DTN Chart Technical Points 03/31 16:30 DTN FUTURES 10 3/31/23 SLOW STOCHASTIC
Futures prices of live cattle and feeder cattle ended higher Friday, supported by this week's reports of higher cash cattle trade. Even June lean hogs were roughly steady after USDA's mostly neutral inventory report on Thursday afternoon.
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 03/31/23 VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
FARM MARKET NEWS - CORN REPORT FOR Fri, March 31 Exchange rate was 1.3516 up 0.0009
FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Fri, March 31 Exchange rate was 1.3516 up 0.0009
The soybean market got a double bullish whammy of lower-than-expected March 1 stocks and acreage on the March USDA prospective planting and stocks report. The report was bearish for new-crop corn, with acreage pegged at 1.2 million higher than the average estimate, and wheat planting was bearish, with all wheat seeding also just over 1.2 million acres higher than estimates. However, both corn and wheat stocks were quite a bit lower than a year ago, supporting the spot futures.
The cotton market was lower Friday amid USDA planting Intentions for 2023.
March 31, 2023 Portland Price Trends
Active futures contracts of live cattle, feeders and lean hogs are all higher at midmorning Friday, finding support after an eruption of higher cash cattle trade Thursday and a neutral Hogs and Pigs report.
Corn futures are 3 to 5 cents higher at midday Friday; soybean futures are 13 to 16 cents higher; wheat futures are 1 to 8 cents higher.
