DTN Early Word Grains 04/26 06:02
DTN Early Word Grains 04/26 06:02 Grain Markets Slightly Lower After Strong Rebound Thursday July corn is down 1/2 cent per bushel, July soybeans are down 4 1/4 cents, July KC wheat is up 1/4 cent, July Chicago wheat is down 1 cent and July Minneapolis wheat is down 1 1/2 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: July corn is down 1/2 cent per bushel, July soybeans are down 4 1/4 cents, July KC wheat is up 1/4 cent, July Chicago wheat is down 1 cent and July Minneapolis wheat is down 1 1/2 cents. CME GLOBEX RECAP: World equity markets are mixed but mostly higher as U.S. tech company earnings reports continue to influence the broader marketplace. After Thursday's rout in tech shares due to worries about AI spending at Meta, Friday morning has a very different tone as Alphabet and Microsoft released much stronger than expected earnings after the close on Thursday. The S&P 500 did manage to close well off the session's lows, as 1st quarter GDP was much lower than anticipated at growth of only 1.6%. This could help the Fed move toward an interest rate cut that is sooner than currently expected. Friday morning, the PCE inflation data will be released, with year-over-year expectations at 2.6%, up from 2.5% in March. This is the Fed's favorite inflation indicator and obviously important to future interest rate policy. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average down 375.12 at 38,085.80 and the S&P 500 down 23.21 at 5,048.42, The 10-Year Treasury yield ended at 4.71%. Early Friday, the June Dow Jones Futures are up 58 points. European markets are higher with the spot futures of London's FTSE 100 trading up 0.38%, spot futures of Germany's DAX is trading up 0.65% and the spot futures of France's CAC 40 Index up 0.35%. Asian markets are higher with Japan's Nikkei 225 Index up 0.81% and China's Shanghai Composite Index up 1.17%.
DTN Early Word Livestock Comments 04/26 06:13
DTN Early Word Livestock Comments 04/26 06:13 Cash Cattle Trade Steady to Higher Cattle futures uncovered strong buying interest after higher cash trade developed in the North. That was enough to turn traders more bullish on the market. Hogs took a beating due to lower cash with packers likely finished buying for the week. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Higher Live Equiv: $219.39 +$0.28* Hogs: Higher Futures: Mixed Lean Equiv: $103.45 +$0.22** *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: It was a negative beginning for cattle but as further cash trading developed, cattle futures turned higher. Northern dressed cattle traded $1 to $2 higher generating interest in purchasing futures. The stage is likely set for cash activity today with Southern cattle likely to trade steady and Northern cattle higher. This was not expected earlier this week and the result of feedlots holding out due to tight supplies. More live cattle and feeder cattle contracts closed their chart gaps before futures turned higher, but later contracts still show gaps from a week ago. Weekly export sales were lower than the previous week and may have limited some possible gains. Boxed beef prices were mixed with choice up $1.18 and select down $0.76.
DTN Midday Grain Comments 04/26 10:48
DTN Midday Grain Comments 04/26 10:48 Corn, Wheat Higher and Beans Lower at Midday Friday Corn trade is flat to a penny higher. Beans are 2-3 cents lower and wheat trade is 2-8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 50 points higher. The dollar index is up 60 points. The interest rate products are firmer. Energies are mixed with crude up .35 cent and natural gas off 4 cents. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up $3. CORN: Corn is flat to a penny higher at midday with choppy action continuing ahead of the May contract heading into delivery. Ethanol margins should remain range-bound with unleaded edging higher to help blender margins heading towards the weekend. Near-term weather looks to bring plenty of short-term rain to much of the belt which should boost emergence on early planted acres while slowing further progress. The daily wire was quiet again today. Little change is seen near term for South American weather with some areas of concern lingering for the second-crop corn. On the July chart, the 20-day at $4.46 is nearby support with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybeans are 2-3 cents lower at midday with range-bound action continuing with meal fading further while oil remains at the lower end of the range. Meal is $2 to $3 lower and oil is 10 to 20 points higher. South American bushels should continue attracting the most export attention as harvest wraps in Brazil. The daily wire was quiet again today. Planting progress while likely slow with the rains but the warmer weather should help the emergence on the planted acres. July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.79 which we are just below at midday. WHEAT: Wheat trade is 2-8 cents higher at midday with wheat continuing to consolidate the upper end of the range as it touches overbought conditions with the run on the week. The Plains will see seasonal to above normal temps to push the crop along with better overall rain chances expected into early May, while Black Sea concerns continue with recent dryness. The dollar continues to work a bit short of the highs with MATIF wheat scoring fresh highs for the move. On the KC July chart, support is the 20-day at $5.89, with the fresh high at 6.52 1/2 as further 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 04/26 11:39
DTN Midday Livestock Comments 04/26 11:39
Cattle Trade Higher, Thanks to Late-Week Support in Cash Market
A few more cash cattle sales could develop ahead of the week's end. However,
the week's price range is likely set and established.
ShayLe Stewart
DTN Livestock Analyst
GENERAL COMMENTS:
The livestock complex is trading mixed into Friday's noon hour as cattle
contracts trade modestly higher fueled by stronger cash cattle trade. The lean
hog complex is trading lower as traders worry about summertime demand. July
corn is up 1 cent per bushel and July soybean meal is down $2.20. The Dow Jones
Industrial Average is up 167.18 points.
LIVE CATTLE:
The live cattle complex is trading modestly higher as traders are thankful
for late-week-added support from cash cattle sales. Bids have been renewed in
Nebraska at $185 to $186 live, $294 dressed, and in Kansas at $184 live, but no
new sales have been reported. Throughout the week, Southern live cattle have
traded at mostly $182, steady with last week's weighted average, and Northern
dressed cattle at $294 to $295, $2 to $3 higher than last week's weighted
average. A few more sales could develop throughout the day, but the week's
weighted average is likely set. June live cattle are up $0.65 at $178.47,
August live cattle are up $0.82 at $176.87 and October live cattle are up $0.95
at $180.65.
Boxed beef prices are mixed: choice up $1.50 ($298.42) and select down $1.19
($288.47) with a movement of 92 loads (63.41 loads of choice, 19.04 loads of
select, 3.04 loads of trim and 6.32 loads of ground beef).
FEEDER CATTLE:
The feeder cattle complex is currently the leader of the cattle complex's
higher move as all the contracts are trading anywhere from $1.00 to $2.00
higher. The strong fundamental showing developed late this week in the
marketplace encourages the market. Between Northern dressed cattle trading $2
to $3 higher and continued support for feeder cattle in sale barn sales,
traders have seen more than enough support to justify trading the feeder cattle
contracts higher through Friday's end. August feeders are up $1.70 at $260.02,
September feeders are up $1.52 at $260.95 and October feeders are up $1.40 at
$261.
LEAN HOGS:
The lean hog complex continues to trade lower as the market worries about
consumer support this summer. Thursday's lukewarm export report is also
slightly affecting traders as they were hoping to see strong sales which would
have boosted the market's morale. Yes, midday pork cutout values are higher,
but traders are looking at the market through a broader, long-term perspective.
June lean hogs are down $2.35 at $102.65, July lean hogs are down $1.87 at
$105.92 and August lean hogs are down $1.50 at $103.90.
The projected lean hog index for April 25 is down $0.55 at $90.88, and the
actual index for 4/24/2024 is down $0.22 at $91.43. Hog prices are unavailable
in the Daily Direct Morning Hog Report due to confidentiality. However, we can
see that 1,144 head have traded and the market's five-day rolling average now
sits at $90.45. Pork cutouts total 189.07 loads with 179.42 loads of pork cuts
and 9.65 loads of trim. Pork cutout values: up $2.71, $100.20.
ShayLe Stewart can be reached at ShayLe.Stewart@dtn.com
(c) Copyright 2024 DTN, LLC. All rights reserved.
US Direct Feeder Pigs
DTN Closing Grain Comments 04/26 13:58
DTN Closing Grain Comments 04/26 13:58 Row Crop Prices Slightly Lower as Wheat Pushes Higher for Seventh Session December corn ended down 2 3/4 cents and November soybeans were down 3/4 cent with a broad coverage of rain starting to work its way slowly eastward across the continental U.S. July contracts of all three U.S. wheats closed higher for a seventh consecutive session Friday, finishing the week with their biggest weekly gains in several months. Todd Hultman DTN Lead Analyst GENERAL COMMENTS: July corn closed down 2 cents and December corn was down 2 3/4 cents. July soybeans closed down 2 1/2 cents and November soybeans were down 3/4 cent. July KC wheat closed up 13 3/4 cents, July Chicago wheat was up 1 3/4 cents and July Minneapolis wheat was up 5 1/4 cents.
DTN Cattle Close/Trends 04/26 15:40
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 04/26/24
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
KANSAS CONFIRMED CASH SALES - TODAY: 505 WEEK TO DATE: 13,560
STEERS LIVE FOB
58 184.00-184.00 184.00-184.00 184.00
STEERS LIVE DELIVERED
No reportable trade
HEIFERS LIVE FOB
No reportable trade
HEIFERS LIVE DELIVERED
No reportable trade
NEBRASKA CONFIRMED CASH SALES - TODAY: 2,296 WEEK TO DATE: 28,066
STEERS DRESSED DELIVERED
863 294.00-294.00 294.00-294.00 294.00
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
544 294.00-294.00 294.00-294.00 294.00
HEIFERS DRESSED FOB
No reportable trade
TEXAS CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 9,738
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: 2,076 WEEK TO DATE: 21,744
STEERS DRESSED DELIVERED
343 294.00-295.00 294.00-295.00 294.35
STEERS DRESSED FOB
No reportable trade
HEIFERS DRESSED DELIVERED
40 294.00-294.00 294.00-294.00 294.00
HEIFERS DRESSED FOB
No reportable trade
COMMENTS: This week Northern dressed deals were at mostly $294,
generally $2 higher than last week's weighted averages. Southern live
business was at mostly $182, fully steady with the prior week's sales.
5-AREA LV STR AVG(FOB)PR&WT: $185.04(1528) HIDE&OFFAL: $11.42 Unchg
CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) HEAD
SUPPLY (Live) $278.18 $269.72 118,529
DEMAND (Box) $285.14 $276.72 48,297
INDEX VALUE $281.66 +0.66 $273.22 +0.08 166,826
BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#)
$297.14 +0.22 $288.72 -0.94
87.99 LDS CH CUTS / 24.57 LDS SEL CUTS / 3.43 LDS TRIM / 9.24 LDS GROUND
DAILY CHOICE/SELECT SPREAD $ 8.42 TOTAL LOAD COUNT 125
COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/12 $303.29 -1.21
CUTTER 90% 350# UP C/O: $269.86 +1.21
NAT'L BONELESS BF TRIM: 22.78 lds / Shrply hr on gd dem & lt offers
90% TRIM: 07 lds: Wtd Avg: $347.75 / Moderately to sharply higher
FI KILL(WTD) FRI 113(601) WK AGO 113(600) YR AGO 106(605)
SAT 12(613) WK AGO 20(620) YR AGO 22(627)
Previous Day Breakdown: THU SH 100 / CB 25
WEEKLY CANADIAN CATTLE IMPORTS.
WK ENDING FEEDERS SLAUGHTER S&H
Week Ending: 04/13/24 4,038 14,274
Week Ending: 04/06/24 3,218 14,078
Change from prev week: +820 +196
DTN Chart Technical Points 04/26 16:30
DTN Chart Technical Points 04/26 16:30 DTN FUTURES 10 4/26/24 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 603.25 596.25 569.89 563.89 556.64 76.85 68.97 57.39 90 92 90 65 CBTWT JUL 622.25 614.63 586.97 579.93 569.72 77.98 70.46 58.93 91 93 91 67 KC WT MAY 646.25 627.81 603.08 593.44 584.77 78.63 70.87 59.62 91 90 91 73 KC WT JUL 654.25 634.75 605.75 592.72 579.49 80.98 73.65 61.83 93 93 94 81 MN WT MAY 697.25 683.44 660.75 652.81 653.33 80.65 71.60 58.17 95 92 91 67 MN WT JUL 703.50 689.88 666.89 659.78 659.20 80.64 71.89 58.44 94 92 91 65 CORN MAY 440.00 440.44 435.89 434.50 433.68 56.71 54.30 49.36 70 77 69 51 CORN JUL 450.00 450.75 446.19 445.74 445.62 55.00 53.04 48.86 76 81 63 44 CORN SEP 459.00 460.00 455.08 455.15 454.80 54.75 52.97 49.28 80 85 65 44 OATS MAY 373.75 368.75 360.69 350.68 357.51 73.02 65.09 55.20 92 91 95 87 OATS JUL 358.75 354.44 349.14 341.76 350.80 67.46 60.60 51.98 78 81 89 78 BEANS MAY1159.501163.941155.111164.191171.73 46.29 45.64 44.46 64 75 43 29 BEANS JUL1177.251180.131170.671178.421184.78 48.51 47.18 45.32 70 78 46 31 BEANS AUG1180.751182.881172.721178.781182.92 50.83 48.97 46.53 73 80 50 33 S MEAL MAY 340.00 343.78 341.68 338.48 336.21 49.60 50.76 48.14 42 59 76 76 S MEAL JUL 344.70 346.90 343.29 340.56 339.09 54.91 53.78 49.29 67 75 82 72 B OIL MAY 44.93 44.93 44.80 46.08 46.69 39.31 40.34 43.53 61 69 23 18 B OIL JUL 45.54 45.53 45.38 46.64 47.21 39.78 40.74 43.92 62 69 24 18 CATTLE APR 184.68 183.52 182.55 181.23 184.54 61.40 55.96 52.04 74 72 72 55 CATTLE JUN 178.58 177.19 176.55 175.15 179.60 58.59 53.78 50.38 63 59 61 48 FEEDER MAY 248.70 246.28 244.01 241.34 249.94 63.14 56.20 51.12 78 78 67 50 FEEDER AUG 260.55 258.64 256.14 252.83 260.78 62.68 56.51 51.31 68 72 80 60 HOGS MAY 94.28 96.37 95.86 96.06 93.41 43.33 48.21 53.55 31 59 60 62 HOGS JUN 102.48 105.72 104.61 105.08 102.78 40.89 45.72 51.65 46 70 58 56 COTTON MAY 79.40 79.68 79.60 82.54 89.67 27.88 29.72 37.44 56 57 14 11 COTTON JUL 80.90 81.18 81.46 84.34 90.09 27.00 29.90 38.05 29 38 12 11 RICE MAY 18.81 19.07 18.94 17.87 17.77 64.38 63.08 57.91 64 72 90 91 RICE JUL 18.98 19.24 19.04 17.95 17.92 64.59 63.23 58.37 57 69 88 90
DTN Closing Livestock Comment 04/26 16:02
DTN Closing Livestock Comment 04/26 16:02 Cash Cattle Sales Keep Cattle Contracts Higher Through Friday's Close The livestock complex closed mixed Friday with cattle rallying on strong cash cattle sales while the hog complex again struggled to find support as summer demand remains in question. ShayLe Stewart DTN Livestock Analyst GENERAL COMMENTS: Even though the lean hog complex closed lower as concerns about summer demand pressured its market, the cattle complex rallied through the day without a hitch. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $1.67 with a weighted average price of $90.38 on 1,799 head. July corn is down 2 cents per bushel and July soybean meal is down $2.90. The Dow Jones Industrial Average is up 153.86 points.
