DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:47 -- December corn is up 2 1/4 cents per bushel, November soybeans are unchanged, December KC wheat is up 6 1/4 cents, December Chicago wheat is up 6 3/4 cents and December Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 104.27 points and December crude oil is down $0.90 per barrel. The U.S. Dollar Index is down 0.150 and December gold is down $0.00 per ounce. Soybeans have now firmed 8 cents from the daily lows. Chicago wheat is challenging the recent high as dryness looks to grip southern Russia for another two weeks. Russia captured the Egypt wheat business, selling 165,000 mt for December at what would be the highest cash price in six years. Rumors of additional Tariff Rate Quotas on corn for China continue to underpin the corn market, which has now moved nearly $1.00 above the early August lows.

Posted 10:40 -- December corn is up 3/4 cent per bushel, November soybeans are down 4 3/4 cents, December KC wheat is up 8 3/4 cents, December Chicago wheat is up 7 1/2 cents and December Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is down 61.13 points and December crude oil is down $0.12 per barrel. The U.S. Dollar Index is down 0.100 and December gold is down $3.30 per ounce. While the wheat bull market rages on, it appears as if there is some profit-taking from long speculative traders in soybeans and products. Corn is trading around unchanged after making a new high early on Friday.

Posted 08:33 -- December corn is up 1 1/4 cents per bushel, November soybeans are down 3 1/4 cents, December KC wheat is up 6 1/2 cents, December Chicago wheat is up 6 1/2 cents and December Minneapolis wheat is up 4 3/4 cents. The Dow Jones Industrial Average is up 50.90 points and December crude oil is up $0.04 per barrel. The U.S. Dollar Index is down 0.180 and December gold is up $6.10 per ounce. USDA announced a new corn sale: 100,000 mt (3.9 mb) of U.S. corn sold to unknown destinations. Corn continues its ascent on rumors that China may issue additional Tariff Rate Quotas (TRQ) for corn imports above the existing 7.2 mmt TRQ. China has already bought 10.5 mmt of U.S. corn. That rumor is not confirmed but is adding some strength early.

Livestock

OMAHA (DTN) -- December live cattle closed up $0.10 at $103.575, January feeder cattle closed down $0.65 at $125.55, December lean hogs closed up $0.83 at $67.025, December corn closed up 3 cents per bushel and December soybean meal closed up $4.00. The Dow Jones Industrial Average is down 28.09 points and NASDAQ is up 42.28 points. Oct. 1 Cattle on Feed report listed 11.7 million head, up 4% from October 2019. Placements in September totaled 2.23 million head, 6% above last year; marketing's in September totaled 1.85 million head, 6% greater than the prior year. Cattle on feed and placement levels are higher than pre-estimates, creating the potential for early week pressure once traders return to the market Monday.

Posted 11:16 -- December live cattle are up $0.48 at $103.95, January feeder cattle are down $0.03 at $126.175, December lean hogs are up $0.85 at $67.05, December corn is up 1 1/2 cents per bushel and December soybean meal is down $0.80. The Dow Jones Industrial Average is down 90.95 points and NASDAQ is down 38.52 points. Livestock futures have been unable to spark any sense of excitement with prices mixed in a moderate range in cattle and hog futures. The ability to post narrow to moderate gains in nearby live cattle futures is helping some traders adjust positions ahead of the afternoon Cattle on Feed report. December lean hog futures are the only contracts holding gains, as limit losses Thursday is viewed as an overreaction, but the tone of the market remains extremely weak given the price pressure in hog trade during the week.

Posted 10:08 -- December live cattle are up $0.25 at $103.725, January feeder cattle are down $0.33 at $125.875, December lean hogs are up $0.70 at $66.9, December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is down 30.61 points and NASDAQ is down 23.31 points. Livestock markets are struggling to find any sense of direction Friday morning with prices bouncing higher and lower, but in a well contained and narrow to moderate price range. The release of Oct. 1 Cattle on Feed report following the close Friday a continues to be the focus of cattle trade, with traders adjusting positions ahead of the release. Expanded trade limits in lean hog futures don't seem to be an issue with most nearby contracts struggling to move prices out of single-digit price shifts during the first couple hours of trade. Sluggish market activity is likely through the morning and the remainder of the week.

Posted 08:33 -- December live cattle are down $0.08 at $103.4, January feeder cattle are down $0.75 at $125.45, December lean hogs are up $0.30 at $66.5, December corn is up 3/4 cent per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is up 68.61 points and NASDAQ is up 30.51 points. Limited activity is seen in livestock futures early Friday morning with narrow to moderate losses seen through most of the complex. The strong pressure seen Thursday is creating a combination of follow-through selling pressure as well as limited short covering.