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Market News Details

DTN Closing Livestock Comment

DTN Closing Livestock Comment 04/18 15:35
   Livestock Futures Mixed in Quiet Trade

   Livestock futures ended mixed in quiet trade Thursday ahead of the long
holiday weekend. Increased cattle placements and more cattle in feed yards
detailed in Thursday's USDA Cattle on Feed report may affect market direction
early next week.

By Rick Kment
DTN Analyst



   GENERAL COMMENTS: Livestock futures ended mixed Thursday in light trade,
leaving traders to ponder further directional shifts early next week. From
Friday to Friday, livestock futures scored the following changes: Apr live
cattle up $1.60; Jun live cattle up $0.30; Apr feeder cattle up $0.38; Aug
feeder cattle up $0.23; Jun lean hogs up $0.63; Jun lean hogs up $0.63. Markets
will be closed Friday in observance of Good Friday, opening at normal times
Monday. Light-to-moderate cash cattle trade developed in the North Thursday
with prices at $130 to $132 live and $208 dressed. This is $3 per cwt higher
than last week. Combined with Southern trade Wednesday at $126, $2 per cwt
higher, the tone of the market appears to be set. There may be some additional
clean-up trade late Thursday or sometime Friday, but most business needing to
be done is likely in the books late afternoon Thursday. The National Daily
Direct afternoon hog report was $0.96 higher ($71-$81, weighted average $77.93)
on 11,248 head sold. Corn futures were mixed in light trade with May up 1/4
cent per bushel. The Dow Jones Index was 111 points higher with Nasdaq up 2
points.

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.