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DTN Feeder Pig Index

DTN Early Word Grains 02/24 05:54

DTN Early Word Grains 02/24 05:54 Grains Stabilize Overnight

May corn was fractionally higher, May soybeans were 3 cents higher, and July Kansas City wheat was 2 cents lower.

By Darin Newsom DTN Senior Analyst

6:00 a.m. CME Globex: May corn was fractionally higher, May soybeans were 3 cents higher, and July Kansas City wheat was 2 cents lower.

CME Globex Recap: Soybeans and corn were showing small gains early Friday morning, recovering a small part of Thursday's sell-off. Wheat contracts were under pressure, led by the Kansas City market. Outside commodities were mixed with energies mostly lower, metals higher, and softs mostly higher. In that latter group, cotton continues to see strong commercial buying. The U.S. dollar index and DJIA futures were both lower overnight.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 34.72 points (0.2%) higher at 20,810.32. The NASDAQ Composite lost 25.12 points (0.4%) to 5,835.51 and the S&P 500 added 0.99 point to 2,363.81 Thursday. DJIA futures were 61 points lower early Friday morning. Asian markets were mostly lower with Japan's Nikkei down 87.92 points, Hong Kong's Hang Seng lost 149.16 points (0.6%), and China's Shanghai Composite gained 2.06 points. European markets were lower Friday with London's FTSE 100 down 45.08 points (0.6%), Germany's DAX losing 103.92 points (0.9%), and France's CAC 40 off 46.96 points (1.0%). The euro posted a small gain, adding 0.0007 to 1.0590 while the U.S. dollar index dipped 0.10 to 100.88. March 30-year T-Bonds were 10/32 higher at 152'04 while April gold gained $6.10 to $1,257.50. Crude oil slipped $0.29 to $54.16 while Brent crude fell $0.33 to $56.25. Dalian soybean futures were lower while Malaysian palm oil futures were higher overnight.

DTN Early Word Opening Livestock 02/24 05:59

DTN Early Word Opening Livestock 02/24 05:59 Nearby Live Futures to Open on Firm Basis

The cattle complex should open Friday morning moderately higher, supported by residual buying and positive fundamentals. Lean hog futures are likely to start out with mixed prices thanks to spillover selling and short-covering.

By John Harrington DTN Livestock Analyst



Cattle: Steady/Firm w/Wed Futures: 25-50 HR Live Equiv $134.74 +1.25* Hogs: Steady-$1 LR Futures: Mixed Lean Equiv $ 85.64 + .02**

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

GENERAL COMMENTS:

While a few clean-up cash deals are possible in feedlot country before the weekend break, our guess is that the lion's share of business is completed. Feedlot managers will be eager to price new showlists higher. The Feb. 1 Cattle on Feed report will be released Friday afternoon at 2 p.m. CT. Private expectations call for placement and marketing to both be about 10% larger than last week and for total on feed to be about unchanged. Live and feeder futures should open moderately higher, supported by follow-through buying and cash premiums.

DTN Midday Grain Comments 02/24 11:28

DTN Midday Grain Comments 02/24 11:28

Corn, Beans Lower at Midday

Slow midday trade with wheat down around a nickel, corn down 2 and beans mixed.

By David Fiala DTN Contributing Analyst

General Comments

The U.S. stock market indices are lower with the Dow futures down 65 points. The interest rate products are higher. The dollar index is steady. Energies are lower with crude down 0.40. Livestock trade is mostly lower. Precious metals are higher with gold up $2.

CORN

Corn trade is 2 cents lower at midday which has us at the low of a very slow 3 cent trading range so far. Outside markets are providing limited direction, the trend of the week is down, so we may be starting to see some long liquidation here at midday. The USDA Agricultural Outlook Forum this week has provided limited meaningful news, rather confirming our comfortable supply situation is expected to remain in the year ahead. Granted weather could always change that, but the demand side of the equation remains good. This should limit downside around the low side of the trading range. Conference sessions today discussed the large and growing livestock population that will continue to keep demand for corn strong. On the May corn chart support is at the $3.69 50-day, then the $3.64 100-day. Resistance is at the $3.76 20-day, then the $3.79 10-day moving averages.

SOYBEANS

Soybean trade is mixed at midday with new crop November a penny lower and nearly March and May contracts up fractionally. Meal is near $1.70 a ton lower and soybean oil is up 22 points. Soybeans tried to rally, were up around a nickel, but have faded at midday. The weekly trend is lower with futures moving to a one-month low, but we are holding at lower support levels. The trading range has only been 7-8 cents but if we get below support this slow day could turn active this afternoon. Demand news remains good, supply news remains negative with a big South American crop coming in that may provide late-day harvest pressure. The May 200-day and lowest major moving average is at $10.20; this is viewed as key support then the $10.01 3-month low. Resistance is at the $10.43 50-day.

WHEAT

Wheat trade is 1 to 6 cents lower across the three markets with light spillover pressure from corn at midday. The moisture in the winter wheat areas has been welcome and noted for our lower midday trade. The weekly sales number yesterday was under a half million tons which is not getting much attention. The large domestic and world carryover stocks were a highlight of the wheat news this week along with stressed farm incomes. The May Kansas City wheat has support at the $4.61 200-day moving average and resistance at the $4.73 10-day then the $4.87 seven-month high printed one week ago.

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 Fiala on Twitter @davidfiala

(ES)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.

DTN Midday Livestock Comments 02/24 11:52

DTN Midday Livestock Comments 02/24 11:52

Active Pressure Develops Through Cattle Futures Midday Friday

Lackluster market direction early in the session quickly turned into wild market moves. Cattle futures have reversed gains seen earlier in the week with triple digit losses developing through most contracts. Hog markets on the other hand have sparked some late week buyer interest as traders try to square positions following the aggressive price tumble through previous sessions.

By Rick Kment DTN Analyst

GENERAL COMMENTS:

Sharp cattle market losses are being led by the aggressive price pressure developing in feeder cattle trade. Most feeder cattle contracts are trading $2 per cwt lower or greater, although prices have backed away from session lows at midday. This softness in feeder cattle markets and lack of follow through buyer interest has allowed all but front month February live cattle futures to trade $1 per cwt or greater at midday. Hog markets are firming as short covering is moving back into the market at the end of the week. Corn prices are lower in light trade. March corn futures are 1 3/4 cents lower. Stock markets are lower in light trade. The Dow Jones is 36 points lower while Nasdaq is down 10 points.

LIVE CATTLE:

The tone of the cattle market has quickly changed Friday as aggressive losses are seen in all but front month February contract months. February futures, which are lightly traded with dwindling open interest before expiration at the end of the month are steady. All other contracts are holding triple-digit losses at midday. The combination of sharp pressure quickly developing across feeder cattle trade as well as the inability for significant support to develop in deferred live cattle contracts through the week has quickly pushed prices lower. There is also some pre-report positioning being done in front of the cattle on feed report released Friday afternoon. Overall cattle on feed numbers are not expected to change significantly from year ago levels, although placements are likely to see a strong bump. Cash cattle markets appear to be done for the week with no additional bids surfacing since moderate to active trade was seen on Wednesday. At this point, most cattle still on show lists will likely be rolled over to next as packers and feeders try to assess needs through early March. Beef cut-outs at midday are higher, $2.52 higher (select) and up $2.24 per cwt (choice) with light movement of 68 total loads reported (41 loads of choice cuts, 13 loads of select cuts, 4 loads of trimmings, 11 loads of ground beef).

FEEDER CATTLE:

Sharp losses have flooded into the feeder cattle futures market with triple digit losses seen across the entire complex. Even though price levels have backed away from early session lows, the tone of the market has quickly weakened given the strong buyer interest seen in live cattle markets through much of the week. March feeder cattle futures are holding losses of $1.95 per cwt at midday, while the April contracts are holding pressure of $2.35 per cwt. Increased concern surrounding the upcoming cattle on feed report and the potential for strong placement increases is adding to market pressure.

LEAN HOGS:

Light late-week buying is slowly trickling into the lean hog complex following the overall lack of support seen in the market during the morning. Short coving is being seen in nearby contracts with prices posting gains of 20 to 60 cents per cwt. The combination of sharp losses seen in cattle trade as well as firmness in pork cutout values at the end of the week has brought additional focus on unwinding price spreads between the cattle and hog complex which have developed earlier in the week. Deferred contracts remain under light to moderate pressure, but overall light volume in all markets is likely to spark increased market shifts. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $2.46 at $68.27 per cwt with the range from $63.00 to $69.19 on 2,315 head reported sold. Cash prices are unreported due to confidentiality on the Iowa Minnesota Direct morning cash hog report. The National Pork Plant Report reported 113 loads selling with prices up $2.32 per cwt. Lean hog index for 2/22 is at $77.73 up $0.09 with a projected two-day index of $77.39 down $0.34.

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

(ES)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.

DTN Closing Grain Comments 02/24 13:57

DTN Closing Grain Comments 02/24 13:57 Wheat Ignores Cold Threat, Closes Lower

May Chicago wheat closed lower Friday, pressured by commercial selling and in spite of concerns about this weekend's colder temperatures in the southwestern Plains. Corn and soybeans were narrowly mixed, but lower for a second consecutive week as the approach of South American crops continues to weigh on prices.

DTN Cattle Close/Trends 02/24 15:40





USDA MARKET NEWS--AFTERNOON CATTLE REPORT 02/24/17

VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 2,573 WEEK T0 DATE: 30,384 STEERS 1,145 125.00-125.00 125.00-125.00 125.00 HEIFERS 263 125.00-125.00 125.00-125.00 125.00

NEBRASKA CONFIRMED CASH SALES - TODAY: 91 WEEK TO DATE: 46,968 STEERS No reportable trade HEIFERS No reportable trade

TEXAS CONFIRMED CASH SALES - TODAY: 313 WEEK TO DATE: 13,082 STEERS 313 124.00-124.00 124.00-124.00 124.00 HEIFERS No reportable trade

COLORADO CONFIRMED CASH SALES - TODAY: 1,138 WEEK TO DATE: 11,672 STEERS 650 125.00-125.00 125.00-125.00 125.00 HEIFERS 488 125.00-125.00 125.00-125.00 125.00

IOWA CONFIRMED CASH SALES - TODAY: 243 WEEK TO DATE: 21,430 STEERS 18 196.00-196.00 196.00-196.00 196.00 HEIFERS No reportable trade

COMMENTS: Just a little light cleanup trade reported today.

5-AREA LV STR AVE PR&WT: $124.83(1338) HIDE&OFFAL: $11.99 Unchg CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF AD LIVE BASED 180.08 176.36 201,495 BOX BASED 186.96 183.48 48,712 AVE INDEX 183.52 +1.64 179.92 +1.58 250,207 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 198.96 +2.77 195.48 +2.65 54.89 LDS CH CUTS / 16.76 LDS SEL CUTS / 5.07 LDS TRIM / 15.29 LDS GROUND BOXED BEEF TREND: Shrply hr on mod-frly gd dem & mod offers COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 02/17 $190.96 +0.59 CUTTER 90% 350# UP C/O: $165.20 +0.12 NAT'L BONELESS BF TRIM: 12.21 lds / Not fully established 90% TRIM: 04 lds: Wtd Avg $209.93 / Unevenly steady *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) FRI 106(551) WK AGO 107(543) YR AGO 102(531) MIX: THU SH91/CB23 SAT 24(575) WK AGO 29(572) YR AGO 10(541) WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 02/11/17 1,213 3,838 Week Ending: 01/04/16 2,378 5,424 Change from prev week: -1,165 -1,586

DTN Chart Technical Points 02/24 16:30

DTN Chart Technical Points 02/24 16:30 DTN FUTURES 10 2/24/17 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 431.25 436.63 443.53 438.29 425.96 42.58 47.64 50.54 13 11 48 62 CBTWT MAY 448.00 451.81 458.08 451.78 439.27 45.50 49.72 51.68 18 14 51 63 KC WT MAR 453.75 455.38 459.67 451.11 438.73 51.61 54.48 54.81 28 21 62 71 KC WT MAY 467.00 468.81 472.78 464.04 450.98 52.00 54.88 55.16 31 23 64 72 MN WT MAR 544.75 543.19 552.92 556.06 554.84 36.27 41.38 47.71 16 9 7 19 MN WT MAY 553.75 552.13 558.61 558.17 551.98 44.09 47.70 51.52 22 13 24 40 CORN MAR 364.00 367.44 371.11 369.32 362.66 40.47 45.96 50.44 16 17 48 65 CORN MAY 370.75 374.50 378.33 376.69 369.64 39.52 45.37 50.26 16 18 48 65 CORN JUL 378.25 381.81 385.31 383.65 376.64 40.28 45.94 50.55 16 19 49 66 OATS MAR 251.75 252.63 253.58 254.04 244.96 46.50 51.26 55.76 30 38 46 45 OATS MAY 250.00 251.56 251.33 250.17 241.14 50.50 54.33 57.27 66 58 62 61 BEANS MAR1013.501018.501034.531037.961032.99 34.56 40.06 46.28 4 2 14 34 BEANS MAY1024.251029.381045.441048.601042.58 34.48 40.17 46.57 4 2 15 36 BEANS JUL1033.251038.501054.191056.991049.79 34.45 40.29 46.88 4 3 17 39 S MEAL MAR 331.30 333.63 338.41 337.34 331.47 38.42 44.46 50.13 7 6 23 41 S MEAL MAY 335.70 338.08 342.80 341.47 334.70 39.02 45.14 50.87 7 7 25 45 B OIL MAR 32.39 32.53 33.20 33.78 34.65 22.75 28.03 36.73 9 8 4 10 B OIL MAY 32.67 32.80 33.47 34.07 34.91 22.99 28.18 36.86 9 8 4 10 CATTLE FEB 123.75 121.81 119.08 117.87 117.77 77.90 70.99 63.55 94 93 84 57 CATTLE APR 114.95 115.71 114.54 114.71 115.75 48.82 49.10 51.67 67 74 49 33 FEEDER MAR 121.70 124.13 123.83 123.47 125.82 35.38 39.53 45.40 46 66 37 34 FEEDER APR 121.55 124.43 123.95 123.58 125.58 34.69 39.10 45.30 50 73 42 38 HOGS APR 68.03 68.18 69.45 70.01 68.88 42.16 45.34 50.26 17 17 36 52 HOGS MAY 73.97 73.93 74.73 74.77 73.75 46.29 48.70 51.85 23 25 55 68 COTTON MAR 75.42 74.53 75.03 75.41 73.56 55.53 55.50 55.89 58 37 32 42 COTTON MAY 76.57 75.96 76.62 76.64 74.33 54.74 56.34 57.38 38 25 43 58 RICE MAR 9.43 9.45 9.42 9.47 9.62 42.63 42.29 43.28 75 66 21 14 RICE MAY 9.68 9.69 9.67 9.72 9.87 43.31 42.53 43.29 77 67 23 14

DTN Closing Livestock Comment 02/24 16:26

DTN Closing Livestock Comment 02/24 16:26 Triple-Digit Losses Dominate Closing Cattle Futures

With the exception of spot February, live cattle futures closed sharply lower, pressured by long liquidation and a general lack of buying interest. On the other hand, lean hog contracts settled sharply higher, supported by short-covering and the premium status of cash business.

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