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DTN Early Word Grains 07/21 05:53

DTN Early Word Grains 07/21 05:53 Markets Hit Rewind

December corn was 5 cents lower, November soybeans were 7 cents lower, and September Minneapolis (HRS) wheat was 1 cent higher.

By Darin Newsom DTN Senior Analyst

6:00 a.m. CME Globex:

CME Globex Recap:


DTN Midday Grain Comments 07/21 11:13

DTN Midday Grain Comments 07/21 11:13

Corn and Soybeans Lower at Midday

Corn and soybeans are lower and wheat is mixed with some rains in the corn belt.

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 25 lower. Energies are mixed with crude down 0.80. Livestock trade is mostly higher. Precious metals are higher with gold up $5.80.


Corn trade is 6 to 8 cents lower at midday with profit taking as rains fall across parts of Iowa as we head towards the weekend. Heat and mixed rain coverage remain in the near-term forecast with the more extended forecast hinting at improvement. Corn is in the middle of pollination this week, so some heat stress is the concern with trade looking towards the conditions on Monday to assess the effects of this week. Ethanol production margins are mixed overnight with the crude rally fading along with the cheaper corn. Midday forecasts should provide direction into the weekend, with more action late depending on forecasts. On the December chart support is the $3.97 10-day moving average, with the 20-day at $3.93 below that, resistance will be the weekly high at $4.06.


Soybean trade is 6 to 10 cents lower midday with trade backing away from the weekly highs on the rains in the central belt overnight. Meal is $1 to $2 lower and oil is 20 to 30 lower. Futures added weather premium this week due to the heat and concerns over the important soybean weather over the next 6 weeks. China is expected to remain active in secure fall supplies on break as we head into August as well. On the November chart support is at the 10-day at $10.16, which we are about a nickel above overnight, with the recent high at $10.47 above the market.


Wheat trade is narrowly mixed in quiet trade at midday, with the winter wheats trying build on the positive finish from Thursday, as trade has gotten pretty heavily oversold along with spread unwinding, while spring wheat has turned 7 to 10 lower. Spread trade remains soft for the winter wheat, and spring wheat continues to slowly add carry. Most world export business remains focused on the Black Sea area as harvest begins to progress there, with the dollar making new lows again this morning. Australia continues to see dryness, raising concerns for production in the coming months, but near-term supplies remain ample. On the December KC contract support is the 50-day at $5.09 with the 20-day at $5.44 resistance.

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


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

DTN Cattle Close/Trends 07/21 15:35


VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 12,360 WEEK T0 DATE: 13,706 STEERS 4,793 120.00-120.00 120.00-120.00 120.00 HEIFERS 2,597 118.00-120.00 118.00-120.00 119.83

NEBRASKA CONFIRMED CASH SALES - TODAY: 10,880 WEEK TO DATE: 23,927 STEERS 3,209 189.00-190.00 189.00-190.00 189.57 HEIFERS 1,927 189.00-190.00 189.00-190.00 189.55

TEXAS CONFIRMED CASH SALES - TODAY: 3,690 WEEK TO DATE: 4,070 STEERS 1,219 120.00-120.00 120.00-120.00 120.00 HEIFERS 2,019 120.00-120.00 120.00-120.00 120.00

COLORADO CONFIRMED CASH SALES - TODAY: 5,131 WEEK TO DATE: 9,928 STEERS 3,045 120.00-120.50 120.00-120.50 120.07 HEIFERS 2,008 119.00-120.50 119.00-120.50 120.11

IOWA CONFIRMED CASH SALES - TODAY: 3,935 WEEK TO DATE: 13,310 STEERS 1,118 186.00-190.00 186.00-190.00 189.19 HEIFERS 484 188.00-190.00 188.00-190.00 189.30

COMMENTS: A light to moderate trade developed over the noon hour with Southern live trade at mostly $120.00, generally steady with last week. Northern dressed trade was at mostly $190.00, about steady with last week's weighted average.

5-AREA LV STR AVE PR&WT: $118.18(1418) HIDE&OFFAL: $11.59 +0.07 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD LIVE BASED 176.93 163.71 33,038 BOX BASED 194.91 182.80 59,601 AVE INDEX 185.92 -1.11 173.25 -1.14 92,639 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 206.91 -0.74 194.80 -0.78 78.08 LDS CH CUTS / 29.86 LDS SEL CUTS / 13.44 LDS TRIM / 22.47 LDS GROUND BOXED BEEF TREND: Lr on lt-mod dem & hvy offers COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 07/14 $211.81 -7.77 CUTTER 90% 350# UP C/O: $181.40 -0.38 NAT'L BONELESS BF TRIM: 29.78 lds / Not fully established 90% TRIM: 06 lds: Wtd Avg $232.78 / Slightly higher *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) FRI 115(577) WK AGO 115(590) YR AGO 112(561) MIX: THU SH93/CB22 SAT 45(622) WK AGO 39(629) YR AGO 36(597) *** REVISION ** THU 115(462) ** REVISION *** WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 07/08/17 1,418 4,544 Week Ending: 07/01/17 1,372 8,372 Change from prev week: +46 -3,828

CME Feeder Cattle Index 07/21

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