DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Todd Hultman
By  Todd Hultman , DTN Grains Analyst
Connect with Todd:
Illustration by Nick Scalise

Grains

OMAHA (DTN) -- As we near the close, December corn is up 1 1/4 cents, November soybeans are up 3 1/4 cents and December Chicago wheat is up 2 3/4 cents. Grains are barely moving, but they are staying green, apparently headed toward slightly higher closes if no surprises erupt. December soybean oil is the big gainer Thursday, up $0.40 while meal is up $0.20. Most other commodities are trading higher except for energies. December gold is up $6.30.

Posted 11:43 -- December corn is up 1 1/4 cents, November soybeans are up 3 1/2 cents and December Chicago wheat is up 3 3/4 cents. Trading in grains remains quiet, but at least Thursday's action is showing some bullish response to this week's selling. There is no strong argument for grain prices to take off significantly higher, but dry weather in central Brazil does remain a concern -- both for the soybeans they are trying to plant and the second corn crop they like to follow up with later in the season. Here in the U.S. it is another pleasant fall day for harvest.

P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]

Posted 09:49 -- December corn is up 1 3/4 cents, November soybeans are up 2 1/4 cents and December Chicago wheat is up 5 cents. In spite of Thursday morning's bearish export news, winter wheat prices are bouncing back from this week's lower prices, helped by commercial bargain hunting. December K.C. wheat is up 4 1/2 cents and Minneapolis is up 3 cents. Among soy products, December soybean oil is doing the heavy lifting, trading up $0.33 while meal is unchanged.

Posted 08:42 -- After the 8:30 open, December corn is up 2 1/4 cents, November soybeans are up 1 cent, and December Chicago wheat is up 2 cents. Grains are starting a little higher Thursday in response to this week's selling. At 8 a.m. CDT, USDA said China bought 14.1 million bushels (384,000 mt) of U.S. soybeans for 2017-18. USDA's earlier report of last week's export sales was bearish for corn, soybeans and wheat. The December U.S. dollar index is down 0.25 in sympathy with a lower opening stock market.

Livestock

Posted 12:09 -- December cattle are down $0.87 and February cattle are down $0.32 with traders still waiting for evidence of cash sales to develop. November feeder cattle are down $0.55. December hogs are down $0.05 and February hogs are up $0.02, staying close to Wednesday's closes and looking reluctant to make new two-month highs, while slaughter rates are high and packer margins have tightened.

Posted 11:27 -- December cattle are down $0.50 and February cattle are down $0.10 with Kansas bids sitting at $110.00. USDA's morning report showed choice boxed beef up $0.50 at $197.76, while selects were up $1.34. November feeder cattle are down $0.35 with December corn up a penny. December hogs are up $0.37 and February hogs are up $0.27, still near their highest prices in two months. USDA reported Thursday morning's carcass value up $0.05 at $73.93 with loins showing a gain of $1.27.

Posted 09:14 -- December cattle are down $0.50 and February cattle are down $0.12 in spite of late Wednesday's news that JBS was closing seven slaughterhouses in Brazil, related to this year's corruption charges. November feeder cattle are down $0.37. December hogs are up $0.60 and February hogs are up $0.40, near their highest prices in two months as traders get used to the heavy slaughter pace. Dow Jones projected Thursday's cattle slaughter at 118,000, up from 100,673 a year ago. Hog slaughter is expected at 462,000, up from 443,518 a year ago.

(BE)

P[L2] D[728x90] M[320x50] OOP[F] ADUNIT[] T[]
P[R1] D[300x250] M[300x250] OOP[F] ADUNIT[] T[]
P[R2] D[300x250] M[320x50] OOP[F] ADUNIT[] T[]
DIM[1x3] LBL[] SEL[] IDX[] TMPL[standalone] T[]
P[R3] D[300x250] M[0x0] OOP[F] ADUNIT[] T[]

Todd Hultman