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Market News Details

DTN Early Word Opening Livestock

DTN Early Word Opening Livestock       04/18 06:21
   End of the Week Adjustments Expected

   Thursday trade is expected to be limited ahead of the three-day weekend.
Traders are looking for additional long-term direction in hog futures, focusing
on results from Thursday's Export Sales report.

By Rick Kment
DTN Analyst


Cattle: Steady   Futures: Mixed   Live Equiv: $152.64 +0.02*
Hogs:   Steady   Futures: Mixed   Lean Equiv: $ 91.86 -0.47**
*   based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Cash cattle trade is expected to continue to develop Thursday with both
sides apparently desiring to wrap up business before Good Friday.
Light-to-moderate trade that developed in the South on Thursday, may have moved
enough cattle for the week in Texas and Kansas. These sales developed at $126
per cwt, which is $2 per cwt higher than last week. Trade in the North has yet
to develop, but the firming tone is causing stronger asking prices of $128 to
$130 live and $208 and higher dressed. The expectation is that cash cattle
prices will be higher in all areas by the end of the week. Futures trade is
expected to be mixed with additional narrow trading shifts likely Thursday
morning. The release of the March 1 Cattle on Feed report Thursday afternoon
could add some additional pre-report positioning into the complex. Although the
report is not expected to deliver any huge surprises or revelations, the
general tone of light-to-moderate supply growth and reduced marketing during
the month of March is likely. Most of these expectations have already been
factored into the complex, and may not bring about any significant price shifts
Thursday.

Wheat Commentary

No daily commentary available

Other Commentary

Good evening, May corn finished up ¬ľ of a cent, beans up 1.5 cents, and wheat down 2.75. Generally benign session today going into a long weekend. More pork exports were reported to China which might end up being a timely add in to a trade deal solving the issues of lowering trade deficit and stabilizing the price of pork. The WTO ruled in favor to the US vs China in a complaint against the Chinese use of Tariff Rate Quotas. One would assume this is helpful to the US hand when it comes to the trade agreement. But, its not really the time for assumptions‚Ķ Market is still anxious for the outcome of the trade war and funds are still grinding their short position axe. Big crops down south (are getting bigger) with the US farmer not far from planting are making supply forecasts look massive. Rain in the forecast keeping ground wet and field work minimal. Market will continue to build risk premium until forecast dries out for several days. Think the wet weather will have to persist few more weeks to make funds get out of the short positions. Or a trade deal.
Quotes, news, weather & polling services by Telvent/DTN.  Market data delayed at least 10 minutes.  Futures quotes source: ICE, MGEX & CME Group.