DTN's Quick Takes

Grains

OMAHA (DTN) -- As we near the close, December corn is down 4 1/2 cents, November soybeans are down 7 1/2 cents and December Chicago wheat is down 7 1/4 cents. Grains are extending their losses and, in the case of December corn, prices are within a cent of their August low. December Chicago wheat is trading at its lowest price in over a month, but is still above its August low. December soybean oil is hanging on to a gain of $0.31, but December soybean meal is down $3.90.

Posted 11:49 -- December corn is down 3 3/4 cents, November soybeans are down 5 1/4 cents and December Chicago wheat is down 2 3/4 cents. After a quiet week of steady to lower trading, grains are falling more on Friday, almost ensuring losses for the week. December corn is within a cent of its old August low as anecdotal reports suggest corn yields may be higher than expected. December soybean oil is up 0$.29, still benefitting from the EPA news mentioned earlier, but weakened by Friday's more bearish tone. The December U.S. dollar index is up 0.42 while other commodities are mostly lower.

Posted 09:46 -- December corn is down 2 1/4 cents, November soybeans are down 1/4 cent and December Chicago wheat is down 1 1/4 cents. Grains and soybeans have fallen back since 8:30 a.m. CDT, with December soybean meal now down $1.90 and offsetting part of the $0.46 gain in soybean oil. Even so, the net changes remain small and are in line with this week's quieter trading patterns. The December U.S. dollar index is up 0.32 as traders anticipate the President's choice to be the next Fed Chair.

Posted 08:35 -- After the 8:30 open, December corn is up 1/4 cent, November soybeans are up 6 cents, and December Chicago wheat is up 2 cents. 8 a.m. CDT saw active export business as USDA said 4.9 million bushels (125,000 metric ton) of U.S. corn were sold to unknown destinations and 4.7 mb (120,000 mt) were sold to Spain, both for 2017-18. 7.3 million bushels (198,000 mt) of U.S. soybeans were also sold to China for 2017-18. Grains are apt to hold to this week's quieter tone on Friday, but one exception is soybean oil. December soybean oil is up 0.59, trading at a new three-week high after EPA Administrator Pruitt wrote to seven senators, supporting mandate levels proposed in July.

Livestock

Posted 12:17 -- December cattle are down $0.32 and February cattle are up $0.05 with light steady trade starting to develop in Nebraska and Iowa. USDA's monthly report of cattle on-feed is due out at 2 p.m. CDT and is expected to show on-feed supplies up 4% from a year ago. January feeder cattle are down $0.90. December hogs are up $0.47 and February hogs are up $0.47, staying well supported with help from this week's higher carcass prices.

Posted 11:15 -- December cattle are up $0.12 and February cattle are up $0.32 with no news yet on the cash front. USDA's morning report showed choice beef up $0.49 at $200.06 and selects up $0.45 at $191.21 -- two bullish votes for beef demand. After starting higher Friday, January feeder cattle are now down $0.57. December hogs are up $0.25 and February hogs are up $0.35, staying supported after USDA's morning report showed pork carcass up $1.83 at $76.15 -- a bullish response on the retail side, which eases concerns about large slaughter rates.

Posted 09:39 -- December cattle are up $0.87 and February cattle are up $0.77 with traders still waiting early Friday for cash sales to develop. USDA's on-feed report is expected to show September placements up 7% later Friday. January feeder cattle are up $0.67. December hogs are up $0.27 and February hogs are up $0.27, holding firm near their highest prices in two months. Dow Jones projected Friday's cattle slaughter at 115,000, up from 102,451 a year ago while hog slaughter is expected at 459,000, up from 434,540 a year ago.

(BE)

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