DTN Early Word Grains 05/26 06:03
Corn, Wheat Steady at Memorial Day Turn
July corn was up 1/2 cent, July soybeans were down 2 cents, and July Chicago wheat was up 1/2 cent.
By Todd Hultman DTN Analyst
6:00 a.m. CME Globex: July corn was up 1/2 cent, July soybeans were down 2 cents, and July Chicago wheat was up 1/2 cent.
CME Globex Recap: Corn and wheat prices were holding steady to start the final day of trading before the Memorial Day weekend commences. Soybeans were a little lower early, carried by Thursday's bearish momentum, with little trading volume this week to support prices.
OUTSIDE MARKETS: The Dow Jones Industrial Average closed up 70.53 points at 21,082.95. The NASDAQ Composite was up 42.24 points at 6,205.26 and the S&P 500 was up 10.68 points at 2,415.07 Thursday. DJIA futures were down 18 points early Friday morning. Asian markets were mixed with Japan's Nikkei down 126.29 points (-0.6%), Hong Kong's Hang Seng up 8.49 points (0.03%), and China's Shanghai Composite up 2.23 points (0.07%). European markets were mostly lower early Friday with London's FTSE 100 up 6.93 points (0.1%), Germany's DAX down 60.67 points (-0.5%), and France's CAC 40 down 44.20 points (-0.8%). The U.S. dollar index was down .11 at 97.09 while the June euro was up 0.00170 at 1.12330. June 30-year T-Bonds were up 4/32nds at 153'31 while June gold was up $9.30 at $1,265.70. July crude oil was up 0.30 at $49.20 while July Brent crude was up $0.38 at $51.84. Soybeans at the Dalian Exchange were mixed overnight and Malaysian palm oil futures are down 2.0%.
DTN Midday Grain Comments 05/26 11:07
Grains Mixed at Midday
Trade is higher for corn and wheat, soybeans making new lows.
By David Fiala DTN Contributing Analyst
The U.S. stock market indices are lower with the Dow futures down 15. The interest rate products are mostly higher. The dollar index is 20 points higher. Energies are mixed with crude up 0.30. Livestock trade is mixed. Precious metals are mixed with gold $9.80 higher.
Corn trade is 3 to 5 cents higher at midday with corn trying to close out another positive week going into the Holiday weekend. Crop weather will be the main market driver moving forward as trade goes into the long weekend with near term conditions remaining soggy in the east, and drier conditions building on the northern planins. Ethanol margins futures have bounced this morning but firmer corn and middling unleaded values are limiting margin gains. On the July chart support is at the $3.69- $3.70 area where we find the major moving averages clustered. Resistance is at the May $3.79 high.
Soybean trade is 5 to 9 cents lower at midday with continued liquidation after new lows were made. Meal is $1 to $2 lower and oil is 20 to 30 points lower. Continued long liquidation may stick around into the weekend in the absence of a major weather driver in the near term. Basis is steady to firm with the weaker futures of recent days. Chinese crush margins have turned negative, and there has been talk of canceled US Cargos weighing on the market. July beans have new support at $9.32, with resistance at 10-day moving average of $9.54.
Wheat trade is 4 to 7 cents higher at midday with firmer action developing during the day session ahead of the long weekend and broader harvest expansion. Early yields remain on the light side with poor protein. World weather will continue to gain importance with concerns about wet weather in western Canada and dry pockets elsewhere with the Dakota's now moving into drought conditions. The dollar continues to drift at the lower end of the range. On the July KC contract support is the recent low at $4.21, with the 10-day at $4.30 just below the market with the 50-day at $4.37 which we are testing at midday.
David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at firstname.lastname@example.org Follow him on Twitter @davidfiala
Copyright 2017 DTN/The Progressive Farmer. All rights reserved.
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 05/26/17
VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG KANSAS CONFIRMED CASH SALES - TODAY: 1,452 WEEK T0 DATE: 18,984 STEERS 1,391 128.00-128.00 128.00-128.00 128.00 HEIFERS 61 128.00-128.00 128.00-128.00 128.00
NEBRASKA CONFIRMED CASH SALES - TODAY: 7,973 WEEK TO DATE: 28,147 STEERS 396 210.00-210.00 210.00-210.00 210.00 HEIFERS 298 208.00-208.00 208.00-208.00 208.00
TEXAS CONFIRMED CASH SALES - TODAY: 998 WEEK TO DATE: 9,903 STEERS 998 132.00-132.00 132.00-132.00 132.00 HEIFERS No reportable trade
COLORADO CONFIRMED CASH SALES - TODAY: 1,813 WEEK TO DATE: 2,382 STEERS 1,277 132.00-132.50 132.00-132.50 132.47 HEIFERS 473 132.50-132.50 132.50-132.50 132.50
IOWA CONFIRMED CASH SALES - TODAY: 4,526 WEEK TO DATE: 13,499 STEERS 1,358 208.00-210.00 208.00-210.00 208.25 HEIFERS 1,164 206.00-208.00 206.00-208.00 207.35
COMMENTS: A light trade today in the North and a little cleanup trade in the South all at generally steady money with the rest of the weeks business.
5-AREA LV STR AVE PR&WT: $132.88(1367) HIDE&OFFAL: $11.35 -0.11 CARCASS EQV INDEX CHOICE (600-900#) SELECT (600-900#) #OF HD LIVE BASED 201.80 180.36 49,914 BOX BASED 233.60 206.45 45,478 AVE INDEX 217.70 -1.20 193.40 -1.21 95,392 BEEF CUTOUTS CHOICE (600-900#) SELECT (600-900#) 245.60 -0.51 218.45 -0.53 46.61 LDS CH CUTS / 38.74 LDS SEL CUTS / 2.64 LDS TRIM / 15.28 LDS GROUND BOXED BEEF TREND: Wk on lt-mod dem & offers COMPREHENSIVE WEEKLY CUTOUT VALUE: Week ending 05/19 $234.70 +3.78 CUTTER 90% 350# UP C/O: $176.60 -0.15 NAT'L BONELESS BF TRIM: 16.86 lds / Unevenly stdy on lt dem & offers 90% TRIM: 07 lds: Wtd Avg $227.24 / Unevenly steady *ABCDE AFTER QUOTE REPRESENTS DAYS SINCE LAST REPORTED MARKET TEST*. FI KILL(WTD) FRI 114(575) WK AGO 110(561) YR AGO 112(558) MIX: THU SH93/CB22 SAT 38(613) WK AGO 41(602) YR AGO 28(586) WEEKLY CANADIAN CATTLE IMPORTS. FEEDERS SLAUGHTER S&H Week Ending: 05/13/17 2,991 8,934 Week Ending: 05/06/17 2,032 5,507 Change from prev week: +959 +3,427