DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, December corn is up 6 1/2 cents, January soybeans are up 18 cents and December Chicago wheat is up 5 1/2 cents. Among grain contracts, December soybean meal is leading the charge higher, trading up $7.80 as a roughly 2.5% gain. It is difficult to say if Friday's gain is related to Argentina's drier forecast or if this rebound of commercial buying is demand-inspired. We also can't ignore Friday's strong gains among several commodities, including December gold trading up $15.80.

Posted 11:49 -- December corn is up 4 1/2 cents, January soybeans are up 13 1/2 cents and December Chicago wheat is up 4 1/2 cents. Friday's trading continues to find evidence of commercial buying lifting all three prices above along with December soybean meal, trading up $5.90. Outside commodities are also getting a lift with December gold up $13.00 and January crude oil up $1.20 a barrel.

Posted 09:50 -- December corn is up 4 cents, January soybeans are up 6 1/2 cents and December Chicago wheat is up 5 1/4 cents. Here at the end of the week commercial buyers are showing supportive interest in cheap corn and wheat prices, and also slight interest in soybeans and soybean meal. December soybean meal is up $3.30 while December soybean oil is down $0.17. Outside commodities also remain supportive with gold and crude oil trading higher.

Posted 08:43 -- After the 8:30 a.m. open, December corn is up 1 3/4 cents, January soybeans are up 3 3/4 cents, and December Chicago wheat is up 3 cents. Grains are starting higher with help from light commercial buying in corn and wheat. Outside commodities are also helping the cause with December gold trading up $9 and January crude oil up 71 cents a barrel. Chances for light rain are expected to develop later Friday in the central Corn Belt and move to the Eastern Corn Belt on Saturday. So far, Thanksgiving week is look drier.

Livestock

Posted 12:05 -- Hog futures have moved from the sharp triple-digit gains in nearby contracts to mixed trade within a narrow trading range at midday. The overall lack of support in futures trade has kept traders from moving into the complex. Cattle futures remain under pressure with triple-digit loses still holding across most feeder cattle trade. This has limited any buyer support in live cattle futures, although the market remains subdued at this point within a narrow trading range.

Posted 10:42 -- Cattle and hog markets have quickly moved in opposite direction Friday morning with aggressive price movement seen in both markets. Triple-digit gains seen in lean hog futures has quickly focused on renewed end of the week buying support moving into nearby contracts. This move has also helped to spark solid buying activity into deferred contracts midmorning. Cattle futures on the other hand have quickly moved in the opposite direction with feeder cattle futures trading as much as $2 per cwt lower midmorning. The overall lack of buyer support seen in the market at the end of the week is the main driver of the renewed market pressure. Live cattle futures are firmly lower, but generally following the direction of feeder cattle trade. This is keeping live cattle futures 50 cents to $1 per cwt lower in light trade.

Posted 09:32 -- Active buying has quickly moved back into the lean hog complex with December contracts leading the market higher with a $1.07 per cwt rally. This support is seen with gains in all spring contracts as buyers are steadily moving back into the market at the end of the week. Deferred pressure continues to exist Friday morning, although losses have remained narrow. Pressure in cattle futures has redeveloped with feeder cattle markets leading the trend lower during the first hour of trade. This has allowed active pressure of 90 cents to $1 per cwt. Although the feeder cattle pressure is adding weakness to live cattle contracts, losses have remained narrow Friday morning. Sluggish trade is expected to be seen in all livestock markets during the morning hours.

(BE)

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