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DTN Feeder Pig Index

DTN Early Word Grains 03/27 05:55

DTN Early Word Grains 03/27 05:55 The End is Near

May corn was fractionally higher, May soybeans were 1 cent lower, and July Kansas City (HRW) 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 1 cent lower, and July Kansas City (HRW) wheat was 2 cents lower.

CME Globex Recap: The end of the month is fast approaching with the U.S. dollar index nearing the establishment of a bearish range on its monthly chart. Yes, the greenback was on the defensive again overnight into Monday morning, though commodities in general didn't look to capitalize. Corn was showing a small gain while gold jumped almost $10. Otherwise, the sector was mixed at best.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 59.86 points (0.3%) lower at 20,596.72. The NASDAQ Composite gained 11.04 points (0.2%) to 5,828.74 and the S&P 500 dipped 1.98 points (0.1%) to 2,343.98 Friday. DJIA futures were 141 points lower early Monday morning. Asian markets were lower with Japan's Nikkei down 276.94 points (1.4%), Hong Kong's Hang Seng lost 164.57 points (0.7%), and China's Shanghai Composite fell 2.49 points (0.1%). European markets were also lower Monday with London's FTSE 100 losing 55.18 points (0.8%), Germany's DAX off 99.67 points (0.8%), and France's CAC 40 down 18.30 points (0.4%). The euro was 0.0070 higher at 1.0869 while the U.S. dollar index lost 0.73 to 99.04, a new 3-month low. June 30-year T-Bonds were 17/32 higher at 151'20 while April gold gained $8.70 to $1,257.20. Crude oil fell $0.44 to $47.53 while Brent crude lost $0.32 to $50.48. Dalian soybean and Malaysian palm oil futures were sharply lower overnight.

DTN Early Word Opening Livestock 03/27 06:09

DTN Early Word Opening Livestock 03/27 06:09 Meat Futures Staged For Long Liquidation Tied to Lifting of Brazilian Bans

The cattle complex should open significantly lower with early selling linked to China's decision to lifts its general ban on Brazilian meat. Lean hog issues are also likely to begin on the defensive thanks to follow-through selling and long liquidation.

By John Harrington DTN Livestock Analyst



Cattle: Steady Futures: 100-200 LR Live Equiv $150.06 - .30* Hogs: Steady-$1 LR Futures: 50-100 LR Lean Equiv $ 83.86 + .96**

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

GENERAL COMMENTS:

In shocking reversals of trade policy, China and several other major meat importers suddenly announced on Saturday the lifting of bans on Brazilian meat. Just early last week, as many as 20 countries moved to ban Brazilian meat after police reported cases of inspection bribery and possible meat contamination. This story seemed to spark considerable CME buying interest in cattle futures, tied to ideas that a major disruption in the global meat trade was afoot. With China's renewed acceptance of Brazilian product, such a theoretical disruption would seem to be in doubt.

DTN Midday Grain Comments 03/27 11:46

DTN Midday Grain Comments 03/27 11:46

Grains Trading Lower at Midday

Trade continues to drift lower at midday despite a weak dollar.

By David Fiala DTN Contributing Analyst

General Comments

The U.S. stock market indices are lower with the Dow futures down 100 points. The interest rate products are higher. The dollar index is 60 points lower. Energies are mixed with crude down $0.30. Livestock trade is lower. Precious metals are mixed with gold up $7.

CORN

Corn trade is 1 to 2 cents lower at midday with the light early buying giving way to light selling during the day session with a lack of fresh news and spillover pressure. Wet weather looks to hinder field work in the US, along with wetter than desired weather in Argentina causing some issues. Ethanol margins are steady to soft, and weekly export inspections remained strong at 1.556 million metric tons. Basis will likely remain steady this week as well with pre-planting movement ongoing, and some areas of isolated strength showing up. Lower prices are expected to lower planted acreage as well which is why we have a hard time being negative next week, and do expect some volatility on Friday around the two big USDA numbers: the March Planting Intentions and March Quarterly Grain Stocks report. On the May chart support is at the $3.52 late December low. Resistance is the 10-day at $3.61.

SOYBEANS

Soybean trade is 2 to 5 cents lower at midday with trade testing the lows again after some initial positive action overnight. Meal is $1 to $2 lower and oil is 10 to 20 points lower. Ideas of big soybean acreage, a rising South American crop size and chart pressure continue to limit buying enthusiasm. Harvest should continue to move along well in Brazil with Argentina seeing some near term excessive wetness. The weekly export inspections were ok seasonally at 555,012 metric tons. On the May soybean chart nearby support is hard to identify. The one-year low is at $9.37 1/4. Resistance is at the 10-day and lowest major moving average at $9.97.

WHEAT

Wheat trade is 2 to 8 cents lower at midday with trade continuing to see pressure from the wetter forecast promoting growth on the southern plains along with continued burdensome supply situation. The dollar is sharply lower but that has not added much support so far. Warmer weather should continue to push growth along as well with development likely already solidly ahead of normal. The weekly export inspections remained solid at 541,799 metric tons. On the May Kansas City contract support is at the low printed today at $4.21, with resistance at the 100-day at $4.45.

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 03/27 12:10

DTN Midday Livestock Comments 03/27 12:10

Sharp Losses Develop in Hog Complex

Triple-digit losses develop in hog and feeder cattle complex early Monday morning. This continued pressure continues to focus on the longer-term focus of increased supply growth in hog numbers.

By Rick Kment DTN Analyst

GENERAL COMMENTS:

Livestock futures remain under pressure Monday, although cattle futures are trading better than expected given the situation surrounding the Brazilian beef situation. April live cattle futures are trading 60 to 70 cents per cwt lower at midday. Lean hog futures remain triple digits lower as continued pressure remains focused on building supply issues. Corn prices are lower in light trade. May corn futures are 2 cents lower. Stock markets are mixed in light trade. The Dow Jones is 40 points lower while Nasdaq is up 6 points.

LIVE CATTLE:

Moderate pressure is seen in live cattle futures Monday morning. April live cattle futures are holding losses of 60 to 70 cent losses with traders focusing on pressure from the Brazilian cattle market news, but still focusing on market stability moving forward based on the potential of longer term firming beef market supply tightness in the domestic market. This could help to bring about additional long-term market support over the near term. Cash cattle markets is undeveloped Monday morning. There are questions concerning just how much cash cattle trade needs to, or will be done this week, as packers are increasingly sluggish when it comes to chasing prices higher this week. Asking prices remain at $132 and higher in the South and $217 to $218 in the North. Trade that does develop may be seen around or after the release of the cattle on feed report Friday. Beef cut-outs at midday are lower, $0.03 lower (select) and down $1.99 per cwt (choice) with light movement of 34 total loads reported (19 loads of choice cuts, 6 loads of select cuts, no loads of trimmings, 8 loads of ground beef).

FEEDER CATTLE:

Strong pressure has been seen in feeder cattle trade at midday as moderate pressure during the morning has continued to develop through the day as increased softness has continued to be seen in all markets. Even though more focus is not seen in live cattle markets through midday, the lack of support in boxed beef values and overall interest in the enter livestock market is creating a strong pullback in the feeder cattle market. Because of the sharp unchecked price surge in feeder cattle futures prices over the last three weeks, aggressive market corrections are not starting to be seen. This is allowing for $1.50 to $1.80 losses to develop across the complex.

LEAN HOGS:

Triple-digit losses have once again swept through lean hog futures market Monday morning. This latest move has quickly added to the most recent pressure in the complex and broken through support levels of $66.75 per cwt seen in early March. The concern that increased supplies will be unable to limit the ability to keep demand from becoming burdensome over the next several weeks and months. This could put more pressure on prices through the spring and summer, limiting seasonal prices moves. Cash prices are lower on the National Direct morning cash hog report. The weighted average price fell $0.76 at $63.61 per cwt with the range from $58.00 to $64.50 on 3,038 head reported sold. Cash prices are lower on the Iowa Minnesota Direct morning cash hog report. The weighted average price fell $0.77 at $63.57 per cwt with the range from $59.00 to $64.50 on 237 head reported sold. The National Pork Plant Report reported 160 loads selling with prices gaining $1.40 per cwt. Lean hog index for 3/23 is at $70.91 down $0.38 with a projected two-day index of $70.24 down $0.67.

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

(ES)

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

DTN Closing Grain Comments 03/27 13:58

DTN Closing Grain Comments 03/27 13:58 Rain Sends K.C. Wheat to New 2017 Low

May K.C. wheat fell 6 3/4 cents to its lowest close in 2017, pressured by rain in this week's forecast across the Southern U.S. Plains. Corn prices were mixed and soybeans modestly lower while the U.S. dollar index slid to its lowest prices in four months.

DTN Cattle Close/Trends 03/27 15:35





USDA MARKET NEWS--AFTERNOON CATTLE REPORT 03/27/17

VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 0 WEEK T0 DATE: 0 STEERS No reportable trade HEIFERS No reportable trade

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

TEXAS CONFIRMED CASH SALES - TODAY: 157 WEEK TO DATE: 157 STEERS 41 130.00-130.00 130.00-130.00 130.00 HEIFERS 116 130.00-130.00 130.00-130.00 130.00

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

IOWA CONFIRMED CASH SALES - TODAY: 590 WEEK TO DATE: 590 STEERS 590 208.00-208.00 208.00-208.00 208.00 HEIFERS No reportable trade

COMMENTS: Just a handful of scattered trade reported today.

5-AREA LV STR AVE PR&WT: $131.27(1390) HIDE&OFFAL: $11.87 -0.10 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF AD LIVE BASED 195.81 186.72 76,714 BOX BASED 207.91 201.62 45,344 AVE INDEX 201.86 -0.38 194.17 -0.68 122,058 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 219.91 -1.71 213.62 -1.93 42.99 LDS CH CUTS / 11.73 LDS SEL CUTS / 5.11 LDS TRIM / 15.95 LDS GROUND BOXED BEEF TREND: Lower on light-moderate demand & offerings COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 03/24 $216.60 +4.01 CUTTER 90% 350# UP C/O: $169.90 +0.24 NAT'L BONELESS BF TRIM: 63.48 lds / unevenly stdy on lt dem & offers 90% TRIM: 33 lds: Wtd Avg $217.95 / unevenly steady *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) MON 116 WK AGO 116 YR AGO 98 MIX: FRI SH92/CB22 SAT SH23/CB13 WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 03/11/17 3,419 7,142 Week Ending: 03/04/16 4,723 7,844 Change from prev week: -1,304 -702

DTN Closing Livestock Comment 03/27 15:50

DTN Closing Livestock Comment 03/27 15:50 Livestock Futures Collapse Into New Week

The cattle complex closed sharply lower with triple-digit losses more pervasive in the feeder trade than the live market. Lean hog issues also plummeted lower, pressured by long liquidation and technical-selling.

DTN Chart Technical Points 03/27 16:30

DTN Chart Technical Points 03/27 16:30 DTN FUTURES 10 3/27/17 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 420.75 422.19 428.19 437.08 443.75 30.06 35.38 43.23 14 10 6 8 CBTWT JUL 434.75 436.94 443.19 452.19 457.89 28.83 34.55 42.92 12 10 5 9 KC WT MAY 421.25 427.44 438.22 450.10 456.67 21.27 28.95 39.91 3 4 2 10 KC WT JUL 434.25 440.19 450.47 462.13 468.49 21.78 29.29 40.14 4 4 3 11 MN WT MAY 533.00 536.81 541.25 540.51 550.39 36.91 39.78 44.77 12 16 26 39 MN WT JUL 539.75 543.38 547.06 547.10 554.80 36.77 39.88 45.19 15 18 24 36 CORN MAY 355.75 356.88 361.03 366.15 371.59 27.15 33.50 42.55 7 6 3 10 CORN JUL 363.50 364.56 368.64 373.58 378.76 27.38 33.72 42.74 7 6 3 10 CORN SEP 371.25 372.19 375.92 380.49 385.14 28.39 34.40 43.09 8 7 4 11 OATS MAY 240.50 246.56 249.69 246.83 247.91 36.82 42.22 48.76 9 25 56 66 OATS JUL 230.50 236.31 240.33 239.25 243.02 32.32 37.95 45.42 13 20 34 50 BEANS MAY 971.50 984.50 993.171006.681032.32 16.30 24.88 37.54 7 17 6 9 BEANS JUL 981.75 994.941003.391016.431041.03 16.43 24.92 37.65 8 18 7 10 BEANS AUG 983.75 997.061005.031017.541040.19 17.21 25.46 37.92 7 19 7 11 S MEAL MAY 315.30 319.42 323.99 327.51 336.02 16.47 25.40 39.55 5 7 3 6 S MEAL JUL 318.60 322.73 327.31 330.77 338.89 16.29 25.19 39.53 6 8 4 7 B OIL MAY 32.29 32.82 32.66 33.01 33.73 38.89 39.93 41.75 29 52 38 36 B OIL JUL 32.55 33.08 32.93 33.28 33.99 38.69 39.80 41.73 29 52 38 36 CATTLE APR 121.07 121.85 120.27 118.31 116.70 63.42 62.42 59.20 68 78 87 90 CATTLE JUN 111.45 112.72 111.01 108.88 107.05 61.45 61.95 59.88 63 77 86 92 FEEDER MAR 132.15 133.31 131.98 128.77 126.29 65.46 64.73 59.31 50 64 86 92 FEEDER APR 133.10 135.09 132.92 128.66 126.18 62.50 63.04 59.40 57 72 87 91 HOGS APR 65.65 67.61 68.46 68.45 69.02 31.91 37.45 45.07 22 28 30 44 HOGS MAY 70.32 72.26 73.20 73.43 73.96 29.50 34.68 43.11 38 40 24 34 COTTON MAY 76.94 77.25 77.53 77.61 76.79 44.84 48.85 53.37 29 28 37 48 COTTON JUL 78.31 78.51 78.69 78.68 77.69 48.00 51.50 55.54 34 30 46 55 RICE MAY 9.81 9.80 9.81 9.73 9.76 53.86 52.66 49.44 42 42 67 73 RICE JUL 10.06 10.06 10.06 9.99 10.01 54.10 53.00 49.88 45 44 67 73

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