DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, March corn is unchanged, March soybeans are up 3 1/4 cents and March Chicago wheat is down 3 1/2 cents. Grains have not moved much the past hour and are likely to finish the week near the same prices, with not much trading volume to show for the day. March soybean meal is up $1.10, still holding above the support of its October low with ongoing concerns about Argentina's dry conditions and hotter temperatures. March Minneapolis wheat is down a quarter-cent; hanging on to most of Thursday's eight-cent gain. Most outside commodities are trading lower.

Posted 11:45 -- March corn is down 1/4 cent, March soybeans are up 2 1/2 cents and March Chicago wheat is down 3 3/4 cents. Soybeans are still a little higher, and winter wheat a little lower, with corn in between, not doing much of anything. Traders and analysts alike keep watching South America's weather as it offers the only potential for shaking up prices, but even that pattern has been constant with plenty of rain in Brazil and Argentina on the drier side. Most commodities are trading lower with February crude oil down 62 cents.

Posted 09:46 -- March corn is down 1/4 cent, March soybeans are up 4 3/4 cents and March Chicago wheat is down 4 1/2 cents. Nearly every commodity on the board is lower Friday except for soybeans and March soybean meal, trading up $2.10. Winter wheat prices are falling back from this week's new four-week highs as warmer temperatures return to the southern Plains. The March U.S. dollar index is up 0.23 and February gold is down $2.30.

Posted 08:37 -- After the 8:30 open, March corn is up 1/4 cent, March soybeans are up 4 cents, and March Chicago wheat is down 3 1/2 cents. Early trading has corn and soybeans trying to shrug off USDA's bearish weekly report of exports which showed new marketing year sales lows for corn, soybeans, wheat, and pork during the week of Christmas. Some will blame the holiday, but there is no argument that the shipment pace in 2017-18 is off to a poor start. The March U.S. dollar index is trading up 0.20, rebounding after the U.S. Labor Department reported a lower-than-expected increase in nonfarm payrolls for December.

Livestock

Posted 12:03 -- Spot month February live cattle futures have hit limit losses of $3 per cwt through the last hour of trade Friday. This is adding to the already soft market seen through the entire trading session, although additional pressure is starting to move into the market. Concern that this pressure will also significantly impact the ability to draw traders back into the market over the near future could add to increased losses early next week. The cattle market is having a muted impact on lean hog futures, which is helping to limit activity in most contracts. Hog futures are 10-to-50 cents lower late Friday and may continue to search for market stability over the near future.

Posted 10:07 -- Sharp losses continue to develop across the cattle complex with traders focusing on widespread liquidation and nearby feeder cattle markets leading the market lower with $3 per cwt losses. The overall lack of support in the live cattle complex is adding even more concern to the complex with nearby futures holding losses of $2-to-$2.50 per cwt. Hog markets are holding in a narrow trading pattern with prices 10-to-40 cents per cwt lower as the focus remains on the wide moves in the cattle complex.

(BE)

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