DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, May corn is down 3 cents, May soybeans are down 4 cents, and May Chicago wheat is down 9 1/2 cents. Row crops have not moved much the past hour with little news to shake off the bearish concerns of South America's crops. USDA said nearly 20 million bushels of wheat were inspected for export last week, not enough to inspire buying from either commercials or traders. March Chicago wheat is trading down 12 1/4 cents with First Notice Day in March grains set for Tuesday.

Posted 11:45 -- May corn is down 3 1/4 cents, May soybeans are down 6 1/4 cents, and May Chicago wheat is down 9 1/4 cents. Grains continue to slide steadily lower with favorable South American conditions pressuring row crops. USDA's weekly report of export inspections was bullish for corn, but saw soybean inspections drop from 39.6 million bushels a week ago to 25.9 million bushels on Monday. Other commodities are mixed with cattle and crude oil trading higher.

Posted 09:49 -- May corn is down 1 1/2 cents, May soybeans are down 2 1/2 cents, and May Chicago wheat is down 6 3/4 cents. May K.C. wheat is down 7 3/4 cents with traders showing no concern about the weekend's colder temperatures and now looking ahead to a week of milder, but mostly dry weather. Row crops are starting the week lower with ongoing pressure from Brazil's advancing soybean harvest and what has been a favorable planting season for the second corn crop, so far. The U.S. dollar index is down 0.16 even after the Commerce Department reported durable goods orders up 1.8% in January, slightly more than expected.

Posted 08:39 -- After the 8:30 open, May corn is down 1/2 cent, May soybeans are up 1/2 cent, and May Chicago wheat is down 3 1/4 cents. Grains are off to a mostly lower start after a relatively quiet weekend. Winter wheat got past its weekend dip of cold temperatures in the southwestern Plains and faces milder weather this week. DTN's seven-day forecast is harmless for Brazil and Argentina, favorable for harvest progress and corn planting. Safras & Mercado estimated Brazil's soybean harvest at 34% complete.

Posted 02/26 19:03 -- The grain complex is mostly higher early Sunday evening with soybeans up 3 cents, soybean meal up $1.00, and bean oil up 0.15. Corn is fractionally higher and wheat is fractionally lower as the session gets under way. Outside markets are mostly lower with metals down and energies mostly showing red. The U.S. dollar index is posting a small gain while DJIA futures are off 3 points.

Livestock

Posted 11:47 -- Live cattle futures remain firmly higher as moderate commercial buyer support has moved back into the market. This has been able to hold the February contract $1.25 per cwt midday with prices hovering at $125 per cwt. The aggressive market shifts higher in feeder cattle trade continue to hold, but given the $3 to $4 per cwt losses which developed Friday, traders remain concerned that additional market volatility may quickly erode market support through the complex. Hog futures remain mixed at midday in a narrow range, but the mostly higher trade levels have shifted to mostly lower trade. The overall lack of volume and narrow trading ranges is likely to confine market activity through most of the session.

Posted 10:32 -- Aggressive triple-digit gains have continued to hold through the cattle complex Monday morning with Feeder cattle futures leading the complex higher with gains seen from $1.50 to $2.17 per cwt midmorning. This support in feeder cattle buying has sparked gains from 80 cents to $1.15 per cwt through the live cattle market early Monday, although traders remain focused on the lack of development of cash markets and potential that light activity will develop in the boxed beef market. Hog futures are mixed in a narrow trading range as front-month April contracts continue to hold firm gains of 42 cents per cwt. The rest of the complex is limited to a narrow market shift ranging from 7 cents lower to 22 cents higher even though trade volume remains light during the morning session.

Posted 09:40 -- Strong buyer support is moving into cattle trade following the aggressive triple-digit shift lower late last week. Triple-digit gains are seen in all feeder cattle markets, which is creating support in the live cattle market. At this point, live cattle trade is holding 80 cent to $1 per cwt gains although traders are still focusing on short-covering opportunities during the lightly traded Monday session. Lean hog futures are holding gains in all contracts, although the 60-cent support through the front-month April market is having a hard time drawing much buyer support in the nearby contracts as trade ranges are limited to 7-cent to 22-cent gains.

(KA)

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