DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 2 cents, January soybeans are up 4 3/4 cents, Chicago March wheat is 2 cents lower, Kansas City March is 3 ¼ cents lower, and Minneapolis March is down 5 3/4 cents. The Dow Jones average is so far holding up at 198 points higher, but January crude oil is plunging and now down $2.80 per barrel and close to $47. The U.S. dollar index is down .0950 and February gold is up $0.40. There is little in the way of news this morning with the soy complex still assuming that more China purchases are being consummated.

Posted 08:42 -- March corn is down 1/4 cent per bushel, January soybeans are up 3 3/4 cents, Chicago March wheat is down 4 1/2 cents, Kansas City March is down 4 1/4 cents and Minneapolis March wheat is down 4 cents per bushel. The Dow Jones Industrial Average is up 235 points, January crude oil is down $1.43 per barrel, the U.S. dollar index is down .1490, and February gold is down $1.60.

Livestock

Posted 10:34 -- Triple-digit losses are holding in front-month lean hog futures with prices $1.45 per cwt lower and continuing to erode, falling below $63 per cwt. Although prices broke through initial support Monday, there continues to be a wide gap between current price levels and the next major support level of $59.50 per cwt set in November. This could add some additional stability through the end of the year. Cattle prices have firmed in a moderate range with prices 60 to 70 cents per cwt higher in light-to-moderate activity developing late morning.

Posted 09:28 -- Limited activity has developed across all cattle trade with prices mixed in a narrow range. Nearby live cattle futures are hovering from 7 cents lower to 5 cents higher following firm outside market support during the morning helping to add some needed stability to the complex. Lean hog futures have continued to erode Tuesday as traders continue to back away from the recent support as the bearish market trend continues to develop over the last couple of weeks. Front-month February futures have broken below $63 per cwt, sparking additional morning liquidation.

(BAS)

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