US Direct Feeder Pigs 02/19
DTN Midday Grain Comments 02/23 10:50
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
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
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 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
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
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
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
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.