DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

Posted 10:37 -- In midmorning trade Friday, November soybeans are trading down 3 cents, December corn is down 2 cents and December K.C. wheat is trading up 3 1/4 cents. Row crops have shown little change over the Friday morning trade despite reports of soybean sale cancellations, while the wheat market has found legs given the weaker U.S. dollar trade and supportive commercial buying interest seen in Chicago wheat and MGEX spring wheat, while all three December wheat contracts remain close to their respective 20-day moving averages. The U.S. dollar is .157 lower, while December crude oil is up $.79/barrel, but poised for its second consecutive weekly loss. The Dow is showing a triple-digit gain.

Posted 08:38 -- Following the Friday open, November soybeans are 2 cents lower, December corn is 2 cents lower, December K.C. wheat is down 2 cents, December Chicago wheat is down 1 1/4 cents and December MGEX spring wheat is unchanged. The USDA reported a cancellation of 180,000 metric tons of soybeans for delivery to China in 2018-19, while also announcing an additional 120,000 mt of optional origin soybeans sold to an unknown destination. The U.S. dollar index is trading .05 lower, supporting outside markets, with gold up $1.30/ounce and December crude oil recovering from Thursday's four-week low, up $.70/barrel.

Livestock

OMAHA (DTN) -- Firm pressure has moved through cattle trade with live cattle markets holding losses of 40 to 70 cents per cwt at midday. Feeder cattle futures are setting the tone for the lower moving markets with prices $1 per cwt lower in deferred contracts. Lean hog futures are mixed in a moderate range with nearby contracts trading 40 cents lower to 45 cents higher in limited late week trade.

Posted 09:19 -- Firm gains continue to hold in lean hog trade as end of week market adjustments seem to be taking priority over fundamental or technical market direction. December contracts are leading the complex higher with a $1.30 per cwt rally. This is still a minor adjustment given the sharp losses seen during the week. Cattle trade is holding light to moderate pressure with limited trade interest seen through the first hour of trade Friday. The overall sluggish market direction could keep prices sluggish through the end of the week.

(BE)