DTN's Quick Takes

By DTN Analysts

Grains

Posted 10:40 -- December corn is up 1/2 cent, November soybeans are up 6 3/4 cents, December K.C. wheat is up 4 1/4 cents, December Minneapolis wheat is up 1 1/2 cents and Chicago December wheat is up 3 1/2 cents. Not much has changed in the way of news and all markets remain higher. The USDA issued a correction to Wednesday morning's sales report saying 671,934 metric tons of soybeans (not 650,387) were sold to Mexico for delivery during the 2018-19 marketing year. Front month WTI crude oil futures are lower, down 48 cents per barrel, ahead of the Energy Information Administration weekly report on top of Tuesday's American Petroleum Institute report showing an unexpected build in oil stocks during the third week of September. The U.S. dollar is higher, up 0.105.

Posted 08:36 -- After the open, December corn is unchanged, November soybeans are up 5 cents, December K.C. wheat is up 3 1/4 cents, December Minneapolis wheat is up 2 1/2 cents and Chicago December wheat is up 3 cents. The USDA in their daily export sales report said 650,387 metric tons of soybeans were sold to Mexico for delivery during the 2018-19 marketing year. DTN weather notes that the rain over the past 24 hours, along with more expected in the west and north Midwest, may further slow corn and soybean harvest in the next five to seven days. Wheat markets are higher thanks to strength in the Eastern Australian and Paris wheat futures, as focus remains on dry weather in Australia and much of Europe. The U.S. dollar is higher, up 0.242, anticipating an announcement midday from the Federal Reserve of another short-term interest rate increase.

Livestock

OMAHA (DTN) -- Firm buyer support has moved through cattle futures with December live cattle trade holding triple-digit gains. There is very little market resistance remaining following the pressure seen Monday in the complex. Hog futures, on the other hand, have been unable to rekindle any sense of buyer support. This may add some uncertainty to the entire complex over the next couple of days.

Posted 09:23 -- Firm pressure has continued to develop through lean hog futures with traders pulling back from gains seen early in the week. Very little short- or long-term direction is expected to be seen through the end of the week, which may limit additional wide price moves. But with nearby lean hog futures trading near the top of short term ranges, the potential for position taking before month end is growing. Cattle markets are mixed to mostly higher, but the inability to spark some underlying active trade moving back into the complex could limit underlying support.

(BE)

Copyright 2018 DTN/The Progressive Farmer. All rights reserved.