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Market News Details

DTN Early Word Opening Livestock

DTN Early Word Opening Livestock       03/21 05:54
   Hog Market Limit Gains Sparks Additional Interest

   Active buyer support quickly flooded livestock trade late Wednesday. This is
expected to bring additional activity during early trade, despite initial
volume remaining limited.

By Rick Kment
DTN Analyst



Cattle: Steady      Futures: Mixed    Live Equiv: $150.61 -0.46*
Hogs:   $2 Higher   Futures: Higher   Lean Equiv: $ 78.51 -0.09**

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

GENERAL COMMENTS:

   Active buying has continued to move into nearby and deferred feeder cattle
trade. Potential pullbacks in the March Cattle on Feed report, or long-term
market direction that could come with any announcement of cattle impacted
during the recent winter storms and flooding, is creating underlying support
through the entire complex. May feeder cattle contracts have now rallied $6 per
cwt in the last week, and have broken through November 2018 highs. This is
helping to solidify additional volume through the entire complex. Cash cattle
trade remains inactive at this point, although the focus will continue to be
based on end of the week activity as most trade will not get going until
sometime Friday.

Market Commentary

Good evening May corn finished up ¼ of a cent, May beans up 2 cents, and May wheat up 8 1/4 cents. Dovish comments by the Fed were the biggest news around the trade today. The weaker dollar helped wheat find some more support that created some buying that spilled over into corn and beans. Headlines about a trade deal coming along nicely according to President Trump didn’t bring out buyers. The news is old and the market is tired of it. Today was the 7th consecutive day with no daily export sale announced and the bearish impact seemed to be limited due to the rally in wheat. According to Reuters the US producer has found some company in the Argentine farmer who is not marketing what is expected to be a 55MMT soybean crop because the Chicago board is too low. Managed money shorts, no export announcements, and delays regarding the trade deal are weighing on prices and farmers continue holding out for good (read bullish) news.
Quotes, news, weather & polling services by Telvent/DTN.  Market data delayed at least 10 minutes.  Futures quotes source: ICE, MGEX & CME Group.