DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- As we near the close, May corn is up 6 1/4 cents, May soybeans are down 5 1/4 cents, and May Chicago wheat is up 5 1/2 cents. Corn and wheat are holding firm, showing no signs of backing down before the close while soybeans continue to weaken on light volume. The U.S. dollar index has been quiet most of Monday, but nearly all other commodities are trading lower, except for June gold which is up $3.60. Monday afternoon's Crop Progress report will give an update of winter wheat crop ratings.

Posted 11:54 -- May corn is up 6 3/4 cents, May soybeans are down 4 1/4 cents, and May Chicago wheat is up 5 3/4 cents. Soybeans continue to sag lower with May bean oil now down 0.18, near its lowest prices in seven months. USDA weekly inspections were bullish again for corn and soybeans, neutral for wheat. Only corn and wheat are holding Monday's gains however, helped by commercial buying in both. Other commodities have turned lower while the U.S. dollar index is steady.

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Posted 09:50 -- May corn is up 5 1/2 cents, May soybeans are down 1 cent, and May Chicago wheat is up 7 cents. Soybeans are having trouble holding their gains while corn and wheat prices celebrate USDA's lower planting estimates for a second day. Also, more rain is expected in the eastern Midwest and southeastern U.S. this week, making early fieldwork difficult. In early trading, most other commodities are staying close to Friday's closes.

Posted 08:38 -- After the 8:30 open, May corn is up 4 cents, May soybeans are up 2 cents, and May Chicago wheat is up 4 3/4 cents. Grains are maintaining their higher overnight prices with corn and wheat still benefiting from Friday's estimates of reduced plantings in 2017. May soybean oil is up 0.28, continuing to show a supportive response near its recent lows. May crude oil and the U.S. Dollar index are both unchanged.

Posted 19:08 (04/02) -- Follow-through buying from last week's bullish changes in trend on daily charts had corn 2 cents higher Sunday evening and wheat posting an early 4-cent rally. Soybeans were near unchanged, struggling with bearish fundamental and technical factors. Outside markets were mostly lower with selling seen in energies, metals, and the U.S. dollar index while DJIA futures posted a small rally..

Livestock

Posted 12:18 -- Triple-digit losses swept into feeder cattle futures following strong gains in corn markets and follow through pressure still seen in nearby live cattle trade. The overall lack of support in the boxed beef market and sluggish cash cattle trade at the end of last week has allowed for the erosion of cattle futures and potential top of the market. Lean hog futures continue to wander lower through the morning in both futures and cash markets, with no sense of urgency at all.

Posted 11:10 -- Trade is mixed with little activity in the livestock market as front-month contracts are holding narrow losses. The overall direction in the complex remains focused on lack of activity in all markets as traders try to gauge the direction in the meat markets. Buyers see little urgency in stepping back into the market. This lack of activity could keep trade at a slow crawl through much of the day with limited activity likely drawing most of the attention to other markets.

Posted 09:46 -- Livestock futures have been lightly traded through much of the morning with cattle markets trading on either side of unchanged during the first hour of early April. Very little direction is expected as traders continue to look for additional sluggish moves in the cash markets for the first half of the week. Lean hog markets are also stuck in single-digit losses with little incentive for traders to move from the sidelines at this point. Most of the attention is now focused on buyer's attention on grain markets.

(KA)

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