DTN Midday Grain Comments     02/23 10:50

   Soybeans Surging Midday Tuesday

   Corn is 4 to 5 cents higher, soybeans are 34 to 36 cents higher and wheat is 
2 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market is weaker with the Dow down 50 points. The U.S. Dollar 
Index is 0.08 higher. Interest rate products are mixed. Energies are weaker 
with crude down $0.30. Livestock trade is mixed. Precious metals are weaker 
with gold down $5.50.

   CORN:

   Corn trade is 4 to 5 cents higher at midday Tuesday with trade building on 
the strong finish to Monday's trade and mixed spread action with spillover 
support from soybeans as the December contract scores new highs again. Ethanol 
production should start to recover as the country thaws further this week, with 
demand likely to rebound after a sharp contraction last week, while margins are 
supported by the energy complex. Trade will continue to look for further 
export-sale confirmations with the daily wire remaining quiet. Basis should 
remain sideways short term. Double crop planting in Brazil is well underway as 
well. On the March contract, support is the 20-day at $5.46 with the upper 
Bollinger Band at $5.62 as resistance.

   SOYBEANS:

   Soybeans is 33 to 35 cents higher at midday, with trade pushing 40 cents 
higher at times, and strong spread action and November soybeans scoring new 
highs. Meal is $6.50 to $7.50 higher and oil is 1.15 cents to 1.25 cents 
higher. Basis will likely remain flat at strong levels with slower movement as 
the export program winds down and a bigger focus is on crush margins, with 
improved weather for moving remaining soybeans. Brazil should catch rains short 
term for most with early harvest underway and behind the usual pace. Argentina 
action trending warmer and drier over the next week. November soybeans scored 
new highs along with December corn as they try to make a late acre push. The 
March chart has resistance at the fresh high at $14.25, with support the 20-day 
at $13.74.

   WHEAT:

   Wheat trade is 2 to 4 cents lower at midday with trade fading off the strong 
finish on Monday. The dollar is rebounding slightly while the U.S. thaws and 
Russia freezes. The dollar looks to be settling into a 90-91 range on the index 
and trade remains in the lower end of the range despite the rebound Tuesday 
morning. The Plains should see snow cover lift this week with sustained warmer 
weather likely to start growth, if it shows up across Kansas. KC is at 21-cent 
discount to Chicago; Minneapolis is at a 26-cent discount with steady action so 
far. KC March chart support is the 20-day at $6.29 and resistance is the upper 
Bollinger Band at $6.48.

   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          02/23 11:45

   Lean Hogs Face Some Resistance

   Lean hog contracts were eager Tuesday and were fully higher in the day's 
early hours. But, as time progressed, there's been more push back than 
initially felt in the day's open. 

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   Early Tuesday, lean hog futures were bold and confident about their upward 
progression. But, as the day steps into Tuesday afternoon, more resistance is 
building, and the complex is growing a little more skeptical of its higher 
surge. Cattle futures could be trading mixed, but instead are fully lower with 
traders unsure of the near future. March corn is up 2 1/2 cents per bushel and 
March soybean meal is up $4.40. The Dow Jones Industrial Average is down 130.43 
points and NASDAQ is down 254.33 points.

   LIVE CATTLE:

   Even though we're already seeing an uptick from last week in slaughter 
speeds, the live cattle market is pushed lower as uncertainty takes front and 
center stage. The market loves seeing boxed beef prices higher, but without 
confirmation as to which direction the cash cattle market will move, traders 
are leery of supporting the market as there are still too many unknown 
variables. April live cattle are down $1.77 at $121.30, June live cattle are 
down $1.05 at $119.20 and August live cattle are down $0.90 at $117.52. The 
week's cash cattle market is at an utter standstill without any bids developed 
thus far. Some early asking prices in the South have been noted at $116, but 
the North has yet to place their asking prices. With packers wanting to 
aggressively push this week's slaughter to make up for some of the lost ground 
of last week's processing, there could be some interest in the cash cattle 
market. But it won't come easy nor at the prices desired. For the next couple 
of weeks packers have ample supplies of committed cattle already spoken for, 
which mitigates their need to dive into the cash cattle market headfirst.

   Boxed beef prices are higher: choice up $0.65 ($240.63) and select up $1.10 
($231.08) with a movement of 72 loads (45.64 loads of choice, 12.66 loads of 
select, 6.14 loads of trim and 7.63 loads of ground beef).

   FEEDER CATTLE:

   The corn market is only having a modest rally, seeing a 4-cent rally in the 
nearby contracts, but the feeder cattle contracts have waved their white flag 
and are tracking back down to lower prices into Tuesday afternoon. March 
feeders are down $1.10 at $138.22, April feeders are down $1.02 at $142.25 and 
May feeders are down $1.37 at $144.70. After seeing Monday's impressive CME 
Feeder Cattle Index (which jumped $3.01 higher) the futures market may be 
feeling pressured. But the demand through the countryside is roaring into the 
new week. As most sale barns in the Midwest and Southern Plains were closed 
last week, buyers are coming to market aggressively and looking to fill some 
orders after having a dark week.

   LEAN HOGS:

   The lean hog contracts ran into Tuesday, ready to take on the day. But as 
time has progressed, some minor resistance has crept into the complex. April 
lean hogs are up $0.67 at $85.80, June lean hogs are down $0.07 at $93.00 and 
July lean hogs are down $0.02 at $93.12. Looking at how far the market has come 
in the last month is nothing shy of a praiseworthy rally. But as traders look 
at the charts, some are beginning to wonder how much more upside does the 
market truly have? Once the market sees a dip in the pork cutout value, the 
market could grow bearish and begin to scale lower. 

   The projected CM Lean Hog Index for 2/22/2021 is up $0.42 at $78.16, and the 
actual index for 2/19/2021 is up $0.31 at $77.74. Hog prices on the National 
Direct Morning Hog Report are unavailable due to packer submission problems. 
Pork cutouts total 194.31 loads with 178.93 loads of pork cuts and 15.38 loads 
of trim. Pork cutout values: up $1.97, $94.08.

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




(c) Copyright 2021 DTN, LLC. All rights reserved.

DTN Closing Grain Comments    02/23 13:53
   Soybean Oil, Canola Soar to New Highs

   May soybean oil closed up 1.15 cents at 48.37, its highest close for a May
contract in seven years. Another oil, canola, finished at its highest spot
price on record as both benefitted from strong world demand, tight supplies and
a recent boost in crude oil prices.

DTN Chart Technical Points             02/23 16:30
DTN FUTURES  10       2/23/21                                   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    MAR 665.75 660.75 650.03 649.35 645.37 58.40 56.41 55.51  72  69 66 46
CBTWT    MAY 670.25 665.19 654.61 652.79 646.93 59.44 57.38 56.29  77  72 74 53
KC WT    MAR 641.00 638.50 628.64 628.25 615.72 57.39 56.63 56.97  77  74 71 52
KC WT    MAY 647.25 644.88 634.72 633.31 619.86 57.99 57.21 57.37  77  74 78 58
MN WT    MAR 636.00 633.56 626.61 626.17 614.49 58.34 57.44 57.69  83  78 66 50
MN WT    MAY 648.00 645.13 637.64 636.64 623.79 59.59 58.48 58.47  85  80 73 54
CORN     MAR 553.75 549.44 546.36 547.86 513.45 59.07 60.79 64.09  57  66 69 67
CORN     MAY 552.50 548.44 544.81 546.56 513.84 59.17 60.76 64.03  57  67 68 66
CORN     JUL 542.50 539.00 534.19 535.39 507.81 59.96 60.92 63.73  62  72 73 68
OATS     MAR 363.00 354.00 352.39 350.99 351.61 67.40 62.46 60.53  65  57 59 47
OATS     MAY 369.50 360.25 358.17 353.01 349.79 71.40 67.02 63.92  66  65 88 86
BEANS    MAR1406.001385.501378.221374.851348.56 64.05 61.44 62.57  61  61 74 67
BEANS    MAY1408.501388.131379.281374.031347.19 65.23 62.38 63.26  66  68 77 69
BEANS    JUL1394.501376.001365.941358.171334.34 65.94 62.85 63.38  70  74 83 73
S MEAL   MAR 426.50 424.95 426.48 429.41 431.20 46.18 47.99 53.12  26  33 30 26
S MEAL   MAY 426.00 424.38 426.09 428.27 428.52 46.85 48.78 54.13  26  33 39 36
B OIL    MAR  49.26  47.91  47.00  45.99  43.69 80.14 75.88 71.17  89  81 92 90
B OIL    MAY  48.37  47.18  46.32  45.29  43.04 80.50 76.27 71.50  88  81 92 90
CATTLE   FEB 115.63 115.60 115.83 115.95 115.03 48.72 50.66 52.01  36  26 35 51
CATTLE   APR 121.20 122.71 123.53 123.24 120.83 38.63 45.25 51.63  16  20 46 67
FEEDER   MAR 138.58 138.81 139.33 138.94 139.13 46.83 48.41 49.70  26  21 25 39
FEEDER   APR 142.60 142.58 143.25 142.63 141.88 49.27 50.94 51.92  31  24 38 54
HOGS     APR  86.43  85.24  84.81  81.65  76.26 78.79 77.16 71.41  51  50 84 87
HOGS     MAY  88.85  87.92  87.31  84.86  80.41 81.66 79.19 72.25  65  65 89 90
COTTON   MAR  91.37  89.99  88.31  85.29  81.70 79.59 75.57 71.08  95  92 96 93
COTTON   MAY  92.67  91.47  89.79  86.67  82.73 80.88 77.10 72.56  88  88 95 94
RICE     MAR  12.84  12.83  12.82  13.00  12.90 41.91 44.54 49.40  74  64 23 17
RICE     MAY  13.15  13.13  13.11  13.26  13.10 46.58 48.43 52.07  83  70 27 21

DTN Closing Livestock Comment 02/23 16:12
   Lean Hogs Keep Scrapping for More

   Looking at Wednesday's trade and what may come, all eyes will continue to
watch the lean hog market as it keeps batting home runs, seemingly unafraid of
the elevated levels its trading at.

ShayLe Stewart
DTN Livestock Analyst

   GENERAL COMMENTS:

   The cattle contracts face uncertain bearish pressure, but the lean hog
complex fired higher throughout Tuesday's trade, rallying on both the futures
market and cash hog trade. Hog prices shot higher Tuesday afternoon on the
National Direct Afternoon Hog Report, up $2.65 with a weighted average of
$73.17 on 7,155 head.  March corn is up 2 3/4 cents per bushel and March
soybean meal is up $3.40. The Dow Jones Industrial Average is up 15.66 points
and NASDAQ is down 67.85 points.

DTN Early Word Grains         02/24 05:57
   Grain Rally Continues Led by Soy Complex

   March corn is up 2 1/4 cents per bushel, May soybeans are up 12 1/4 cents,
and May KC wheat is up 1 1/2 cents.

Tregg Cronin
DTN Contributing Analyst

   Pre-6 a.m. Globex Prices: March corn is up 2 1/4 cents per bushel, May
soybeans are up 12 1/4 cents, and May KC wheat is up 1 1/2 cents.

   CME Globex Recap: Steady to firmer equity markets around the globe overnight
as U.S. markets stabilize from the volatility witnessed the previous session.
Investors have taken solace from comments by Fed Chair Powell about keeping
monetary conditions loose, but tech stocks have been hit by a solid bout of
weakness in recent sessions. The rotation out of technology stocks and into
assets which benefit from an inflationary environment has noteworthy. Energy
markets are higher overnight with spot crude oil back above the $62.00 level.
Natural gas continues its retreat from last week's shortage-induced spike with
spot prices trading around $2.82 vs. $3.30 last Thursday. The U.S. Dollar Index
is beginning to trade sideways above the 90-handle level with the 50-day moving
average just overhead. Copper prices continue to see new multi-year highs on a
daily basis and are adding to gains overnight. Grains are firmer across the
board overnight with the soybeans and meal once again leading gains. Most signs
point toward a retest of contract highs for soybean prices.

   OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial
Average up 15.66 at 31,537.35 and the S&P 500 up 4.87 at 3,876.50 while the
10-Year Treasury yield ended at 1.362%. Early Wednesday, the March DJIA futures
are up 14 points. Asian markets are lower with Japan's Nikkei 225 down 484.33
(-1.61%) and China's Shanghai Composite down 72.28 points (-1.99%). European
markets are higher with London's FTSE 100 down 6.04 points (-0.09%), Germany's
DAX up 102.68 points (0.74%) and France's CAC 40 up 5.89 points (0.1%). The
March Euro is up 0.002 at 1.220 and the March U.S. dollar index is down 0.027
at 90.140. The March 30-Year T-Bond is down 13/32nds, while April gold is up
$1.80 at $1,807.70 and April crude oil is up $0.43 at $62.10. Soybeans on
China's Dalian Exchange were up 0.66% while soybean meal was up 2.59% and corn
was up 0.28%.

DTN Early Word Livestock Comments      02/24 06:27
   Cattle Weakness May Influence Hogs

   Cattle futures took a beating Tuesday with April hit the hardest over the
past week. April may have already played its seasonal strength card and now
will need to move closer to cash. Hogs may be in a similar situation coupled
with futures contracts that are extremely overbought. The common factor
providing support is strong demand.

DTN CATTLE PRICES/TRENDS               02/24 07:55

      HEAD SOLD LIVE  STEERS  DRESSED        LIVE  HEIFERS DRESSED 
KANSAS     .    .             .              .             .
NEBRASKA   .    .             .              .             .
TEXAS      .    .             .              .             .
COLORADO   .    .             .              .             .
IOWA       .    .             .              .             .
                               *PRIVATE SOURCES     
    
DTN COMMENTS:  Packer inquiry is very limited this morning. It is looking 
like significant trade volume may possibly be delayed until Thursday or 
later. Asking prices are around $116 in the South and not established in the 
North. Bids have yet to surface. Beef cutouts are expected to be higher with 
light to moderate box movement.

NOTE:  Feedlots are encouraged to call DTN with any cattle sales, at
1-800-369-7675, ext. 3678. 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.