DTN's Quick Takes

Grains

OMAHA (DTN) -- As we near Friday's close, March corn is down 1 3/4 cents, January soybeans are down 2 3/4 cents and March Chicago wheat is down 2 cents. Among grain contracts, the only pluses on Friday's board are March Minneapolis wheat, trading up 2 1/4 cents and March oats, trading up 1 1/2 cents -- both impacted by last summer's drought, and possibly the next drought hanging on this winter. Outside of grains, most other commodities are trading higher, including livestock, gold and crude oil.

Posted 11:48 -- March corn is down 1 1/2 cents, January soybeans are down 2 cents and March Chicago wheat is down 1 1/2 cents. Soybean prices are sagging to their lowest prices in two months, even after a slightly bullish crush report from the National Oilseed Processors Association (NOPA). According to Dow Jones, NOPA reported November's soybean crush at a record high 163.5 million bushels, more than was expected and up 2% from a year ago. Soybean oil stocks at the end of November totaled 1.33 billion pounds, also more than expected, but 1% less than a year ago. January soybean oil is down $0.05.

Posted 09:53 -- March corn is down 1 cent, January soybeans are up 1 cent and March Chicago wheat is up 1/2 cent. Grains are staying quiet, not making any commitments to either direction yet on Friday. January soybean oil is trading up $0.30 after palm oil futures jumped 2.5% overnight. Most other commodities are trading a little higher Friday with the biggest gains seen in copper and cotton.

Posted 08:39 -- After the 8:30 open, March corn is up 1/4 cent, January soybeans are up 1 1/4 cents, and March Chicago wheat is up 2 1/4 cents. USDA started the day with active export news, but grain prices don't act impressed. At 8 a.m. CST, USDA said 9.4 million bushels (257,000 mt) of U.S. soybeans were sold to China and another 4.6 million bushels (126,000 mt) were sold to unknown, both for 2017-18. 5.3 million bushels (134,503 mt) of U.S. corn were sold to Costa Rica and 4.8 million bushels (130,000 mt) of SRW wheat were sold to unknown, also for 2017-18.

Livestock

Posted 11:56 -- February cattle are up $1.27 and April cattle are up $1.12, looking optimistic about how Friday's cash sales will develop. January feeder cattle are up $0.62, holding support above their three-month low. February hogs are up $0.05 and April hogs are up $0.15, as the February contract stays quiet, but also holds above support from its two-month low, in spite of this week's drop in carcass prices. USDA's monthly cattle on feed and cold storage reports are due out next Friday.

Posted 11:15 -- February cattle are up $0.17 and April cattle are up 0.15, $staying supported above Monday's low after USDA reported choice boxed beef up $0.75 at $201.79 and selects down $0.08. No significant cash sales have been reported yet. January feeder cattle are down $0.42. February hogs are up $0.12 and April hogs are up $0.25, staying quietly supported above their November lows. USDA's morning report showed pork carcass up $0.21 at $77.52 on 145.51 loads. Ribs and picnics were lower, while hams and bellies traded higher.

Posted 09:40 -- February cattle are down $0.25 and April cattle are down $0.30, starting quiet while the markets awaits news of this week's cash sales. January feeder cattle are down $1.00 while corn is up a penny, but staying near its lows. February hogs are down $0.27 and April hogs are down $0.15 with more slaughter expected on Saturday. Dow Jones projected Friday's cattle slaughter at 116,000, up from 107,507 a year ago. Hog slaughter is expected at 457,000, up from 426,971 a year ago.

(BE)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.