Do Not Overlook the Corn Values for Fall 2020 and Beyond. Increased Corn Acres and Demand Destruction could easily move the carryout back up over 2 Billion Bushels.



 

 

            
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  Tuesday, June 18, 2019   
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DTN Early Word Opening Livestock       06/18 06:15
   Firm Buyer Interest Expected in Early Trade

   Firm underlying support in early-week trade is likely to bring additional
price movement into the complex Tuesday. Limited volume is expected at opening
bell, creating the potential for position-taking Tuesday morning.

By Rick Kment
DTN Analyst



Cattle: Steady               Futures: Mixed    Live Equiv: $143.12 -0.22*
Hogs:   Steady to $1 Lower   Futures: Higher   Lean Equiv: $ 87.96 -0.24**

*   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 activity remains quiet following limited movement Monday. Packer
interest may slowly develop, but active bids are not likely to become readily
available until midweek or later. Asking prices are still hard to pin down, but
firmness in futures trade early in the week could create additional optimism in
feedyard managers as they focus on market stability through the middle of June.
It appears there will be a push to get some cattle sold by midweek, especially
in the South where this has become a more frequent trend the last couple of
months. The strong upward shift in futures trade Monday quickly reversed market
direction in live cattle and feeder cattle trade and is helping to rekindle
buyer support in the entire complex. August live cattle futures led the complex
higher with a $1.35 per cwt rally. Even with the current support, nearby live
cattle futures remain well below short-term resistance levels, which may keep
the cattle market hovering in the sideways trading range seen last month. A
move above $109 per cwt in August futures would be needed to break out of the
weaker market trend seen so far this summer.
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