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DTN Feeder Pig Index

DTN Early Word Grains 04/27 05:59

DTN Early Word Grains 04/27 05:59 Grains Catch Their Breath Early Thursday

July corn was 1 cent higher, July soybeans were fractionally lower, and July Kansas City (HRW) wheat was 1 cent higher.

By Darin Newsom DTN Senior Analyst

6:00 a.m. CME Globex: July corn was 1 cent higher, July soybeans were fractionally lower, and July Kansas City (HRW) wheat was 1 cent higher.

CME Globex Recap: Grain markets were quietly mixed overnight as traders await the next headlines to drop from the U.S. administration in Washington, D.C. Wednesday's late topic of pulling out of NAFTA now appears to have been a bluff pulled against Mexico and Canada, though how much disruption it caused in grains Wednesday is difficult to calculate. Wheat was the strength of the grain complex, led by continued buying in the Minneapolis spring market. Outside commodities were also mixed with sugar trying to recover some of the previous day's losses overnight, energies continued to move lower, and gold was showing some strength.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 21.03 points (0.1%) lower at 20,975.09. The NASDAQ Composite dipped 0.27 point to 6,025.23 and the S&P 500 slipped 1.16 points to 2,387.45 Wednesday. DJIA futures were 12 points higher early Thursday morning. Asian markets closed mixed with Japan's Nikkei off 37.56 points (0.2%), Hong Kong's Hang Seng gaining 120.05 points (0.5%), and China's Shanghai Composite up 11.34 points (0.4%). European markets were trading mostly lower Thursday with London's FTSE 100 off 44.57 points (0.6%), Germany's DAX losing 35.88 points (0.3%), and France's CAC 40 down 25.20 points (0.5%). The euro was 0.0001 lower at 1.0905 while the U.S. dollar index lost 0.03 at 98.95. June 30-year T-Bonds were 2/32 higher at 152'23 while June gold added $1.30 to $1,265.50. Crude oil was $0.47 lower at $49.15 while Brent crude slipped $0.51 to $51.31. China's Dalian soybean and Malaysian palm oil futures were both lower overnight.

DTN Early Word Opening Livestock 04/27 06:00

DTN Early Word Opening Livestock 04/27 06:00 Look for Cattle Paper to Open With Bullish Momentum

Live and feeder futures should open solidly higher, supported by follow-through buying, technical encouragement, and cash optimism. Lean hog contracts are likely to begin moderately lower, checked by residual selling and uncertain product demand.

By John Harrington DTN Livestock Analyst



Cattle: Steady-$2 HR Futures: 50-100 HR Live Equiv $146.66 + .13 * Hogs: Steady-$1 HR Futures: 25-50 LR Lean Equiv $ 78.82 - .35**

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

GENERAL COMMENTS:

Cattle buying interest should continue to improve Thursday. Opening cash bids should be around $128 to $130 on the South and $212 to $213 in the North. Yet as bullish-minded feedlot managers dig in with asking prices around $134 to $135 in the South and $215 to $218 in the North, significant trade volume could be delayed until Friday. Expect live and feeder futures to open on a firm basis, boosted further by spillover buying, technically-promising charts and ideas of further cash progress.

DTN Midday Grain Comments 04/27 11:29

DTN Midday Grain Comments 04/27 11:29

Grains Mixed at Midday

Wheat is firmer at midday with row crops mixed.

By David Fiala DTN Contributing Analyst

General Comments

The U.S. stock market indices are lower with the Dow futures 20 points lower. The interest rate products are mostly higher. The dollar index is 19 points higher. Energies are weaker with crude down $1.20. Livestock trade is higher. Precious metals are mixed with gold up 2.00.

CORN

Corn trade is narrowly mixed at midday with trade waiting until the noon forecast to get more excited. The weather forecast is expected to bring heavy rains into the middle of the belt this week in the near term with the extended forecast more mixed with significant GFS and Euro model disagreement overnight. Ethanol margins are tighter with the setback in energies this morning. Corn basis has remained steady with a firm tone this week; producers continue to want to see higher prices. The weekly export sales were good at 987,000 metric tons of old crop, and 11,100 of new. The July chart support is the recent low at $3.61 with resistance clustered at $3.69.

SOYBEANS

Soybean trade is narrowly mixed at midday with trade trying to find better footing after the selling yesterday with the weaker Brazilian real encouraging broader farmer selling. Meal is flat to $1 higher and oil is 5 to 15 points lower. Wet weather moving forward should be viewed as negative for beans since it could add acreage coming forward with corn gaining this week. Basis has remained fairly steady in the near term. The weekly export sales were good at 808,100 metric tons of old crop, 72,300 of new, 112,000 of meal, and -2,000 of oil. July soybean chart support is recent low at $9.49, with resistance the 20-day at $9.58.

WHEAT

Wheat trade is flat to 5 cents higher across the three contracts at midday with Kansas City and Minneapolis wheat leading. Further short covering could accelerate with another positive finish today if the weather continues to be threatening with cold air pushing south with parts of Kansas hitting the mid-20's overnight. Heavy rains could raise disease concerns in much of the winter wheat belt with a cold weather through the weekend. The dollar is just above the 99 level on the index. The weekly export sales were soft at 61,700 metric tons of old crop, and 305,400 of new. On the July Kansas City contract support is at the new low at $4.15 with resistance at the $4.25 10-day which we have moved above overnight, with the 20-day at $4.30 area.

David Fiala 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 04/27 12:17

DTN Midday Livestock Comments 04/27 12:17

Cattle Futures Locked in Limit Gains

Strong Gains develop in livestock futures as a combination of commercial and investment buyers flood to the market Thursday morning. This has pushed cattle futures limit higher as trade is now locked in daily trading limits.

By Rick Kment DTN Analyst

GENERAL COMMENTS:

Aggressive buyer support has flooded into live cattle futures with limit gains developing in both live cattle and feeder cattle markets. With April live cattle futures expiring Thursday, limitless trade activity has pushed markets $4.67 per cwt at midday. Lean hog futures have also posted strong triple-digit gains. Corn prices are mixed to higher in light trade. May corn futures are 2 cents higher. Stock markets are higher in light trade. The Dow Jones is 22 points higher while Nasdaq is up 23 points.

LIVE CATTLE:

Live cattle futures have rallied sharply higher with limit gains quickly exploding into the market. April live cattle futures expire at noon Thursday, which is creating limitless trade in front month futures, allowing contracts to move futures to post $4.67 per cwt gains. June through October contracts are locked in limit highs of $3 per cwt gains as traders are looking for strong market support through the end of the month. Cash cattle activity has become light to moderate at midday given the strength in the futures trade through the morning. Live business in the South is seen from $135 to $137, which is generally $4 to $6 per cwt higher that last week's price levels. Prices in the North are listed around $215 per cwt. This is on average $6 to $7 per cwt higher than last week's level. Asking prices are now increasing on cattle still left on show lists, but the tone of the market could be set. It is likely that the bulk of remaining business may be delayed until Friday. Asking prices on remaining cattle are seen at $220 dressed basis and $137 to $138 live basis. Beef cut-outs at midday are higher, $1.30 higher (select) and up $0.12 per cwt (choice) with moderate movement of 71 total loads reported (25 loads of choice cuts, 16 loads of select cuts, 20 loads of trimmings, 9 loads of ground beef).

FEEDER CATTLE:

Feeder cattle futures have surged to limit higher gains in all but front month April contracts. The aggressive move higher comes following the lackluster early market interest seen Thursday which gave way to aggressive cash market trade in the live cattle markets. A close at these price levels would create expanded trading limits in the feeder cattle markets and would add to the already volatile cattle markets through the end of the month.

LEAN HOGS:

Strong triple-digit gains have flooded into lean hog futures Thursday with nearby support gaining momentum as May contracts remain lightly traded due to the light open interest but holding prices at $67 per cwt. The June contract remains the main focus at $73 per cwt with trade $2.55 per cwt higher and gaining additional buyer support through the end of the week. This is drawing additional trade activity through the rest of the complex. Cash prices are higher on the Iowa Minnesota Direct morning cash hog report. The weighted average price added $0.55 at $55.38 per cwt with the range from $50.00 to $57.00 on 2,710 head reported sold. The National Pork Plant Report reported 155 loads selling with prices added $0.55 per cwt. Lean hog index for 4/25 is at $59.93 down $0.23 with a projected two-day index of $59.71 down $0.22.

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

(ES)

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

DTN Closing Grain Comments 04/27 13:49

DTN Closing Grain Comments 04/27 13:49 K.C. Wheat Gets a Lift

July K.C. wheat closed up 8 1/2 cents Thursday, bouncing back from last week's new contract low with help from emerging weather threats to winter wheat. Corn and soybeans were steady to higher in a quiet day of trading, which followed bullish export sales reports from USDA.

DTN Chart Technical Points 04/27 16:30

DTN Chart Technical Points 04/27 16:30 DTN FUTURES 10 4/27/17 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 MAY 413.50 408.13 411.81 420.17 430.42 44.40 42.44 43.55 51 33 22 15 CBTWT JUL 431.25 426.00 428.22 434.85 445.05 47.50 44.72 44.69 58 39 26 19 KC WT MAY 420.75 411.69 411.81 418.13 436.66 53.77 48.18 45.21 68 45 33 17 KC WT JUL 433.75 424.50 424.58 430.85 448.99 54.10 48.49 45.43 69 46 34 18 MN WT MAY 540.00 533.25 532.42 528.92 537.17 60.43 55.52 50.74 73 48 47 43 MN WT JUL 553.25 545.00 542.33 537.83 544.58 65.29 59.63 53.51 78 53 59 50 CORN MAY 362.00 361.31 361.11 363.29 365.23 49.47 48.55 47.95 55 48 33 31 CORN JUL 369.25 368.31 367.89 370.42 372.54 49.81 48.63 47.95 60 51 35 30 CORN SEP 376.25 375.31 375.06 377.63 379.53 49.51 48.44 47.92 59 50 33 29 OATS MAY 223.00 221.25 220.06 220.71 234.89 49.80 45.17 44.83 79 61 24 17 OATS JUL 222.50 220.38 218.78 219.26 230.29 54.00 48.01 45.93 83 64 32 20 BEANS MAY 945.75 951.81 950.50 946.81 981.53 40.86 38.57 39.04 27 51 45 36 BEANS JUL 957.25 962.63 960.94 957.58 991.66 42.06 39.39 39.44 30 53 44 35 BEANS AUG 959.25 964.50 962.67 959.50 993.02 42.14 39.45 39.51 32 54 42 33 S MEAL MAY 310.50 312.50 311.54 310.78 320.57 45.15 43.19 43.11 38 51 45 35 S MEAL JUL 314.80 316.70 315.76 314.81 324.14 45.86 43.91 43.63 39 51 45 37 B OIL MAY 31.70 31.72 31.70 31.54 32.38 49.11 46.81 44.07 47 52 48 37 B OIL JUL 31.96 31.97 31.93 31.79 32.64 49.43 46.89 44.04 51 55 48 35 CATTLE APR 135.60 131.61 129.67 125.32 121.11 89.83 84.88 75.20 86 82 94 94 CATTLE JUN 121.53 117.68 116.79 114.30 111.00 82.52 78.58 71.60 86 60 88 86 FEEDER APR 140.85 139.42 138.95 136.59 131.72 75.93 71.38 65.52 87 68 92 88 FEEDER MAY 146.57 140.94 140.37 137.27 131.46 81.21 77.25 70.45 72 41 78 76 HOGS MAY 66.90 65.30 65.42 67.14 70.63 49.93 45.03 43.49 70 51 25 12 HOGS JUN 72.82 71.23 70.64 71.72 74.68 55.48 50.53 47.44 80 62 37 17 COTTON MAY 79.32 80.20 79.04 76.95 77.15 59.03 58.45 56.58 76 83 87 86 COTTON JUL 77.96 78.88 78.73 77.60 78.07 47.52 49.64 52.01 59 72 84 85 RICE MAY 9.14 9.30 9.67 9.92 9.81 11.66 20.75 33.61 1 1 2 20 RICE JUL 9.43 9.57 9.94 10.19 10.07 11.98 21.18 34.11 1 2 2 20

DTN Closing Livestock Comment 04/27 16:06

DTN Closing Livestock Comment 04/27 16:06 Livestock Futures Trade Limit Higher As Cash Trade Develops

Cash cattle prices surged higher Thursday afternoon with active trade in all areas. Futures closed limit higher in both live cattle and feeder cattle contracts.

By Rick Kment DTN Analyst

DTN Cattle Close/Trends 04/27 16:20





USDA MARKET NEWS--AFTERNOON CATTLE REPORT 04/27/17

VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 17,936 WEEK T0 DATE: 18,393 STEERS 6,605 135.00-138.50 135.00-138.00 137.10 HEIFERS 5,332 134.00-138.00 134.00-138.00 136.66

NEBRASKA CONFIRMED CASH SALES - TODAY: 27,067 WEEK TO DATE: 30,845 STEERS 6,093 210.00-219.00 210.00-219.00 216.65 HEIFERS 1,717 215.00-218.00 215.00-218.00 216.78

TEXAS CONFIRMED CASH SALES - TODAY: 12,593 WEEK TO DATE: 13,704 STEERS 6,394 135.00-138.00 135.00-138.00 136.39 HEIFERS 3,529 135.00-138.00 135.00-138.00 136.72

COLORADO CONFIRMED CASH SALES - TODAY: 825 WEEK TO DATE: 825 STEERS 124 137.00-137.00 137.00-137.00 137.00 HEIFERS 84 138.00-138.00 138.00-138.00 138.00

IOWA CONFIRMED CASH SALES - TODAY: 7,631 WEEK TO DATE: 10,995 STEERS 3,562 210.00-219.00 210.00-219.00 215.59 HEIFERS 1,098 213.00-219.00 213.00-219.00 217.64

COMMENTS: Fairly active cattle trading developed in most areas today at sharply higher prices (i.e., $6-8 higher live; $6-12 higher dressed). Depending on the size of final total counted by Mandatory, cash business could be done for the week.

5-AREA LV STR AVE PR&WT: $129.87 (1202)HIDE&OFFAL: $11.96 -$0.01 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF AD LIVE BASED 197.05 184.37 33,080 BOX BASED 207.15 194.68 43,812 AVE INDEX 202.10 -0.42 189.53 +0.08 76,892 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 219.15 -0.03 206.68 +0.96 41.56 LDS CH CUTS / 24.45 LDS SEL CUTS / 20.32 LDS TRIM / 19.33 LDS GROUND BOXED BEEF TREND: Stdy Ch, hgr on Sel on mod-good dem & lgt-mod offers COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/14 $210.90 +3.69 CUTTER 90% 350# UP C/O: $170.13 -0.39 NAT'L BONELESS BF TRIM: 58.20 lds / Sglty-moder hgh on moder-good dem & hvy offers 90% TRIM: 16 lds: Wtd Avg $ 218.13 / Weak to lower *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) THR 117(464) WK AGO 116(455) YR AGO 113(448) MIX: WED SH93/CB23 WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 04/15/17 5,304 4,606 Week Ending: 04/08/17 6,081 6,094 Change from prev week: - 777 -1,488

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