.09% and the spot futures of France's CAC 40 Index up 0.05%. Asian
markets are higher with Japan's Nikkei 225 Index up 0.01% and China's Shanghai
Composite Index up 0.29%.

DTN Early Word Livestock Comments      12/11 06:18
   Early Cash Cattle Trade Sets Stage for Positive Week

   Cattle futures found support and pushed higher Tuesday after a moderate
opening. Light trade developed at steady money with last week providing
confidence to traders that the rest of the week will show steady to higher
cash. Hog futures moved in the opposite direction, posting double-digit losses
even though cash hogs were higher.

Robin Schmahl
DTN Contributing Analyst

   Cattle: Higher        Futures: Mixed       Live Equiv: $224.61 -$1.13*

   Hogs: Steady        Futures: Mixed       Lean Equiv: $99.00 -$0.49**

   *Based on the formula estimating live cattle equivalent of gross packer
revenue. (The Live Cattle Equiv. The 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 futures found support Tuesday, pushing the December contract to the
highest close since March 21. The February contract closed near technical
resistance, which may cap the strength in the near term as we move through the
holiday period. However, fundamentals remain positive for demand and the
potential for tighter feedlot supplies early next year. The boost in buying
stemmed from some light cash cattle trade in Kansas at steady money with last
week. It is unusual to see cash trade this early in the week and it gives the
impression that Packers might be short-bought and want to purchase ahead to
prepare for the Christmas and New Year holiday weeks. Packers continue to hold
back on slaughter, but it does not seem to have much impact on the market.
Cattle weights are high but are not overwhelming the market and are, in fact,
positive and provide sufficient beef for demand with tighter cattle supplies.
Boxed beef prices were mixed with choice down $2.41 and select up $0.31. Feeder
cattle futures remained in step with live cattle, posting similar gains.

DTN Midday Grain Comments     12/11 10:52

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 2 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 2 to 5 cents higher. The U.S. stock 
market is firmer at midday with the S&P 50 points higher. The U.S. Dollar Index 
is 30 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.10 with natural gas .20 higher. Livestock trade is 
mostly higher with cattle leading. Precious metals are mixed with gold up 34.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade at multi-week 
highs as we work to consolidate post-report gains. On the report, carryout came 
in 200 million bushels (mb) below last month at 1.738 billion bushels (bb) on 
export strength, with world stocks falling by 7.7 million metric tons (mmt) to 
296.4 mmt. The weekly ethanol report showed production 5,000 barrels per day 
(bpd) higher and stocks 400,000 barrels lower. Colder temps toward the weekend 
may slow remaining fall fieldwork but the warmer second week should allow for 
further progress. Weekly export sales are expected to be in the 400,000 to 
700,000 metric ton (mt) range. Basis action is showing some softness with the 
board strength. On the March chart the 20-day moving average at $4.36 is 
support, which we closed solidly above Friday, with the Upper Bollinger Band at 
$4.48 as resistance, which we are just above at midday.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with trade edging higher 
after early weakness as the market looks to move past nearby resistance with 
oil leading the product complex Wednesday. Meal is narrowly mixed and oil is 40 
to 50 points higher. On the WASDE report, domestic carryout came in at 470 mb, 
unchanged from last month, with world stocks edging higher by 200,000 mt to 
131.9 mmt. South America looks to see the recent pattern continue with 
near-term concerns remaining limited. Weekly export sales are expected to be in 
the 1.25 mmt to 1.50 mmt range. Basis is expected to remain flat to firmer in 
the short term. On the January chart, trade has resistance at the 20-day moving 
average at $9.91, which we are above at midday, with the Lower Bollinger Band 
at $9.75 as support.

WHEAT:

   Wheat futures are 2 to 5 cents higher at midday with Chicago action leading 
as trade works to consolidate further through nearby resistance after a mildly 
supportive report and positive row-crop spillover. The Plains will cool a bit 
in the short term with further moisture limited as well. On the WASDE report, 
domestic carryout fell 20 mb to 795 mb with world stocks 100,000 mt higher to 
257.9 mmt. Black Sea conditions should remain supportive into early winter. 
MATIF wheat is a bit firmer Wednesday but holding recent gains. Weekly export 
sales are expected to be in the 200,000 to 350,000 mt range. On the KC March 
chart, support is the 20-day moving average at $5.56 after pushing through it 
to start the week with the Upper Bollinger Band at $5.76 the next level of 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




(c) Copyright 2024 DTN, LLC. All rights reserved.

DTN Midday Livestock Comments          12/11 11:48

   Traders Push the Cattle Contracts to Long Term Resistance Points

   Although the market saw some light cash cattle trade in the South on 
Tuesday, no new trade has been reported at this point. 


ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   The livestock complex is again trading mixed into Wednesday's noon hour as 
the cattle contracts are rallying, but the hog complex is again trading lower 
as consumer demand isn't coming to fruition. No new cash cattle trade has been 
noted at this point. March corn is up 1 1/2 cents per bushel and January 
soybean meal is down $0.60. The Dow Jones Industrial Average is up 6.23 points.

LIVE CATTLE:

   It's been an eye-opening morning for the live cattle complex as traders have 
pushed the nearby contracts to resistance levels and showing their support of 
the market's desire to continue to grind higher. With the support of the cash 
cattle market mixed with the industry's impeccable beef demand -- traders 
haven't shown market nervousness throughout the day as they continue to advance 
the futures complex. December live cattle are up $0.77 at $190.62, February 
live cattle are up $0.80 at $189.85 and April live cattle are up $0.75 at 
$191.40. Following Tuesday's thin trade in the Southern Plains, no new cash 
cattle trade has been reported throughout Wednesday's market. So far this week, 
Southern live cattle have been marked at $191 which is steady to $1.00 higher 
than last week's weighted average. Asking prices for Southern cattle remain 
firm at $192 plus, but are still not known in the North.

   Boxed beef prices are mixed: choice up $0.21 ($311.94) and select down $0.64 
($279.01) with a movement of 62 loads (41.82 loads of choice, 19.01 loads of 
select, zero loads of trim and 1.63 loads of ground beef).

FEEDER CATTLE:

   It's been another energetic day for the feeder cattle complex as the 
contracts are nearing resistance thresholds in many of the nearby contracts. It 
will be a "nail-biter" of an afternoon as traders rack their brains and look 
over the market's overall position as they try to determine if moving beyond 
resistance is a sound strategic move. From a fundamental standpoint, traders 
nearly have all the support they could ever want. Fed cash cattle prices are 
strong and buyer demand for calves and feeders is utterly incredible. The hang 
up in this market seems to be trader buy-in as it's somewhat unnerving to think 
that the market needs to go higher when prices are already trading at 
historical levels. But hey -- what's bull market without a little disbelief 
that prices could continue to trade even higher? January feeders are up $0.80 
at $258.12, March feeders are up $1.17 at $258.62 and April feeders are up 
$0.87 at $259.22.

LEAN HOGS:

   The lean hog complex is continuing to trade lower as unfortunately the 
market hasn't found enough consumer support to justify turning the market's 
direction. February lean hogs are down $0.20 at $84.35, April lean hogs are 
down $0.60 at $88.30 and June lean hogs are down $0.80 at $99.35. Across the 
board pork cutout prices are mixed, but the morning's $4.37 decline in the 
belly mixed with the $2.46 drop in the ham have pulled the carcass prices 
lower. 

   The projected lean hog index for 12/10/2024 is up $0.29 at $83.61, and the 
actual index for 12/9/2024 is down $0.13 at $83.33. Hog prices are higher on 
the Daily Direct Morning Hog Report, up $1.85 with a weighted average price of 
$82.43, ranging from $76.00 to $84.00 on 1,904 head and a five-day rolling 
average of $81.50. Pork cutouts total 158.75 loads with 137.38 loads of pork 
cuts and 21.37 loads of trim. Pork cutout values: down $0.65, $92.49.

   ShayLe Stewart can be reached shayle.stewart@dtn.com




(c) Copyright 2024 DTN, LLC. All rights reserved.

DTN Closing Grain Comments    12/11 13:45
   Ag Commodities Fade Late in Wednesday Session Against Technical Pressure

   Ag commodities for the most part Wednesday were unchanged to slightly higher
on the heels of Tuesday's supportive estimates from USDA. However, price
strength waned late in the session as contracts approached chart resistance to
the upside. Prices have become somewhat overbought now in the short term, and
technical pressure worked to limit gains Wednesday as traders work to sort out
fair market value for grains given the refreshed fundamental outlook provided
by the government Tuesday. Outside market influence also leaned somewhat
negative Wednesday with a stronger U.S. Dollar Index following the U.S.
Consumer Price Index data coming in slightly above last month but within
expectations in a show of lingering inflation, but probably not enough at this
point to deter the Fed from an additional rate cut next week.

Rhett Montgomery
DTN Lead Analyst

GENERAL COMMENTS:

   March corn closed down 3/4 cents and May corn was up 1/4 cents. January
soybeans closed up 3/4 cents and March soybeans were up 2 1/2 cents. March KC
wheat closed up 1 1/2 cents, March Chicago wheat was up 1 1/2 cents and March
Minneapolis wheat was down 0 cents.

DTN Closing Livestock Comment 12/11 15:44
   Northern Cattle Trade for $300 -- $3.00 Higher Than Last Week

   It was an amazing day for the cattle complex as traders poured plenty of
support into the marketplace and Northern cash cattle traded $3.00 higher.

ShayLe Stewart
DTN Livestock Analyst

GENERAL COMMENTS:

   It was an incredible day for both the live cattle and feeder cattle markets
as traders showed the contracts ample support, and helped drive the markets
substantially higher. Some Northern trade was noted in Nebraska at $300 which
is $3.00 higher than last week's weighted average. March corn is down 3/4 cent
per bushel and January soybean meal is down $0.90. The Dow Jones Industrial
Average is down 99.27 points.

DTN Chart Technical Points             12/11 16:30
DTN FUTURES  10       12/11/24                                  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    DEC 543.50 542.31 540.06 541.81 560.71 49.13 45.57 44.22  51  63 34 26
CBTWT    MAR 563.25 560.25 554.47 558.14 578.86 55.33 48.19 44.59  79  81 41 26
KC WT    DEC 550.75 544.88 534.72 542.26 562.64 58.71 51.55 46.40  81  87 46 27
KC WT    MAR 567.25 561.38 551.50 556.56 576.92 61.79 53.11 46.70  90  90 53 31
MN WT    DEC 582.25 575.38 570.67 576.17 598.07 54.99 49.28 45.35  82  64 31 19
MN WT    MAR 607.00 603.19 596.69 598.40 618.28 58.16 50.87 45.78  89  89 48 28
CORN     DEC 438.00 435.81 429.17 427.00 420.75 67.41 63.43 57.32  89  92 83 65
CORN     MAR 448.25 444.75 437.97 436.39 432.97 71.27 64.93 56.89  92  94 75 50
CORN     MAY 455.50 450.94 444.06 443.01 440.26 72.72 65.67 56.93  94  94 72 45
OATS     DEC 334.75 333.69 341.67 344.86 364.56 38.83 39.64 43.14   5   6  7 18
OATS     MAR 357.50 356.19 363.94 365.46 373.24 42.42 43.80 46.80  13  13 20 35
BEANS    JAN 995.50 993.50 990.89 990.81 998.74 53.12 49.79 46.53  55  59 30 23
BEANS    MAR1002.75 999.44 996.75 998.281009.46 52.92 48.98 45.73  58  59 26 20
BEANS    MAY1013.001009.001007.611010.391023.02 51.28 47.62 44.96  54  52 22 17
S MEAL   DEC 288.00 286.68 286.51 288.09 298.70 47.45 43.58 41.33  77  60 23 17
S MEAL   JAN 291.10 290.02 290.37 291.19 300.05 47.31 44.18 41.76  65  52 26 21
B OIL    DEC  42.26  42.56  42.05  42.55  43.63 46.27 46.22 48.08  71  81 24 18
B OIL    JAN  42.44  42.73  42.22  42.69  43.67 46.59 46.50 48.26  64  71 25 19
CATTLE   DEC 192.25 189.32 188.51 187.24 186.77 77.98 71.61 62.74  85  57 86 84
CATTLE   FEB 191.38 188.40 188.21 187.81 187.61 70.22 65.43 59.54  75  43 59 57
FEEDER   JAN 259.05 257.00 257.28 255.37 248.68 67.39 66.59 62.53  52  32 77 78
FEEDER   MAR 259.38 256.68 256.38 254.32 247.35 71.11 69.19 63.73  74  46 81 79
HOGS     DEC  83.50  83.16  82.90  81.98  80.80 62.33 60.31 58.94  68  59 82 77
HOGS     FEB  84.38  85.69  86.40  85.75  84.37 39.88 45.85 52.60  21  29 49 60
COTTON   MAR  70.15  69.92  70.75  70.59  71.96 40.66 41.49 44.27  19  14 37 45
COTTON   MAY  71.27  71.13  71.95  71.78  73.30 38.40 39.67 43.28  18  14 35 43
RICE     JAN  15.04  15.08  15.16  15.13  15.01 45.70 48.66 48.82  30  35 69 78
RICE     MAR  15.14  15.18  15.27  15.25  15.19 44.16 47.05 47.72  18  17 64 75

           USDA MARKET NEWS--AFTERNOON CATTLE REPORT    12/11/24

          VOLUME    USDA TOTAL RANGE   DTN PRACTICAL RANGE  WT AVG

KANSAS    CONFIRMED CASH SALES - TODAY:      70  WEEK TO DATE:    6,006
    STEERS LIVE FOB
          No reportable trade
    STEERS LIVE DELIVERED
          No reportable trade
    HEIFERS LIVE FOB
          70          193.00-191.00       193.00-191.00       193.00
    HEIFERS LIVE DELIVERED
          No reportable trade

NEBRASKA  CONFIRMED CASH SALES - TODAY:   2,165  WEEK TO DATE:    2,230
    STEERS DRESSED DELIVERED
          385         298.00-300.00       298.00-300.00       299.37
    STEERS DRESSED FOB
          No reportable trade
    HEIFERS DRESSED DELIVERED
          No reportable trade
    HEIFERS DRESSED FOB
          No reportable trade

TEXAS     CONFIRMED CASH SALES - TODAY:     263  WEEK TO DATE:    1,027
    STEERS LIVE FOB
          107         192.00-192.00       192.00-192.00       192.00
    STEERS LIVE DELIVERED
          No reportable trade
    HEIFERS LIVE FOB
          156         192.00-192.00       192.00-192.00       192.00
    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:   1,717  WEEK TO DATE:    1,999
    STEERS DRESSED DELIVERED
          No reportable dressed trade
    STEERS DRESSED FOB
          No reportable trade
    HEIFERS DRESSED DELIVERED
          No reportable dressed trade
    HEIFERS DRESSED FOB
          No reportable trade

COMMENTS: A light trade was reported in parts of the North today with 
dressed deals marked at $300, $3 higher than last week's weighted average, 
basis Nebraska. Most other area remained rather quiet.

5-AREA LV STR AVG(NEG)PR&WT: $190.81(1425) HIDE&OFFAL: $11.42 -0.02
CARCASS EQV INDEX    CHOICE (600-900#)      SELECT (600-900#)   HEAD
    SUPPLY (Live)      $287.25                $255.16          64,859
    DEMAND (Box)       $299.23                $266.11          42,381
    INDEX VALUE        $293.24  -0.18         $260.64  -0.70  107,240
BEEF CUTOUTS     CHOICE (600-900#)      SELECT (600-900#)
                       $311.23  -0.50         $278.11  -1.54
   65.43 LDS CH CUTS / 33.94 LDS SEL CUTS / 12.43 LDS TRIM /  9.79 LDS GROUND
DAILY CHOICE/SELECT SPREAD  $33.12  TOTAL LOAD COUNT 122
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 12/06 $308.71 +6.71
 CUTTER 90%  350# UP C/O: $258.67 +3.55
 NAT'L BONELESS BF TRIM: 23.80 lds / Modly-shrply hr on mod-gd dem & mod offers
90% TRIM: 08 lds: Wtd Avg: $325.80 / Mostly sharply higher
FI KILL(WTD) WED 125(364)  WK AGO 125(367)  YR AGO 127(379)
             *PREVIOUS DAY BREAKDOWN: Tuesday  SH97 / CB23*
                 WEEKLY CANADIAN CATTLE IMPORTS.
               WK ENDING  FEEDERS  SLAUGHTER S&H
  Week Ending:  11/30/24   2,351       9,206
  Week Ending:  11/23/24   2,084      14,771
   Change from prev week:   +267      -5,565