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Articles by Palmer pigweed
DTN Midday Livestock: Feeder Cattle Trade Providing Lift
Mixed trade continued through Wednesday morning with light-to-moderate cattle gains offset by limited market erosion in lean hog trade. Hog futures are adjusting from sharp early week gains, but unable to give back the majority of earlier gains. Corn futures are lower in light morning trade with December down 3 3/4 cents. Stock markets are higher in active trade with the Dow up 240 points and the NASDAQ up 94 points.
DTN Grain Close: Wheat Prices Fall Back in Quiet Trading
Photo: Kansas State University July contracts of all three wheats were lower Friday with Chicago down 6 cents and Minneapolis down 5 3/4 cents. Trading volume was light in corn and soybeans as traders largely ignored weather concerns on Friday and opted to wait for Sunday night. Midday: Soybeans are the midday leader in mixed quiet trade. CORN Corn trade is 1 to 2 cents lower with trade giving back early gains to test support before firming back towards flat heading towards the week.
DTN Cotton Close: Sharply Higher on Trend, China Quotas
After an early week downturn on poor supply-demand numbers, the market bounced back on decent weekly sales and exports data. However, overnight news that China was going to expand its import quotas to feed its domestic textile mills allowed the market really zoomed. The National Development and Reform Committee, an arm of the Chinese government overseeing economic growth and development, made the announcement that it would allow up 800,000 metric tons of imported cotton.
DTN Cotton Close: Taps Down on Strong Volume
Photo: Blair Fannin, Texas AgriLife Extension Cotton remained directionless Thursday as its awaits any market-moving news from the U.S./China trade talks. Those talks will end Thursday with most likely another meeting planned in February, probably in China. However, President Trump is scheduled to meet with China’s top negotiator Thursday afternoon at 4 p.m. The only factual news that the cotton market saw Thursday was from USDA’s weekly sales and exports report.
DTN Grain Close: Lower as Trade Talks Continue, U.S. Dollar Rebounds
©Debra L Ferguson Stock Images March contracts of corn, soybeans and all three wheats finished lower Thursday as trade talks with China continued without official announcement. Adding pressure to grain prices, the March U.S. dollar index is trading higher just one day after the Federal Reserve said it would be patient about interest rate adjustments. Midday: Corn is the downside leader at midday.
DTN Livestock Midday: Futures Shift Lower
Photo: Adam Russell, Texas A&M AgriLife Extension Service Active pressure has continued to develop through all livestock trade with live cattle and lean hog futures posting triple-digit losses Thursday morning. General Comments Livestock futures trade has moved sharply lower, allowing for increased underlying pressure in live cattle and lean hog markets. April live cattle and lean hog trade have posted triple-digit losses, as traders adjust positions at the end of the month.
DTN Grain Midday: Trade Continues Weaker
Corn is the downside leader at midday. CORN Corn trade is 3-4 cents lower at midday with yesterday’s strength evaporating during the day session as we fall back to the lower end of the range. The trade is focused on USDA numbers expected next week and no major changes in South American weather. Ethanol margins remain poor, with futures remaining near the lows, while blender margins are getting a boost from the strength in unleaded. Basis has remained flat to firmer with weather slowing movement.
Iowa Ethanol Industry’s Fate Tied to Year-Round E15 - DTN
Photo: ©Debra L Ferguson Andrew Wheeler, EPA’s acting administrator, wasn’t at the Iowa Renewable Fuels on Tuesday, but he was the focus of the industry’s outlook on multiple fronts. At the Iowa Renewable Fuels Association booth was an oversized poster-card letter to Wheeler, calling on EPA to complete the rules for year-round E15, as well as stop the small-refinery exemptions that the ethanol industry sees gouging biofuel demand.
DTN Cotton Open: Slightly Up on Trade Talk Hopes
The cotton market is slightly elevated Thursday morning as it awaits any development from the two-day talks between the U.S. and China. President Trump is scheduled meet with China’s top negotiator Vice-Premier Lui He. USDA released some back-logged sales and exports data this morning. Today’s numbers reflect business done the week ending December 20, 2018.
DTN Livestock Open: Limited End-of-Month Trade Activity Expected
Texas A&M AgriLife Extension Service photo by Adam Russell Livestock futures are expected to limp into month end with light volume likely through most of the session. Traders still are placing some attention on weather conditions and how this may impact production levels, but outside markets will play a more significant role in price shifts Thursday.
DTN Grain Open: Mixed as Interest Rates Buoy, Export Sales Data Eyed
©Debra L Ferguson Stock Images 6:00 a.m. CME Globex: March corn is down 1/2 cents per bushel, March soybeans are up 2 1/2 cents, and March K.C. wheat is down 1 3/4 cents. CME Globex Recap: Global equities are mostly higher following an about-face by the U.S. Federal Reserve Wednesday with regard to interest rate policy. Comments from The Fed seemed to suggest a halt to the raising of interest rates and even a willingness to curb its balance sheet reduction program if necessary.
DTN Livestock Close: Narrow Shifts Limit Market Direction
©Debra L Ferguson Stock Photography Lack of price movement late Wednesday kept traders unwilling to step back into the market. Prices were mixed, moving in a narrow range. GENERAL COMMENTS: Livestock futures moved in a narrow range Wednesday afternoon with lean hogs backing away from firm early gains and feeder cattle moving off of moderate initial losses. The tepid market temperature was in sharp contrast to the frigid winter blast that engulfed much of the Midwest on Wednesday.
DTN Cotton Close: Remains Stagnant, Awaits Trade News
Cotton picker harvest view. Photo: Nick McMichen The cotton market settled the day slightly higher, as it has several items on its trading plate. First is the U.S./China trade meeting. As of this writing, there has been no serious word on how the current talks are faring. We understand that President Trump will meet with China’s top negotiator Lui He on Thursday as an expression of America’s sincerity and seriousness on finding common ground. The Federal Reserve announced unchanged rates for January.
DTN Grain Close: Prices Firm in Frigid Weather
On-farm grain bin system. ©Debra L Ferguson Grains traded mixed most of the session, but by the close March contracts of corn, soybeans and all three wheats were a little higher. April cattle pushed to a new contract high as livestock are encountering obvious stress. Midday: Narrowly mixed trade is seen across the board at midday. CORN Corn trade is 2 cents higher at midday; trade has been nearly 4 higher to fractionally higher since the opening bell last night. Momentum is flat at midday.
DTN Livestock Midday: Mixed Trade Keeps Volume Light
Extremely sluggish market activity is seen Wednesday as traders continue to focus on cold weather through most of the production areas. This is limiting overall direction of the market, allowing mixed prices in a narrow range. General Comments Livestock futures are mixed in narrow trading ranges at midday following limited volume through the entire morning.
DTN Grain Midday: More Mixed Trade
©Debra L Ferguson Stock Images Narrowly mixed trade is seen across the board at midday. CORN Corn trade is 2 cents higher at midday; trade has been nearly 4 higher to fractionally higher since the opening bell last night. Momentum is flat at midday. The trade is focused on USDA numbers expected next week and no major changes in South American weather. Many central and eastern parts of the nation are dealing with the extreme cold so many people are not watching the markets much today.
DTN Cotton Open: Market Nervously Unchanged
Photo: USDA The cotton market seesawed all night from positive to negative as it awaits any insight from this week’s trade talks. Negotiators from the U.S. and China are literally meeting next door to the White House to continue their conversations on trade issues. Unfortunately, various news reports and opinion articles suggest a resolution is unlikely this week.
DTN Livestock Open: Weather Conditions Take Priority
Limited early-market activity is expected with traders focusing on the impact of the extreme cold weather moving through most of the country that will impact all areas of livestock production.
DTN Grain Open: Firmer on Back-Logged Data, China Talks
©Debra L Ferguson Stock Images 6:00 a.m. CME Globex: March corn is up 1 1/2 cents per bushel, March soybeans are up 1 1/4 cents, and March K.C. wheat is up 1 1/2 cents. CME Globex Recap: Global equity markets are mostly quiet as the next round of U.S.-China trade talks get set to begin later Wednesday. The Trump Administration seems to be mixing in positive comments with negative ones so as to not set expectations too high. Many have noted a deal before the March 1 deadline isn’t likely.
DTN Livestock Close: Traders Shoot for Stability
Livestock markets stabilized Tuesday with futures prices mixed to higher across the complex. Follow-through support trickled into live cattle trade, resulting in new contract highs. GENERAL COMMENTS: Light support trickled into several nearby lean hog futures contracts Tuesday, ending the aggressive market liquidation seen over the last week. April and May contracts ended 10 to 20 cents per cwt higher.
Soybean Oil Prices: Major Trends that Could Help or Hurt - DTN
©Debra L Ferguson Stock Photography At the end of November 2018, I laid out what I thought looked like bullish arguments for soybean oil prices. Read “Soybean Oil, Ripe for Bullish Change” here. Fundamentally speaking, the article cited recent changes for soybean oil, such as a new mandate in Brazil, which starts in March 2018 and requires an 11% blend of biodiesel. New tariffs in the U.S. are offering competitive protection from Argentina and Indonesia.
DTN Cotton Close: Wobbles, but Finishes Higher
Photo: Jourdan Bell, Texas A&M AgriLife On the eve of the trade talks with China, the cotton market traded both sides of unchanged, before settling fractionally higher. Earlier Tuesday there were concerns the market might sell-off on the news the U.S. Justice Department was going to prosecute the CFO of Huawei. She was arrested in Canada a few months ago and extradited to the U.S. Perhaps in a reflection of turnaround Tuesday, the market finished up-on-the-day to counteract Monday’s lower close.
DTN Grain Close: Markets Miss General Commodity Rally
The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography Except for softs and grains, most commodities rallied higher Tuesday with help from a modest gain in the stock market. March contracts of corn, soybeans and all three wheats finished lower however, with most contracts stuck in sideways ranges. Midday: Weaker trade across the board at midday. CORN Corn trade is 2 to 3 cents lower at midday with trade fading back into support at midday.
Grain Shipping: St. Lawrence Seaway Tonnage Increased 7% - DTN
St. Lawrence River Lock. Photo: Stock Photography In a press release on Jan. 17, 2019, the Great Lakes Seaway Partnership noted that, “With total cargo shipments of 40.9 million metric tons during the 2018 navigation season, St. Lawrence Seaway traffic increased nearly 7% year-over-year.
Irrigation: Variable-Frequency Drives Save Energy and Money - DTN
Irrigation pivot in corn. ©Debra L Ferguson Stock Photography B.J. Wilkerson has his hands full overseeing 2,000 acres of irrigated corn and peanut production in addition to running a 700-head cow herd near Trenton, Florida. With 33 center-pivot sprinklers pumping groundwater for the crops, anything he can do to save time and money is sure to get his attention.
DTN Cotton Close: Higher Finish Caps Bearish Week
December cotton closed moderately higher as end-of-the-week buying and short-covering took prices back above the 7900 mark. For the week, December cotton was down 270 points. The bearish week was initially characterized by more trade war salvos fired on Monday by the Trump Administration, with retaliation from China. The market then exited its multi-week consolation pattern to the downside, causing a flood of speculative selling.
DTN Grain Close: Corn Pushes Higher a 3rd Day
Corn pouring out of an auger during corn harvest. Photo: ©Debra L Ferguson Stock Photography December corn closed up 4 3/4 cents Friday, turning a bearish start to the week into a bullish finish with help from flooding concerns in the north-central Midwest. Soybeans and wheat were lower in quiet trading, but also held on to decent gains for the week. Midday: Corn trade is firmer at midday, with wheat and soybeans weaker.
Farm Co-op Fraud: Manager Disappears with $2Mln and a Big Game Hunting Habit - DTN
Roughly 150 farmers attended a meeting Tuesday night in Ashby, Minnesota, looking for answers about the closed Ashby Farmers Cooperative Elevator and its former manager, who allegedly stole at least $2 million from the elevator before disappearing earlier this month. An audit of the grain cooperative’s books is continuing to detail actual losses, and investigators are looking into the alleged fraud by former elevator manager Jerry Hennessey.
DTN Livestock Midday: Traders Positioning Ahead of Report
The cattle complex is showing some strength with traders positioning themselves ahead of the Cattle on Feed report to be released this afternoon. The cattle complex is showing some strength with traders positioning themselves ahead of the Cattle on Feed report to be released this afternoon. Trade estimates are for on-feed at 105.5%, placements at 104.8% and marketings at 100.0%.
DTN Grain Midday: Corn Higher; Wheat, Soybeans Lower
Corn trade is firmer at midday, with wheat and soybeans weaker. Corn trade is 2 to 3 cents higher at midday with trade trying to consolidate the midweek gains into the weekend. Wetter near-term weather may slow harvest progress in many areas this week, while other areas are moving along quickly. Ethanol margins remain tight with production likely to fade near term even after strong runs last week and futures continuing to trend lower, hanging around 1.25.
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