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Market News Details

DTN Early Word Opening Livestock

DTN Early Word Opening Livestock       02/22 06:11
   Hog Market Support Expected

   Follow-through support is expected to move into hog futures following sharp
triple-digit gains Thursday. The focus across the complex will be on the
plethora of backlogged reports to be released Friday, which could create mixed
messages through the complex.

By Rick Kment
DTN Analyst

Cattle: Steady               Futures: Mixed    Live Equiv: $144.79 +0.58*
Hogs:   Steady to $1 Lower   Futures: Higher   Lean Equiv: $ 65.65 +1.06**

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


   Up until now, cash cattle trade has been illusive as packers and feeders
have held respective price levels with little movement or desire to meet in the
middle. Packers remain short-bought and are expected to need to make adequate
sales in order to fuel next week's procurement levels, but with recent support
in futures trade and consistent beef demand, feeders are shooting for higher
prices Friday. Bids and asking prices are expected to redevelop within the same
range as earlier in the week, but active trade may not develop until late in
the day. Futures movement is expected to remain mixed with traders not only
trying to adjust to previous market shifts, but trying to assess the meaning
and take home message of all of the backlogged report data that will be
available throughout the day. With export data and Cold Storage reports
covering multiple weeks and months, it is going to be a challenge sorting out
what is still meaningful to the market during late February.

Wheat Commentary

No daily commentary available

Other Commentary

Good evening, March beans finished up 8 ½ , March corn up 4 ¾ , and March wheat up 5 ¾. News today about the Chinese pledging to buy large quantities of Ag products including corn and wheat rallied the markets. Beans were able to get back above the major moving averages before settling just below the 50 DMA at 911 ½. Corn found resistance at the 50 DMA but was able to settle above short term 10 day moving average. The market is getting excited about the possible trade deal and that there are some specific things being addressed. The two groups are working on a memorandum or understanding for a trade agreement (written agreement). As always, devil is in the details, exactly what, how much, and when is still up for debate. Initial numbers getting thrown around were that China would buy an additional $30B of US ag products. USDA released estimates for corn acres in 2019 to be 92M, Beans at 85M and wheat at 47M with no big surprises.
Quotes, news, weather & polling services by Telvent/DTN.  Market data delayed at least 10 minutes.  Futures quotes source: ICE, MGEX & CME Group.