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 down 2 1/4 cents, November soybeans are down 8 1/4 cents and December Chicago wheat is down 3 cents. There has not been much argument against grains and oilseeds trading lower Monday, with at least five days of warm and dry weather expected to help row crop harvest this week. December soybean oil is up $0.02, trying to hold steady after Monday's crush report from NOPA. December Minneapolis wheat is down 5 cents, reaching toward its four-month lows again, while noncommercial longs remain under pressure to liquidate.

Posted 11:48 -- December corn is down 2 cents, November soybeans are down 7 1/4 cents and December Chicago wheat is down 1 3/4 cents. Soybeans continue to trade lower after the National Oilseed Processors Association said 136.4 million bushels of U.S. soybeans were crushed in September, up 5% from a year ago, and the most in September since 2007. Soybean oil stocks at the end of September totaled 1.302 billion pounds, down 5% from a year ago. December soybean oil is down $0.04 on the day, trading a little lower after the crush report was released.

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Posted 09:41 -- December corn is down 2 1/4 cents, November soybeans are down 4 3/4 cents and December Chicago wheat is down 2 3/4 cents. Grains are mostly lower now after wheat prices gave up an early attempt to trade higher, but overall, corn and wheat prices continue to hold roughly sideways while soybeans are near their highest level in over two months. Most other commodities are trading higher early and November crude oil is up 41 cents a barrel with news that Iraqi troops are attempting to take back oil fields near Kirkuk.

Posted 08:38 -- After the 8:30 open, December corn is down 1 cent, November soybeans are down 4 1/2 cents, and December Chicago wheat is up 1 3/4 cents. Row crops are starting a little lower with five days of warm temperatures and mostly dry weather expected to help advance harvest progress after a rainy week and weekend around much of the Midwest. At 8 a.m. CDT, USDA said 8.35 million bushels (227,300 mt) of U.S. soybeans were sold to unknown destinations for 2017-18. All three wheat prices are a little higher with no credible estimate of how much winter wheat will be planted this fall.

Posted 19:05 (10/15) -- Grain and oilseed markets are mostly lower to start Sunday’s overnight session. Soybeans are off 2 cents, corn is fractionally lower, and wheat is fractionally higher. Cotton is also trading higher. Energies are mostly higher with crude oil up $0.40. Natural gas is showing a small sell-off. Gold is up $2.00 while the U.S. dollar index posts a small rally of 0.04. DJIA futures are also rallying, up 11 points.

Livestock

Posted 12:11 -- Strong gains continue to hold in nearby lean hog futures trade as front month December has posted a $1.22 per cwt. This support in front month December contracts has brought additional support to the rest of the complex. Cattle futures remain mixed in a narrow range with very little movement expected through the rest of the trading session.

Posted 10:48 -- Live cattle futures have posted moderate to strong losses midmorning. October futures are trading 95 cents per cwt lower, with front month contracts moving below $112 per cwt as early pressure has developed in all contracts. The losses in live cattle markets have limited support through the morning with prices trading 10 to 50 cents lower. Lean hog futures continue to hold moderate gains, although volume is still sluggish.

Posted 09:26 -- Firm gains have developed in lean hog and feeder cattle futures during the first hour of trade. This has continued to draw buyer activity through all contracts in a consistent fashion, although volume remains relatively light Monday morning. Live cattle futures remains mixed in a narrow range with the exception of spot month October contracts, which are holding 52 cent losses early Monday morning. The rest of live cattle futures are trading 15 cents lower to 20 cents higher and may remain stuck in this narrow range through most of the morning.

(BE)

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