DTN's Quick Takes

By DTN Analysts

Grains

Posted 10:33 -- May corn is down 4 1/2 cents per bushel, May soybeans are down 20 1/4 cents, May KC wheat is down 14 cents, May Chicago wheat is down 16 1/4 cents and May Minneapolis wheat is down 13 1/4 cents. The Dow Jones Industrial Average is down 618.50 points and May crude oil is down $0.18 per barrel. The U.S. dollar index is up 0.510 and June gold is up $2.00 per ounce. Ag markets are plunging Wednesday morning, with livestock markets limit down, and soybean and wheat markets sharply lower. Ethanol production last week, as expected, fell sharply with plant cutbacks and closures, and inventory rose to the highest level ever, as bearish demand implications from the surging COVID-19 crisis continues to dominate trade.

Posted 09:42 -- May corn is down 3 3/4 cents per bushel, May soybeans are down 14 3/4 cents, May KC wheat is down 7 1/2 cents, May Chicago wheat is down 10 1/4 cents and May Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is down 587.17 points and May crude oil is down $0.23 per barrel. The U.S. dollar index is up 0.560 and June gold is up $2.00 per ounce. The Energy Information Association (EIA) report for ethanol production and inventory for the week ending March 27 showed a sharp decline in ethanol production to 840,000 barrels per day from 1.005 million barrels per day the previous week, and inventory of ethanol surged by 1.6 million barrels to a record large 25.7 million barrels from 24.1 million the previous week.

Posted 08:37 -- May corn is down 4 cents per bushel, May soybeans are down 11 3/4 cents, May KC wheat is down 5 3/4 cents, May Chicago wheat is down 8 1/4 cents and May Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is down 878.18 points and May crude oil is down $0.15 per barrel. The U.S. dollar index is up 0.590 and June gold is down $9.20 per ounce. Unconfirmed reports are circulating of South Korea's Corn Processing Association (KOCOPIA) having bought 55,000 mt (2.1 mb) of U.S. corn for June shipment, as U.S. corn, on the recent break, appears to have become more competitive. However, it is outside forces that seem to be taking hold of ag markets on Wednesday morning as COVID-19 fears accelerate and trade is risk-off again.

Livestock

OMAHA (DTN) -- June live cattle are down $3.75 at $88.325, May feeder cattle are down $4.50 at $118.4, June lean hogs are down $3.00 at $57.325, May corn is down 4 1/4 cents per bushel and May soybean meal is down $5.30. The Dow Jones Industrial Average is down 796.07 points and NASDAQ is down 255.19 points. As Wednesday nears the noon hour, the day isn't shaping up to extend anyone any favors as the board trends substantially lower and the light run cash cattle trade that has developed is $7.00 to $9.00 lower compared to last week.

Posted 10:34 -- June live cattle are down $2.83 at $89.25, May feeder cattle are down $4.40 at $118.5, June lean hogs are down $3.00 at $57.325, May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.90. The Dow Jones Industrial Average is down 599.97 points and NASDAQ is down 180.07 points. Wednesday's Fed Cattle Exchange sold cattle for significantly lower prices than last week's sale. Although most of the pens went unsold, the pens that did sell sold for $111.25 to $113 -- last week's trade at the FCE sold for $118 to $120.

Posted 08:49 -- June live cattle are down $2.60 at $89.475, May feeder cattle are down $4.00 at $118.9, June lean hogs are down $3.00 at $57.325, May corn is down 5 cents per bushel and May soybean meal is down $3.90. The Dow Jones Industrial Average is down 679.25 points and NASDAQ is down 194.41 points. As Wednesday awakes to a new day, livestock contracts head lower, as all three markets have contracts that have reached limit lows. For cash cattle that have yet to trade, the board isn't setting a sound foundation for the day.

(BE)

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