DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 11 1/4 cents and March soybeans are up 14 1/2 cents. March KC wheat is up 19 cents and March Minneapolis wheat is up 13 cents. March crude oil is down $0.91 and Dow Jones futures are down 103 points. The U.S. Dollar Index is up 0.07 and February gold is up $.80. Heading into the last half hour of trade, row crop markets remain very firm with double digit gains across the major row crops. South American weather remains supportive, especially for corn. Corn futures reached their highest price for a nearby contract since mid-October 2023 Wednesday, and bulls will likely face firm resistance as prices will attempt to top $5.00 next on the March contract.

Posted 10:35 -- March corn is up 12 cents per bushel, March soybeans are up 15 3/4 cents per bushel. March KC wheat is up 18 cents per bushel, March Chicago wheat is up 15 1/2 cents per bushel and March Minneapolis wheat is up 12 1/4 cents. The Dow Jones Industrial Average is up 25.90 points at 44,876.25. The U.S. Dollar Index is up 0.090 at 107.95. March crude oil is down $0.46 per barrel at $73.31. At midmorning, the dynamic rally continues for, corn, wheat beans and meal, with bean oil now trading slightly higher. The drier weather forecast for Argentina and the wetter one for the key Brazil soy areas is the impetus for the rally. On a slightly bearish note, ethanol production plunged to the lowest level since September at 1.015 million barrels per day.

Posted 08:35 -- March corn is up 7 1/4 cents per bushel, March soybeans are up 8 1/4 cents per bushel. March KC wheat is up 10 1/4 cents per bushel, March Chicago wheat is up 7 1/4 cents per bushel and March Minneapolis wheat is up 6 3/4 cents. The Dow Jones Industrial Average is down 7.89 points at 44,842.46. The U.S. Dollar Index is up 0.330 at 108.19. March crude oil is down $0.59 per barrel at $73.18. Grain and soy markets, except for soybean oil, are very firm to begin Wednesday, with corn, soybeans and meal impacted by the drier weather ahead for Argentina. Wheat is rallying on likely fund short-covering following a bullish chart signal on Tuesday.

Livestock

Posted 11:35 -- April live cattle are down $2.00 at $205.275, March feeder cattle are down $1.90 at $276.35, April lean hogs are up $1.43 at $92.325, March corn is up 9 3/4 cents per bushel and March soybean meal is up $7.80. The Dow Jones Industrial Average is up 1.87 points. No trade has developed in the cash cattle market, but packer interest should improve at any time now. Asking prices are firm in the South at $210 but are not established for the North.

Posted 08:35 -- April live cattle are down $0.40 at $206.875, March feeder cattle are up $0.33 at $278.575, April lean hogs are up $0.03 at $90.925, March corn is up 7 1/4 cents per bushel and March soybean meal is up $4.40. The Dow Jones Industrial Average is up 12.16 points. The livestock complex is off to a mixed start as traders seem to be pausing the rally in the cattle complex as they wait to see what develops in this week's cash market. Meanwhile the lean hog complex is continuing to rally as traders are hopeful to take on the market's resistance.

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