DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, May corn is down 2 1/2 cents, May soybeans are up 8 3/4 cents and July K.C. wheat is down 9 1/4 cents. Even with soybeans' higher prices and winter wheats' lower prices, trading volume is low Friday, likely headed for an uneventful finish. The March U.S. dollar index is up 0.09, but still modestly lower on the month as traders deal with slightly bullish economic news and changing trade policies at the same time. Except for the soy complex and energy prices, nearly all other commodities are lower Friday.

Posted 11:46 -- May corn is down 2 1/2 cents, May soybeans are up 7 1/2 cents and July K.C. wheat is down 8 3/4 cents. K.C. wheat is still lower, but the initial bearish shock of rain in Kansas' forecast may be easing a bit. After all, the southwestern Plains are still expected to be dry after the upcoming week's rain passes by. The soy complex is holding modest gains with help from commercial buying in soybeans and meal, while the rest of the commodity board is mostly lower, except for energies.

Posted 09:47 -- May corn is down 2 cents, May soybeans are up 7 cents and July K.C. wheat is down 10 1/4 cents. K.C. wheat is still the biggest percentage loser in the grain sector with rain in the Kansas forecast. Nearly all commodities are lower Friday, except for the soy complex. May soybean meal is up $2.10 and May bean oil is up $0.05, helped by USDA's news of a soybean oil sale to unknown. The March U.S. dollar index is quiet, trading up 0.10.

Posted 08:36 -- After the 8:30 a.m. CDT open, May corn is down 2 1/2 cents, May soybeans are up 3 cents, and July K.C. wheat is down 11 3/4 cents. HRW wheat prices are under pressure early with much of Kansas expecting moderate rain amounts in Friday's 5-day forecast. At 8 a.m. CDT, USDA said 20,000 metric tons of soybean oil were sold to unknown destinations for 2017-18. May soybean oil is trading down 0.15, also dealing with Thursday's bearish crush news. The U.S. dollar index is roughly steady after U.S. housing starts fell more than expected in February and U.S. industrial production increased more than expected.

Livestock

Posted 10:43 -- Firm pressure is developing in lean hog futures with all contracts eroding through the morning. Prices are 5 cents to $1.27 per cwt lower midmorning with late summer and fall contracts posting triple-digit losses. This is due to concerns of continued supply growth and uncertain demand late in the year. Cattle futures are firmly lower with live cattle trade leading the shift with 40-to-65 cent losses. The potential for additional late week pressure in all livestock trade is likely as traders focus on overall market weakness and limited trade volume.

Posted 09:47 -- Cattle futures have backed away from strong price weakness during the first hour of trade. Live cattle and feeder cattle futures are holding 20-to-30 cent losses in nearby futures as traders seem content with the previous market losses and appear to focus on potential stability. Lean hog futures have moved mostly lower in early trade. Although front month April futures are holding 30-cent gains, the rest of the complex is steady to 65 cents per cwt lower as traders are backing away from the gains seen Thursday. Trade volume is expected to remain sluggish in all livestock markets, probably due to people watching basketball games, managing their tournament brackets and hoping for success.

(BE)

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