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DTN Feeder Pig Index

DTN Early Word Opening Livestock 12/15 05:48

DTN Early Word Opening Livestock 12/15 05:48 Cattle Futures Staged for Mixed Opening

Live and feeder contracts should open on a mixed basis as players position ahead of cash news. Lean hog issues are likely to begin with uneven prices action tied to a combination of follow-through buying and late week profit-taking.

By John Harrington DTN Livestock Analyst



Cattle: Cash Steady Futures Mixed Live Equiv $132.87 - .99* Hogs: Cash Steady Futures Mixed Lean Equiv $82.58 + .80** * based on formula estimating live cattle equivalent of gross packer revenue ** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

The cash cattle market has entered the eleventh hour with no business yet on the books. Look for moderate trade volume to develop before buyers break for the weekend, but possibly not until late this afternoon. Opening bids should start out around $115 to $116 live and $186 dressed. Asking prices should be restated around $119 to $120 in the South and $190-plus in the North. Live and feeder futures seem set to open on a mixed basis as specs and commercials jockey ahead of the development of cash news.

DTN Early Word Grains 12/15 05:56

DTN Early Word Grains 12/15 05:56 Green Again

March corn was fractionally higher, January soybeans were 3 cents higher, and March Chicago (SRW) wheat was fractionally higher.

By Darin Newsom DTN Senior Analyst

6:00 a.m. CME Globex: March corn was fractionally higher, January soybeans were 3 cents higher, and March Chicago (SRW) wheat was fractionally higher.

CME Globex Recap: The grain and oilseed complex was green again overnight into early Friday morning, led by commercial buying in Chicago wheat. Soybeans posted a modest rally while corn, as usual, was fractionally higher. Softs and metals were mostly higher as cotton and gold continued to see solid buying interest. The energy complex was also higher. The U.S. dollar index was lower while DJIA futures rallied.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 76.77 points (0.3%) lower at 24,508.66, the NASDAQ Composite lost 19.27 points (0.3%) to 6,856.53, and the S&P 500 dropped 10.84 points (0.4%) to 2,652.01 Thursday. DJIA futures were 47 points higher early Friday morning. Asian markets closed mostly lower with Japan's Nikkei 225 down 141.23 points (0.6%), Hong Kong's Hang Seng off 318.27 points (1.1%), and China's Shanghai Composite losing 26.30 points (0.8%). European markets were trading lower with London's FTSE 100 down 1.20 points, Germany's DAX off 30.33 points (0.3%), and France's CAC 40 losing 13.83 points (0.3%). The euro gained 0.0030 to 1.1807 as the U.S. dollar index fell 0.26 to 93.43. March 30-year T-Bonds were 4/32 lower at 153'31 while February gold gained $3.60 to $1,260.70. January bitcoin was $1,550 higher at $18,350. Crude oil was $0.38 higher at $57.42 while Brent crude added $0.17 to $63.48. China's Dalian soybean futures were mostly higher and Malaysian palm oil futures were higher overnight.

DTN Midday Grain Comments 12/15 11:19

DTN Midday Grain Comments 12/15 11:19

Grains Narrowly Mixed at Midday

The grains trade is narrowly mixed at midday.

By David Fiala DTN Contributing Analyst

General Comments

The U.S. stock market indices are higher at midday with the Dow futures up 145 points. The interest rate products are lower. The dollar index is 30 points higher. Energies are mixed with crude up 30 cents. Livestock trade is mixed. Precious metals are firmer with gold up $0.20.

CORN:

Corn trade is flat to 2 cents lower at midday with light two-sided trade so far. Ethanol futures have made new lows this morning, hurting producers and supporting blenders. Basis and carry look to stay sideways into the end of the week. USDA announced 134,503 metric tons of corn sold to Costa Rica. The expiration of the December contract could encourage more selling to test the $3.36 area of expiration. On the March chart, support is the contract low at $3.47 printed this morning with resistance at the $3.53 20-day moving average, then the 50-day moving average at $3.58.

SOYBEANS:

Soybean trade is narrowly mixed at midday with light buying showing up after the selling seen so far this week, but with momentum unable to consolidate. Meal is flat to $1 lower, and oil is 20 to 30 points higher. South American weather should see more rain in the near term with planting wrapping up and moisture deficits for Argentina. The monthly crush report is expected to show 160 million to 163 million bushel usage and tighter oil stocks on strong biodiesel production. Basis and carry have been sideways for soybeans this week. The daily wire showed 126,000 metric tons sold to unknown and 257,000 sold to China. On the January chart, support is the recent low at $9.66 scored this morning. Resistance is at the $9.76 200-day.

WHEAT:

Wheat trade is mixed at midday with the spring wheat the leader this morning. The trade is trying to pull further away from the lows, and fading on the first test of nearby resistance. The Plains continue to be dry in the short term. Some better moisture is expected in the extended forecast with a winter storm around Christmas. Russia is also looking at buying from farmers to support domestic prices, along with keeping exports boosted. The daily wire had 130,000 metric tons of hard red wheat sold, illustrating improving competitiveness on the world stage. On the March KC contract, chart support is the $4.10 1/2 fresh contract low scored on Monday, with the 10-day at $4.20 first chart resistance.

David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala

(BAS)

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

DTN Midday Livestock Comments 12/15 12:26

DTN Midday Livestock Comments 12/15 12:26

Live Futures Turn Sharply Higher at Midday

The cattle complex has turned bullish at midday with triple-digit gains evident in both live and feeder markets. Generally speaking, lean hog issues are moderately higher, though deferred are outperforming the front end.

By John Harrington DTN Livestock Analyst

GENERAL COMMENTS:

For the most part, the cash cattle trade is still waiting to be born at midday. A small handful of deals have been made in parts of the North. Some buyers have paid $188 here and there on a selective basis (maybe $1 higher than last week's weighted average basis Nebraska), but not really enough to suggest a trend. In the South, bids and asking prices remain separated by as much as $5 (i.e., $114 versus $119 or better). Asking prices of $119-$120 and $190-plus seem firm, possibly delaying decent trade volume until late this afternoon. According to the midday report, the national hog base is $1.12 higher ($53.50-$57.75, weighted average $57.72). The corn trade is sagging by several cents, checked by general apathy in the face of the same old bearish news. The stock market is higher near the top of the noon hour with the Dow up 147 points and the Nasdaq positive by 72.

LIVE CATTLE:

Live contracts were rather lackluster through midsession, but buyers seem to be rewriting the strip at midday. Prices are currently 40 to 152 higher with the first three contracts holding triple-digit gains. Bulls seem to be smelling higher packer bids waiting in the wings. Yet chances are CME trading will be closed before the cash question is definitively answered. Beef cut-outs are mixed at midday, up $0.75 (choice, $201.79) to off $0.08 (select, $183.61) with light-to-moderate box movement (59 loads of choice cuts, 11 loads of select cuts, zero loads of trimmings, 6 loads of coarse grinds).

FEEDER CATTLE:

For the most part, feeder issues in late-morning business are moderately higher (i.e., up 65 to 90), supported by short-covering, softer corn prices and the premium status of the cash index. Needless to say, new energy in the live market is also making a positive difference here.

LEAN HOGS:

Lean futures opened lower, but turned moderately higher after the first hour or so, supported by reports of greater packer spending for barrows and gilts. Currently, lean contracts are 30 to 52 points in the green. Firmer lean issues may also be getting some help from spillover friendliness from the cattle complex. Carcass value at midday is modestly higher with stronger bellies and ham sales overshadowing softer picnic, butt and rib sales. Pork cut-out: $77.52, up .21. CME cash lean index for 12/13: $64.64, off $0.22 (DTN Projected lean index for 12/14: $64.11, off $0.53).

John A. Harrington can be reached at john.harrington@dtn.com

(BE)

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

DTN Closing Grain Comments 12/15 14:06

DTN Closing Grain Comments 12/15 14:06 Grains Nap on Friday, Post Tiny Changes

It is difficult to say what grain traders were doing Friday, but buying and selling grains was not at the top of their lists as corn, soybeans, and winter wheat all posted tiny changes for the day with not much volume. Talk of an improving economy helped the March U.S. dollar index trade higher while most commodities other than grains also traded higher.

DTN Cattle Close/Trends 12/15 15:40





USDA MARKET NEWS--AFTERNOON CATTLE REPORT 12/15/17

VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 2,377 WEEK T0 DATE: 2,447 STEERS 724 118.00-119.00 118.00-119.00 118.34 HEIFERS 1,460 118.00-119.00 118.00-119.00 118.29

NEBRASKA CONFIRMED CASH SALES - TODAY: 5,956 WEEK TO DATE: 6,803 STEERS 3,563 188.00-188.00 188.00-188.00 188.00 HEIFERS 342 188.00-188.00 188.00-188.00 188.00

TEXAS CONFIRMED CASH SALES - TODAY: 722 WEEK TO DATE: 722 STEERS 475 118.00-119.00 118.00-119.00 118.22 HEIFERS 247 118.00-118.00 118.00-118.00 118.00

COLORADO CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 0 STEERS No reportable trade HEIFERS No reportable trade

IOWA CONFIRMED CASH SALES - TODAY: 4,590 WEEK TO DATE: 7,858 STEERS 1,214 188.00-189.00 188.00-189.00 188.03 HEIFERS 133 188.00-189.00 188.00-189.00 188.56

COMMENTS: A light to moderate trade developed this afternoon in most all areas With Southern live deals ranging from 118-120, $1 to $3 Hr than last week's Weighted averages. Norther dress business ranged from 188-190, mostly 190, $3 Higher than last week's weighted average basis Nebraska.

5-AREA LV STR AVE PR&WT: $117.11(1461)Light Test HIDE&OFFAL: $10.53 -0.06 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD LIVE BASED 177.52 157.07 5,633 BOX BASED 189.87 171.25 49,417 AVE INDEX 183.70 +0.19 164.16 -0.46 55,050 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 201.87 +0.83 183.25 -0.44 74.76 LDS CH CUTS / 19.65 LDS SEL CUTS / 10.41 LDS TRIM / 15.93 LDS GROUND BOXED BEEF TREND: Hr on Ch 7 wk on Sel on lt-mod dem & mod offers COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 12/08 $201.25 -2.25 CUTTER 90% 350# UP C/O: $166.34 -1.82 NAT'L BONELESS BF TRIM: 14.60 lds / Firm/hr on mod dem & lt offers 90% TRIM: 04 lds: Wtd Avg $208.94 / Moderately to sharply lower *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) FRI 118(593) WK AGO 114(591) YR AGO 108(568) MIX: THU SH97/CB23 SAT 37(630) WK AGO 45(636) YR AGO 39(606) WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 12/02/17 1,709 9,409 Week Ending: 11/25/17 2,010 6,026 Change from prev week: -301 +3,383

DTN Chart Technical Points 12/15 16:30

DTN Chart Technical Points 12/15 16:30 DTN FUTURES 10 12/15/17 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 418.25 416.00 419.56 427.32 438.77 37.16 36.99 39.30 53 31 13 9 CBTWT MAY 430.75 428.69 432.47 439.86 451.48 36.26 36.20 38.61 50 30 13 9 KC WT MAR 417.50 415.81 418.86 425.86 436.91 37.55 37.63 39.85 53 32 13 8 KC WT MAY 430.25 428.81 431.83 438.76 450.16 36.95 37.10 39.46 52 31 12 8 MN WT MAR 620.00 613.75 614.00 622.31 631.07 48.69 45.49 45.48 75 43 15 8 MN WT MAY 628.25 621.94 622.11 629.47 638.06 49.71 46.26 46.19 78 46 16 8 CORN MAR 347.50 348.19 350.28 352.43 357.07 35.28 38.09 40.94 17 13 6 15 CORN MAY 355.75 356.44 358.58 360.67 365.52 34.49 37.42 40.65 14 10 5 14 CORN JUL 364.25 364.81 366.94 368.86 373.25 34.68 37.75 41.01 16 12 6 17 OATS MAR 254.25 249.63 247.94 256.24 266.31 48.53 44.64 46.41 80 59 20 11 OATS MAY 260.75 256.19 254.39 262.49 271.27 49.20 45.76 47.76 86 66 20 11 BEANS JAN 967.25 972.50 985.06 989.17 988.96 31.66 37.84 45.43 10 7 16 35 BEANS MAR 978.00 983.63 996.611000.76 999.85 31.12 37.55 45.45 9 6 16 36 BEANS MAY 989.00 994.631007.421011.281009.55 31.22 37.76 45.76 9 6 18 38 S MEAL JAN 320.60 323.42 330.43 329.08 322.41 37.93 43.92 49.48 7 7 34 49 S MEAL MAR 324.50 327.48 334.22 332.62 325.75 38.07 44.22 49.86 7 7 36 51 B OIL JAN 33.16 33.25 33.34 33.64 34.21 33.69 37.53 43.65 36 48 22 23 B OIL MAR 33.34 33.43 33.53 33.85 34.42 32.37 36.58 43.24 37 48 21 22 CATTLE DEC 118.90 116.74 116.19 117.48 119.33 60.35 54.19 51.93 64 44 22 9 CATTLE FEB 121.03 119.42 119.13 121.82 124.06 49.40 46.39 48.42 59 42 16 7 FEEDER JAN 147.75 146.69 146.40 149.68 153.05 44.23 42.57 46.07 53 45 16 10 FEEDER MAR 145.55 144.81 144.47 147.79 150.70 42.57 41.59 45.78 50 45 16 11 HOGS FEB 68.53 67.37 68.14 69.08 69.33 49.39 48.90 50.39 47 23 17 25 HOGS APR 72.80 71.93 72.48 73.24 73.34 49.48 49.13 50.72 50 26 24 30 COTTON MAR 75.92 74.57 73.83 72.96 70.30 75.18 71.72 64.45 86 73 87 87 COTTON MAY 76.32 75.00 74.34 73.58 71.13 76.41 72.63 64.95 88 73 88 87 RICE JAN 11.70 11.86 12.04 12.21 12.01 32.28 38.12 43.22 2 19 39 57 RICE MAR 12.00 12.16 12.34 12.50 12.29 32.26 38.27 43.76 2 19 37 57

DTN Closing Livestock Comment 12/15 16:29

DTN Closing Livestock Comment 12/15 16:29 Cattle Futures Close Week with Triple-Digit Gains

Quickly recovering from a sluggish opening, cattle futures climbed sharply higher through the session, inspired by greater packer spending in feedlot country. Lean hogs settled solidly higher, supported by late-week short-covering and spillover buying from the cattle complex.

By John Harrington DTN Livestock Analyst



GENERAL COMMENTS

Moderate cattle trading developed in most areas just before the weekend break as feedlot managers responded to higher packer bids. Live business in the South ranged from $118-$120, $1 to $3 higher. Most dressed sales in the North were marked at $190, generally $3 higher than last week's weighted average basis Nebraska. The national hog base closed off $0.13 compared with the prior day settlement ($50-$57.85, weighted average $56.47). From Friday to Friday, livestock futures scored the following changes: Dec LC up $3.33; Feb LC up $2.72; Jan FC up $2.53; Mar FC up $2.23; Feb LH off $0.33; Apr LH off $0.32. Corn futures closed about a penny lower, stifled by the same old factors of larger supplies and lackluster export demand. Encouraged by growing prospects of a tax cut prior to Christmas, the stock market closed with new highs. The Dow finished up 122 with the Nasdaq better by 80.

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