DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- March corn is 2 1/4 cents higher, March soybeans are up 6 1/2 cents, Chicago March wheat is down 1/2 cent, Kansas City March is down 1 1/4 cents, and Minneapolis March wheat is 1 3/4 cents per bushel lower. The Dow Jones average is up 196 points, March crude oil is up 62 cents, the U.S. dollar index is down .6970, and February gold is now up $17.70 per ounce. March soybeans are right at the 200-day moving average, which has not occurred in many months, and are close to challenging the recent high at $9.27 3/4. Weather issues and optimism over next week's trade talks, along with a rumor of a temporary deal to reopen the government, may be fueling gains. Wheat is still correcting from recent strength, but remains well positioned for new export business.

Posted 10:43 -- March corn is up 3/4 cent in continued quiet trade, March soybeans are up 4 3/4 cents, Chicago march wheat is up 1 1/4 cents, Kansas City March is 1 1/2 cents higher and Minneapolis March is up 1 1/4 cents per bushel. The Dow Jones average is 220 points higher, March crude oil is up 43 cents per barrel, the U.S. dollar index is down .7050 and near the daily low, and February gold is up $19.50 an ounce, nearing the high made in early January. Soybeans are likely stronger from more reports that the weather situation in Brazil may be worse than earlier thought. Wheat has rallied back from early weakness as the U.S. remains well positioned to get new export business, and the incoming brutal cold spell, which has stoked fears of some winterkill.

Posted 08:37 -- March corn is up 1 cent, March soybeans are 2 cents higher, Chicago March wheat is down 3 1/4 cents, Kansas City March is 3 1/2 cents lower and Minneapolis March wheat is down 1 1/4 cents per bushel. The Dow Jones average is up 195 points, March crude oil is up 28 cents, the U.S. dollar index is down .4640 and February gold is up $11.60 per ounce. Corn and soybeans continue to trade about unchanged on a lack of news, awaiting the results of next week's China/U.S. trade meeting, while wheat continues to correct from its recent week-long rally.

Livestock

Posted 12:02 -- Nearby lean hog futures continue to see sharp triple-digit losses with prices $1 to $1.60 per cwt lower at midday Thursday. These losses are expected to be carried through the end of the day following increased long-term pressure developing across the complex. April futures have broken through $62 per cwt, causing expectations of further pressure early next week. Feeder cattle futures have posted moderate pressure with prices steady to 70 cents lower, although this pressure has had very little impact on live cattle prices, which are mixed at midday.

Posted 11:04 -- Sharp triple-digit losses remain entrenched in lean hog futures trade with traders pushing nearby contracts $1 to $2 per cwt lower Friday morning. The lack of support in the complex has continued to add more uncertainty through the hog complex over the last couple of weeks. Cattle markets remain mixed with light to moderate losses holding in feeder cattle trade, while nearby live cattle contracts are holding limited support despite pressure in deferred contracts.

Posted 09:20-- Cattle futures are mixed in a narrow range Friday morning following initial pressure based more on position taking than any other factor during the late week trading session. Additional triple-digit losses have swept through lean hog trade in all nearby contracts. With April futures posting another $1.40 per cwt loss, the concern is that additional liquidation may continue well into next week. Limited volume is likely to be seen through the rest of the day.

(BE)