DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise


OMAHA (DTN) -- As we near the close, March corn is up 1/2 cent, March soybeans are down 1/4 cent and March K.C. wheat is down 1 1/2 cents. Grains traded actively for a while Friday, but volumes are generally lower for the day as traders declined to take a strong direction ahead of the three-day weekend in the U.S. March soybean meal is up $2.20, vying for its ninth consecutive higher close as Argentina's satellite map remains mostly dry. The March U.S. dollar index is up 0.41, on track for its first gain this week.

Posted 11:41 -- March corn is up 1/2 cent, March soybeans are up 1 cent and March K.C. wheat is unchanged. Grains are keeping a mixed tone Friday, helped by a small rebound in soybean and meal prices ahead of the three-day weekend. Southern Brazil and Argentina have chances for rain Monday when U.S. markets will be closed, but it is not expected to significantly change the poor crop expectations now in place. The March U.S. dollar index is up 0.34, but most commodities are trading on the higher side of Thursday's closes.

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Posted 09:46 -- March corn is down 1/4 cent, March soybeans are down 4 1/4 cents and March K.C. wheat is down 1 1/2 cents. March soybean meal is down $2.00, likely running into some profit-taking on a Friday after eight consecutive gains. The March U.S. dollar index is up 0.27 after the U.S. Commerce Department said housing starts jumped up 9.7% in January and up 7.3% from a year ago, more than expected. Outside commodities are mixed with April gold up $2.00.

Posted 08:36 -- After the 8:30 open, March corn is down 1 cent, March soybeans are up 1 1/4 cents, and March K.C. wheat is down 2 1/4 cents. Soybeans are a little higher as it looks like another day of mostly clear skies over Argentina. China starts its celebration of the Year of the Dog, although it is difficult to tell if anyone in the U.S. will notice as they haven't been buying many U.S. soybeans lately. At 8 a.m. CST, USDA said 4.6 million bushels (116,000 mt) of U.S. corn was sold to Japan for 2017-18. 28,000 mt of soybean oil were sold to South Korea for 2017-18. March soybean oil is down 0.16.


Posted 11:55 -- Light additional buying is moving into the cattle complex at midday with narrow gains still holding Friday. The focus on additional end of the day buying may help to bring stability to the market early next week. Futures markets will remain closed Monday due to the President's holiday. Due to the lack of market activity, commentary updates will not be seen until Tuesday morning. Hog futures remain under pressure, but it is possible that the firmness seen in cattle trade may help to bring buyers back into the market.

Posted 11:17 -- Cattle markets are mixed in a very narrow trading range as overall apathy has been seen during the session Friday. This is adding even more uncertainty to the market following the strong market moves in the last couple of sessions. Lean hog futures are inactive with early losses still holding. There is likely to be some additional weakness developing in the complex before the long holiday weekend.

Posted 09:45 -- Strong price pressure is redeveloping in lean hog futures trade with follow through pressure likely to be seen through the rest of the week. Lean hog futures are holding triple-digit losses in front month April contracts, while the rest of the market is holding a 30-to-60 cent loss. Narrow pressure is seen in cattle trade with the focus on traders backing away from the aggressive gains seen in the last couple of days. With feeder cattle markets leading the complex lower with 20-to-50 cent losses, live cattle trade are showing prices steady to 20 cents lower in most nearby contracts. Trade volume is expected to remain sluggish in most contracts through the rest of the session.


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