DTN Closing Grain Comments    06/19 14:16
   Soybeans, Wheat Prices Suffer More in Volatile Trading

   July corn escaped relatively unscathed, but July soybeans fell 19 1/2 cents
on a day that started with news of more U.S. tariffs against China, while
commercials and noncommercials pressured wheat prices lower with a lack of news
to attract buyers.

DTN Chart Technical Points             06/19 16:30
DTN FUTURES  10       6/19/18                                   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 477.75 492.19 509.00 516.51 509.08 30.76 37.11 44.69  14  15 16 36
CBTWT    SEP 489.50 505.44 524.03 532.61 525.54 29.13 35.65 43.72  11  12 14 34
KC WT    JUL 483.00 506.13 526.06 534.35 530.41 26.62 33.55 42.35  12  14 16 37
KC WT    SEP 499.00 521.63 541.97 551.61 548.34 26.07 33.01 41.99  12  14 14 33
MN WT    JUL 549.50 565.38 579.81 596.74 607.79 15.64 23.97 35.14  10   8  3  3
MN WT    SEP 560.50 575.81 590.89 606.11 615.26 15.56 23.86 35.14   6   5  2  3
CORN     JUL 353.75 358.50 367.64 380.04 391.29 22.46 26.73 34.94  25  21 11 11
CORN     SEP 363.25 368.06 376.94 389.24 399.65 22.96 27.29 35.44  25  21 11 11
CORN     DEC 375.50 380.00 388.69 400.47 409.46 22.90 27.36 35.76  25  21 12 12
OATS     JUL 235.00 232.94 236.58 240.08 238.64 43.23 44.66 45.99  43  33 21 27
OATS     SEP 236.00 235.38 240.11 244.38 243.27 35.11 38.97 43.21  27  23 14 20
BEANS    JUL 889.00 907.56 935.28 976.961009.28 11.01 17.57 29.04  24  12  8  3
BEANS    AUG 894.25 913.25 940.86 982.131013.05 10.82 17.52 29.06  23  11  8  3
BEANS    SEP 900.25 919.56 946.92 987.141014.06 10.31 17.22 28.99  23  12  8  3
S MEAL   JUL 334.50 338.03 346.74 360.34 374.80 11.93 19.38 33.23  22  12  7  4
S MEAL   AUG 336.30 340.00 348.51 361.70 374.44 12.35 19.70 33.38  23  12  7  4
B OIL    JUL  28.85  29.51  29.99  30.57  30.88 15.84 22.50 32.61  25  19 12  8
B OIL    AUG  28.97  29.63  30.11  30.69  31.00 15.29 22.13 32.46  25  18 12  8
CATTLE   JUN 108.53 107.88 108.34 106.86 105.76 58.06 56.62 52.67  72  50 67 72
CATTLE   AUG 106.43 104.56 104.51 103.84 103.50 62.68 58.91 53.26  85  59 71 70
FEEDER   AUG 149.63 147.56 146.78 146.34 144.68 65.72 61.49 55.62  95  71 79 74
FEEDER   SEP 149.90 148.02 147.65 146.89 145.24 65.61 61.67 55.76  91  67 84 81
HOGS     JUL  81.88  82.24  81.42  79.88  78.48 57.03 57.00 54.66  70  73 86 86
HOGS     AUG  77.72  78.50  77.82  77.35  77.32 50.55 50.95 49.93  65  72 79 73
COTTON   JUL  83.32  88.69  91.91  91.61  87.49 25.18 34.11 44.64   2  12 43 70
COTTON   OCT  84.82  89.71  91.83  91.26  85.56 29.80 39.06 49.10   3  21 57 76
RICE     JUL  12.21  12.40  11.96  11.70  12.35 55.28 52.88 49.39  80  91 84 68
RICE     SEP  10.52  10.36  10.52  10.89  11.61 36.26 33.76 35.06  23  15  6  8

DTN Closing Livestock Comment 06/19 16:31
   Cattle Futures Stage Major Recovery From Early Session Price Collapse

   The cattle complex closed solidly higher after successfully shaking off
spillover selling from outside markets. Lean hog futures settled sharply lower,
spooked by the intensification of trade war rhetoric.

By John Harrington
DTN Livestock Analyst



   GENERAL COMMENTS

   Cash cattle potential remained poorly defined Tuesday with virtually no bids
and just a few showlists priced at $115 live and $183 dressed. According to the
closing report, the national hog base is $0.34 higher ($77-$83.50, weighted
average $83.16). Although corn futures closed several cents lower, contracts
managed a major reversal from extreme selling action seen throughout most of
the grain complex. The stock market crashed in light of new tariffs announced
against China. The Dow closed 287 points lower with the Nasdaq down by 21.

DTN Early Word Opening Livestock       06/20 05:57
   Meat Futures Set for Mixed Opening at Midweek

   The cattle complex should open with uneven price action thanks to
follow-through buying on one hand and uncertain cash prospects on the other.
Lean hog futures are also expected to open on a mixed basis, pressured by
residual selling interest and constructive fundamentals.

By John Harrington
DTN Livestock Analyst



Cattle: Steady-$2 LR   Futures: Mixed   Live Equiv: $143.64  - .83*
Hogs: Steady-$1 HR     Futures: Mixed   Lean Equiv: $ 89.98  + .30**

* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Look for cattle buyers to show more buying interest Thursday, but it remains
to be seen if any of the Midwest noise will be attractive enough to trigger
significant feedlot cooperation and significant trade volume. Showlists will
probably be priced around $115 plus in the South and $183 plus in the North.
Live and feeder futures should open on a mixed basis tied to a combination of
follow-through buying and beef demand worries.

DTN Early Word Grains         06/20 06:01
   Investors Return After Bearish Tuesday

   July corn was up 1 3/4 cents, July soybeans were up 3 3/4 cents, and July
Kansas City (HRW) wheat was up 6 3/4 cents.

By Todd Hultman
DTN Analyst

6:00 a.m. CME Globex:   July corn was up 1 3/4 cents, July soybeans were up 3
3/4 cents, and July Kansas City (HRW) wheat was up 6 3/4 cents.

CME Globex Recap:   One day after news of new U.S. tariffs left most stock
markets and commodities lower, investors have returned, putting modest plus
signs back in front of Tuesday's losses.

OUTSIDE MARKETS:   Tuesday's trading saw the Dow Jones Industrial Average drop
287.26 points to 24,700.21 while the S&P 500 was down 11.16 points to 2,762.59
and the 10-year Treasury yield ended at 2.89%. Early Wednesday, DJIA futures
were up 120 points. Asian markets were higher with Japan's Nikkei 225 up 276.95
points (1.2%) and China's Shanghai Composite up 7.91 (0.3%). European markets
were also higher with London's FTSE 100 up 98.43 points (1.3%), Germany's DAX
up 47.01 points (0.4%), and France's CAC 40 down 15.68 points (0.3%). The euro
was down 0.0007 and the U.S. dollar index was up 0.10 to 95.11. June 30-year
T-Bonds were unchanged while August gold was down $3.90 to $1,274.70 and August
crude oil was up $0.38 at $65.28. Soybeans on China's Dalian Exchange were
steady to lower and Malaysian palm oil futures were down 0.1%.

DTN Midday Grain Comments     06/20 11:33

   Grains Trending Lower at Midday

   Early gains fade to broadly lower trade at midday.  

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are mixed with the Dow down 55 lower. The 
interest rate products are firmer. The dollar index is 20 points lower. 
Energies are mixed with crude up $1.00. Livestock trade is mostly lower. 
Precious metals are lower with gold down $2.70.

   CORN

   Corn trade is 3 to 5 cents lower at midday with failing to hold early gains 
as soybeans sink again. Harvest should continue to expand in the double-crop 
areas of Brazil with open weather continuing, while Black Sea area corn remains 
mostly dry. U.S. weather looks to remain wet in the near term, with heat still 
showing in the extended forecast. The weekly ethanol report showed production 
up 11,000 barrels, with stocks down 527,000 barrels, with ethanol futures 
edging higher, and with blender margins remaining strong. Basis has been flat 
to firmer in recent days with the lower board. On the July chart we remain 
below the 10-day, at $3.66 which is now nearby resistance and then the 200-day 
at $3.82. Nearby support is the $3.38 3/4 fresh low from yesterday. 

   SOYBEANS

   Soybean trade is 6 to 9 cents lower at midday with initial strength fading 
again during the day session as trade concerns remain in place. Meal is $4.50 
to $5.50 lower and oil is 45 to 55 points higher. Bean basis has remained 
steady to firmer, with trade likely to remain quiet in the near term as old 
crop exports remain slow with Brazilian values remaining strong on the 
anticipation of future business. Widespread rains should boost near term 
growth. Brazil continues to struggle with the logistical issues compounded by 
the trucker strikes with a large shipping line up. On the July chart, trade has 
support at the fresh low at 8.41, and resistance the 10-day at $9.30.

   WHEAT

   Wheat trade is flat to 4 cents lower with harvest pausing for rains, while 
weather concerns build in Russia with the initial overnight strength failing to 
hold again. Wet weather for Kansas should slow harvest in the next week or so, 
with good overall progress so far, and heat returning next week to finish 
harvest. Spring wheat should see good progress with Canada remaining drier. 
Australia should see some improvement but overall remains mixed. Russian winter 
wheat is likely to remain on the dry side, with the spring wheat cool and wet 
with growing concerns there. HRW basis has remains solid ahead of the 
anticipated harvest protein improvement and board weakness. On the July Kansas 
City is back below all the major moving averages with the 200-day at $4.96 the 
closest to the market, and $4.71 becoming support as the fresh low.

   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 2018 DTN/The Progressive Farmer. All rights reserved.

DTN Midday Livestock Comments          06/20 11:48

   August Hog Contracts This Limit Losses   

   Widespread pressure is quickly redeveloping across lean hog trade as August 
futures are locked in limit losses of $3 per cwt. This pressure is not 
affecting the cattle complex with prices mixed in a narrow range. 

By Rick Kment
DTN Analyst

GENERAL COMMENTS: 

   Limit lower lean hog futures has continued to add pressure to the entire hog 
market. The combination of weaker futures and lower cash markets is leaving the 
market unsupported. Cattle trade is mixed with nearby gains being offset by 
light to moderate deferred pressure. Corn prices are lower in light trade 
Tuesday. July corn futures are 2 cents lower. Stock markets are mixed in light 
trade. The Dow Jones is 4 points lower while Nasdaq is up 70 points.

   LIVE CATTLE:

   Cattle futures have bounced higher an lower through the morning with very 
limited long-term direction seen across the complex. Nearby contracts are 
holding gains of 20 to 60 cents per cwt, with increased movement developing in 
the entire complex. Prices have shifted higher and lower in a wide range 
through most of the morning with very little long-term direction developing at 
this point. The lack of support in beef values seems to have very little 
indication as to just how much additional movement will develop in the next 
couple weeks. There could be some market shifts developing as deferred 
contracts continue to hold an aggressive premium to the current spot month 
contract. Cash cattle trade is still quiet with bids slowly increasing through 
the morning. Bids are seen at $108 live and $173 to $175 dressed, but this is 
still well below asking prices of $115 live and $183 dressed. It is expected 
that trade will not be seen until later in the week with Friday trade very 
likely. The Fed Cattle Exchange Auction today listed a total of 2,125 head, 
with 1,469 actually sold, with a weighted average of $110.00, 495 head listed 
as unsold, and 161 head listed as PO (Passed Offer). The only states with 
cattle on the list were Kansas and Nebraska, the breakdown looks like this: KS 
656 total head, with zero head sold, 495 head unsold, 161 head listed as PO 
($112.00); NE 1,469 total head, with 1,469 head sold at $110.00, zero head 
unsold, and zero head listed as PO. All cattle listed are for 1-9 day delivery. 
Boxed Beef cut-outs at midday are lower, $1.39 lower (select) and down $0.30 
per cwt (choice) with light movement of 92 total loads reported (47 loads of 
choice cuts, 20 loads of select cuts, 13 loads of trimmings, 11 loads of ground 
beef). 

   FEEDER CATTLE:

   Feeder cattle futures are mixed in a very narrow trading range at midday 
Wednesday. The limited direction seen at the end of the morning seems to be 
somewhat confusing given that prices have bounced higher and lower in a 
moderate to wide range over the last few hours of trade. Currently all 
contracts are hovering within a 20 to 30 cent range with August futures holding 
22 cent losses, while deferred contracts are as much as 7 cents per cwt higher. 
This lack of movement seems to focus on the lack of direction in outside 
markets despite aggressive pressure seen in hog trade.  

   LEAN HOGS:

   Limit Daily trading ranges have been hit in August contracts with a $3 per 
cwt loss seen through the morning. This is creating widespread pressure through 
the entire complex with traders looking for increased overall movement across 
the complex and additional uncertainty in many other contracts. The follow 
through pressure after prices tumbled to triple digit losses Tuesday has 
further weakened overall market activity in all contracts. Cash prices are 
lower on the National Direct morning cash hog report. The weighted average 
price is down $0.67 at $82.46 per cwt with the range from $76.00 to $83.50 on 
3,520 head reported sold. Cash prices are lower on the Iowa/Minnesota Direct 
morning cash hog report. The weighted average price is down $1.15 at $82.20 per 
cwt with the range from $76.00 to $83.50 on 1,080 head reported sold. The 
National Pork Plant Report posted 154 loads selling with carcass values gaining 
$0.16 per cwt. Lean hog index for 6/18 is at $84.05 up 1.19 with a projected 
two-day index of $85.14, up 1.09.

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


(SK)

Copyright 2018 DTN/The Progressive Farmer. All rights reserved.

DTN CATTLE PRICES/TRENDS               06/20 11:30

      HEAD SOLD LIVE  STEERS  DRESSED        LIVE  HEIFERS DRESSED 
KANSAS     .   *108.00(BID)   .             *108.00(BID)   .    
NEBRASKA   .   *108.00(BID)  *173-175(BID)  *108.00(BID)  *173-175(BID)
TEXAS      .    .             .              .             .             
COLORADO   .    .             .              .             . 
IOWA       .   *108.00(BID)  *175.00(BID)   *108.00(BID)  *175.00(BID) 
                               *PRIVATE SOURCES     
    
DTN COMMENTS:  A few scattered bids have been noted at midday, and we expect 
packer inquiry will continue to improve as the day progresses. Having said 
that, significant trade volume may be delayed until sometime Thursday or 
Friday. Asking prices are around 115.00 in the South, and 183.00 plus in the 
North. 

Beef cutouts are lower at midday, especially on select product (choice 
219.40 -0.30, select 200.91 -1.39), with light to moderate box movement 
(47.13 lds of choice cuts, 20.49 lds of select cuts, 13.34 lds of trim, and 
10.98 lds of ground). Cattle futures are mixed at midday with nearby live 
contracts better supported than their deferred counterparts. 

The Fed Cattle Exchange Auction today listed a total of 2,125 head, with 1,469 
actually sold, with a weighted average of $110.00, 495 head listed as unsold, 
and 161 head listed as PO (Passed Offer). The only states with cattle on the 
list were Kansas and Nebraska, the breakdown looks like this: KS 656 total 
head, with 0 head sold, 495 head unsold, 161 head listed as PO ($112.00); NE 
1,469 total head, with 1,469 head sold at $110.00, 0 head unsold, and 0 head 
listed as PO. All cattle listed are for 1-9 day delivery.

DAILY DIRECT SLAUGHTER CATTLE-NEGOTIATED PURCHASES-SUMMARY
**Summary includes trade from 1:30 PM the previous day through 9:30 AM today.**

KANSAS   CONFIRMED CASH SALES:        0  WEEK TO DATE:         0
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


NEBRASKA CONFIRMED CASH SALES:      160  WEEK TO DATE:     1,836
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


TEXAS    CONFIRMED CASH SALES:        0  WEEK TO DATE:         0
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


COLORADO CONFIRMED CASH SALES:        0  WEEK TO DATE:         0
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
No reportable trade                   No reportable trade
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade


IOWA     CONFIRMED CASH SALES:      977  WEEK TO DATE:     1,163
STEERS - LIVE - FOB                   STEERS - DRESSED - DELIVERED
108.00   80+    108.00-108.00    584  173.00   80+    173.00-173.00     35
                                      178.00   65-80  178.00-178.00    160

108.00   TOTAL  108.00-108.00    584  177.10   TOTAL  173.00-178.00    195
STEERS - LIVE - DELIVERED             STEERS - DRESSED - FOB
No reportable trade                   No reportable trade
HEIFERS - LIVE - FOB                  HEIFERS - DRESSED - DELIVERED
109.00   80+    109.00-109.00     42  174.00   80+    174.00-174.00     42
108.00   65-80  108.00-108.00     84

108.33   TOTAL  108.00-109.00    126  174.00   TOTAL  174.00-174.00     42
HEIFERS - LIVE - DELIVERED            HEIFERS - DRESSED - FOB
No reportable trade                   No reportable trade

NOTE:  Feedlots are encouraged to call DTN with any cattle sales, at
1-800-369-7675, 1-402-399-6402, or 1-402-462-8897. All 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.