DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- As we near the close, December corn is up 4 cents, November soybeans are down 4 cents, and December K.C. wheat is down 4 1/2 cents. Friday's trading saw lighter volume and a reprieve of the short-covering in soybeans that sent prices higher the past two days. Heavy rain is interrupting winter wheat planting in Oklahoma and there are concerns of flash flooding in the area later Friday. In related markets, the December U.S. dollar index is up 0.37 with a quarter-percent rate hike likely next week. Outside commodities are mostly higher, except December gold is down $10.40.

Posted 10:39 -- In midmorning trade, December corn is up 3 1/2 cents, November soybeans are down 5 cents, December K.C. wheat is down 4 3/4 cents, December Minneapolis wheat is down 5 cents and Chicago December wheat is down 5 3/4 cents. Noncommercial trade is behind the move in row crops, while commercial selling is likely accompanying noncommercial activity in the wheat markets. Weather is viewed as a neutral factor across all three markets, with a big harvest expected despite harvest delays faced. Crude oil has turned lower ahead of weekend OPEC meetings, with the December contract down $.07. Gold has recovered to trade above $1,200, but remains $9.90 lower on the day. The U.S. dollar trade remains a bearish factor for commodities on Friday, up .331.

Posted 08:37 -- After the open, December corn is up 2 3/4 cents, November soybeans are down 2 1/4 cents, December K.C. wheat is down 2 1/4 cents, December Minneapolis wheat is down 3 1/2 cents and Chicago December wheat is down 2 1/4 cents. The USDA announced another corn sale Friday morning in their daily reporting system of 121,700 metric tons sold to unknown destinations for delivery during the 2018-19 marketing year and in addition, 100,000 metric tons of soybean cake and meal sold to unknown destinations for delivery during this crop year. Wheat markets pulled back from yesterday as overseas market were mixed today, along with winter wheat finding pressure from good planting weather. The U.S. dollar turned higher, up 0.392, adding pressure to the markets.

Livestock

Posted 11:19 -- October cattle are up $0.30 and December cattle are up $0.12, holding firm with live bids hanging near $108.00, but no activity yet. USDA's Friday morning report showed choice boxed beef up $0.46 at $204.98 and selects down $0.20 at $194.71. October feeder cattle are up $0.55, staying firm while corn is up 3 cents. October hogs are down $0.57 and December hogs are down $0.62 with trading volume light, so far. USDA's morning pork report showed carcass value down $0.21 at $78.74 on 156.13 loads. Picnics and hams led the gains among products.

(BE)