DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- As we near the close, December corn is up 1 cent, November soybeans are up 3 1/4 cents and December K.C. wheat is down 2 cents. Grains are still showing low volume and prices not far from where they left off Thursday. Rains across southern Minnesota appear to be breaking up and traders will be watching Iowa for a chance of beneficial rains early next week. Outside commodities are mixed and the Dow Jones Industrial Average is slightly lower -- a quiet Friday for several markets.

Posted 11:54 -- December corn is up 1 1/4 cents, November soybeans are up 4 cents and December K.C. wheat is down 1/2 cent. Friday's trading continues to show little movement and low volume, except for in December soybean oil where prices are up $0.45 on the day. Corn and all three wheats are especially quiet and in no apparent hurry to move away from this week's new lows. The September U.S. dollar index is down $0.12, December gold lost its earlier gain and is down $1.60, and October crude oil is up $1.31 a barrel.

Posted 09:44 -- December corn is down 1/4 cent, November soybeans are steady, and December Chicago wheat is down 1/2 cent. Friday is looking like a quiet day for grains, except for some bullish activity in vegetable prices. Malaysian palm oil was up 1% overnight and November canola is up nearly 1% currently. That is helping Friday's December soybean oil prices trade higher, now up 0.31 and threatening a second day higher after Wednesday's close hit a new five-week low.

Posted 08:37 -- After the 8:30 open, December corn is up 1/4 cent, November soybeans are down 2 1/4 cents, and December Chicago wheat is up 2 1/2 cents. Grains are off to a quiet start with some early bargain-hunting helping give wheat prices a small lift. Friday's weather map shows light rain in southern Minnesota and North Dakota, but the Midwest is expected to be mostly dry the next few days with a chance of rain early next week that should include eastern Iowa, but maybe not all of Iowa. Other commodities are mixed and December gold is up $12.10.

Livestock

Posted 11:52 -- Renewed buyer support has moved into the cattle complex late day Friday, with live cattle and feeder cattle markets replacing aggressive morning losses with higher price levels. Traders are focusing on short covering activity in front of the weekend after aggressive losses have swept through the entire complex. The market remains weak, but the lack of follow through pressure may create a small sense of stability heading into the weekend. Hog futures are extremely lightly traded with early losses still seen across the complex.

Posted 10:51 -- Sharp triple-digit losses that swept through the livestock complex early Friday morning have eased significantly, as trade volume remains light and end of the week short covering is attempting to step back into the market. Feeder cattle futures are currently mixed in a narrow range from 20 cents lower to 35 cents higher. The bounce higher in prices means very little given the aggressive market tumble through the week. Live cattle futures remain lower, but have cut early losses in half based on sluggish market interest. Hog futures on the other hand have seen much less pullback from early losses, although contracts have backed away from session lows midmorning.

Posted 09:45 -- Triple-digit losses have redeveloped early Friday morning with $1 to $1.20 per cwt pressure seen in both cattle and hog futures. The lack of fundamental support is combined with concerns that technical pressure will be seen over the next couple of trading sessions. Trade volume remains light to moderate at this point, although the tone of the market remains extremely weak as traders try to establish support through the end of the week.

(BE)