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DTN Early Word Grains 04/24 05:55

DTN Early Word Grains 04/24 05:55 A Little Here and a Little There

July corn was 1 cent lower, July soybeans were 1 cent lower, and July Kansas City (HRW) wheat was 5 cents lower.

By Darin Newsom DTN Senior Analyst

6:00 a.m. CME Globex: July corn was 1 cent lower, July soybeans were 1 cent lower, and July Kansas City (HRW) wheat was 5 cents lower.

CME Globex Recap: The grain and oilseed complex was mostly loser early Tuesday morning, with winter wheat markets posting the largest loss. Corn, soybeans, and spring wheat were within fractions of Monday's close after most contracts posted narrow trading ranges. Kansas City and Chicago wheat, though, were down 5 cents and 3 cents respectively. Metals and energies were mostly higher, the latter following through on activity seen late in Monday's session.

OUTSIDE MARKETS: The Dow Jones Industrial Average closed 14.25 points (0.1%) lower at 24,448.69, the NASDAQ Composite lost 17.53 points (0.2%) to 7,128.60, and the S&P 500 rallied 0.15 point to 2,670.29 Monday. DJIA futures were 108 points higher early Tuesday morning. Asian markets closed higher with Japan's Nikkei 225 up 190.08 points (0.9%), Hong Kong's Hang Seng gaining 381.84 points (1.3%), and China's Shanghai Composite adding 60.92 points (2.0%). European markets were trading mostly higher with London's FTSE 100 up 22.42 points (0.3%), Germany's DAX gaining 40.18 points (0.3%), and France's CAC 40 off 4.66 points (0.1%). The euro was 0.0006 higher at 1.2214 while the U.S. dollar index slipped 0.05 to 90.88. June 30-year T-Bonds were 5/32 higher at 143'04 while June gold gained $4.90 to $1,328.90. Crude oil was $0.41 higher at $69.05 as Brent crude rallied $0.25 to $74.96. China's Dalian soybean and Malaysian palm oil futures were both lower again overnight.

DTN Midday Grain Comments 04/24 11:50

DTN Midday Grain Comments 04/24 11:50

Grain Trade Mixed at Midday

Mixed trade is seen at midday.

By David Fiala DTN Contributing Analyst

General Comments

The U.S. stock market indices are softer with the Dow futures down by triple digits. The interest rate products are higher. The dollar index is unchanged. Energies are mixed with crude up 0.20. Livestock trade is mixed led by live cattle. Precious metals are firmer with gold up 7.50.


Corn trade is narrowly mixed at midday with a 2-cent range so far today in quiet trade. Fieldwork should expand in some areas this week with drier pockets to the east and south with warmer temps expected to wait until next week, with delays are expected to persist in Iowa/Minnesota area, with planting progress at 5% vs. 14% on average. The second crop areas of Brazil look to remain on the dry side in the near term as well, with some spotty rain. Ethanol futures have edged back under the 1.49 mark, while margins remain positive, with blenders being boosted by unleaded values at the upper end of the range. The export wire has been quiet in recent days. On the July chart we are below the 20-day at $3.92 with the 100-day at 3.80 remaining support.


Soybean trade is mixed with active two-sided trade so far during the day session with trade testing nearby support before bouncing. Meal is flat to 1.00 lower and oil is flat to 10 points higher, with crush margins narrowing again. The recent pattern in South America should remain intact near term, allowing for greater progress in Brazil harvesting, with the stronger dollar and cheaper real encouraging sales and export business, while Argentina bought 130,000 metric tons of beans split between old and new crop from the US to extend coverage for crushers. Trade will be looking for signs of additional acres, with the weather challenges rolling acres over from wheat and corn. Planting progress was 2%, same as average. On the July contract, trade has slipped below the 50-day at $10.50, with the 100-day at $10.25 as the next level of support.


Wheat trade is 2 to 5 cents lower with steady conditions and the stronger dollar limiting upside with wheat grinding along in the lower end of the range. Warmer conditions coming should help the crop maturity catch up with the cool recent temps putting the crop behind. Spring wheat growing areas look more open but have plenty of ground to cover. The weekly crop progress report left conditions unchanged at 37% poor to very poor, and 31% good to excellent, and 13% headed, vs. 19% on average. Spring wheat is 3% planted vs. 25% on average. On the July Kansas City contract support is the 200-day at $4.96 below that with resistance the 20-day at 5.07, which we failed to hold to start the week.

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


Copyright 2018 DTN/The Progressive Farmer. All rights reserved.

DTN Cattle Close/Trends 04/24 15:35



KANSAS CONFIRMED CASH SALES - TODAY: 2,792 WEEK T0 DATE: 2,792 STEERS 1,165 121.00-121.00 121.00-121.00 121.00 HEIFERS 1,627 121.00-121.00 121.00-121.00 121.00

NEBRASKA CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 71 STEERS No reportable trade HEIFERS No reportable trade

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


IOWA CONFIRMED CASH SALES - TODAY: 0 WEEK TO DATE: 1,499 STEERS No reportable trade HEIFERS No reportable trade

COMMENTS: A few deals were reported in KS today, but the rest of cattle Country was very quiet.

5-AREA LV STR AVE PR&WT: $No Test HIDE&OFFAL: $ 9.43 -0.33 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD LIVE BASED 184.07 171.13 103,409 BOX BASED 205.65 190.11 56,766 AVE INDEX 194.86 +1.54 180.62 +0.46 160,175 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 217.65 +2.54 202.11 +0.39 74.68 LDS CH CUTS / 43.78 LDS SEL CUTS / 6.19 LDS TRIM / 21.24 LDS GROUND BOXED BEEF TREND: Shrply hr on ch & frm on sel on mod-gd dem&mod-hvy offer COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 04/20 $210.89 -1.08 CUTTER 90% 350# UP C/O: $172.50 -0.39 NAT'L BONELESS BF TRIM: 23.05 lds / Mostly wk/slightly lr on lt dem & offers 90% TRIM: 07 lds: Wtd Avg $218.50 / Unevenly steady FI KILL(WTD) TUE 120(237) WK AGO 120(236) YR AGO 117(232) MIX: MON SH93/CB24 WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 04/07/18 4,916 5,954 Week Ending: 03/31/18 10,620 7,180 Change from prev week: -5,704 -1,226

CME Feeder Cattle Index 04/24

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