DTN's Quick Takes

By DTN Analysts

Grains

Posted 11:42 -- May corn is down 12 cents per bushel, May soybeans are down 3/4 cent, May K.C. wheat is down 5 1/2 cents, May Chicago wheat is down 6 cents and May Minneapolis wheat is down 3 3/4 cents. Friday's USDA stocks and seeding report is not the result farmers had hoped for and the markets are reacting accordingly. March 1 stocks of corn were nearly 270 million bushels (mb) above the average estimate, but down 287 mb from last year, while soybeans and wheat were each 33 to 44 mb above the average pre-report estimate. Corn seeding, at 92.8 million acres (ma), came in 3.7 mma above last year and 1.7 ma higher than the average guess, while soybean acreage intentions fell much more than the trade had anticipated -- 1.6 ma below the average estimate and 4.6 ma down from last year. Wheat acres were 1.1 ma below the average guess and down 2 ma versus last year, with spring wheat 600,000 acres below the average estimate.

Posted 10:37 -- May corn is down 3 cents per bushel, May soybeans are down 1 3/4 cents, May K.C. wheat is down 4 3/4 cents, May Chicago wheat is down 4 3/4 cents and May Minneapolis wheat is down 4 1/2 cents. The Dow Jones Industrial Average is up 132.15 points and May crude oil is up $0.85 per barrel. The U.S. dollar index is up 0.010 and June gold is up $4.40 per ounce. Thirty minutes before the USDA stocks and seeding report, corn, wheat and soybeans are all lower, as the trade fears more bearish news. While soybean and wheat March 1 stocks will increase from last year, corn stocks are expected to decline, but corn seeding is expected to gain 2 to 3 million acres. The commodity funds could very well be coming into this report net short close to a record amount of all three combined.

Posted 08:42 -- May corn is down 1/4 cent per bushel, May soybeans are up 3/4 cent, May K.C. wheat is down 1/4 cent, May Chicago wheat is down 1 1/2 cents and May Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is up 147.87 points and May crude oil is up $1.13 per barrel. The U.S. dollar index is down 0.090 and June gold is up $7.60 per ounce. The USDA reported that 816,000 mt (29.9 mb) of soybeans were sold to China for 2018-19, and that another 150,000 mt (5.5 mb) of U.S. HRW wheat was sold to Iraq for 2018-19.

Livestock

OMAHA (DTN) -- April live cattle are down $0.58 at $125.95, April feeder cattle are down $0.50 at $145.45, April lean hogs are down $0.03 at $78.85, May corn is down 13 1/4 cents per bushel and May soybean meal is up $0.20. The Dow Jones Industrial Average is up 150.52 points and Nasdaq is up 43.49 points. Moderate pressure continues to hold in livestock trade with cattle futures 20 to 60 cents lower sparked by pressure in grain trade. Hog futures are under pressure, but losses of $1 to $3 per cwt in most contracts is a far cry from initial losses. Livestock futures are expected to coast into the close in current ranges as traders close out March and Quarter 1 of 2019.

Posted 11:18 -- April live cattle are down $0.28 at $126.25, April feeder cattle are down $0.23 at $145.725, April lean hogs are up $0.63 at $79.5, May corn is down 10 1/2 cents per bushel and May soybean meal is up $0.20. The Dow Jones Industrial Average is up 101.37 points and Nasdaq is up 35.88 points. Widespread losses in lean hog trade was short lived Friday morning as buyers are moving back into the complex. This has pulled prices off of session lows of $3 to $4 per cwt seen early, with markets currently mixed in a narrow to moderate range. End-of-month position adjustments continue to drive the market shifts. Cattle futures are mixed with limited gains in feeder cattle trade, sparking limited but renewed interest through the live cattle trade.

Posted 09:09 -- April live cattle are down $0.13 at $126.4, April feeder cattle are down $0.38 at $145.575, April lean hogs are down $0.68 at $78.2, May corn is down 1 1/4 cents per bushel and May soybean meal is up $1.40. The Dow Jones Industrial Average is up 128.64 points and Nasdaq is up 47.88 points. Lean hog futures have stolen the attention Friday morning as triple-digit losses are seen in all but spot April futures. Expanded trading limits have been utilized, with October through December contracts trading $3 to $4 per cwt lower. Cattle markets are lightly traded with narrow losses seen early Friday. Limited moves are expected in cattle futures with most of the emphasis on hog and grain trade through the remainder of the session.

(BE)

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