DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

Posted 10:37 -- May corn is down 1 1/2 cents per bushel, May soybeans are down 7 1/2 cents, July KC wheat is up 2 1/2 cents, May Chicago wheat is up 3 cents and July Minneapolis wheat is down 1 1/4 cents. The Dow Jones Industrial Average is down 30.97 points and May crude oil is down $0.07 per barrel. The U.S. dollar index is down 0.070 and June gold is down $0.50 per ounce. Soybeans and corn are heading lower, with corn once again threatening weekly trend-line support and the recent contract low, and soybeans having fallen to the lowest level since early November 2018. Warmer U.S. weather and still growing South American crops are weighing on prices. Ethanol production was up just slightly last week, while stocks fell by 517,000 barrels to 22.7 million, down from a record 24.5 million a few weeks ago.

Posted 08:35 -- May corn is up 1/2 cent per bushel, May soybeans are steady, July KC wheat is up 5 1/2 cents, May Chicago wheat is up 4 1/2 cents and July Minneapolis wheat is steady. The Dow Jones Industrial Average is up 33.67 points and May crude oil is up $0.18 per barrel. The U.S. dollar index is down 0.110 and June gold is up $0.50 per ounce. Corn and soybeans are little changed, while winter wheat markets recover just part of Tuesday's fall. There is little news to drive the markets, other than slow demand and plentiful supplies.

Livestock

OMAHA (DTN) -- April live cattle are down $0.30 at $126.85, April feeder cattle are down $0.43 at $145.25, June lean hogs are down $0.35 at $96.775, May corn is down 1 cent per bushel and May soybean meal is down $2.10. The Dow Jones Industrial Average is up 0.34 points and Nasdaq is down 4.43 points. Pressure is starting to trickle into cattle futures late Wednesday with nearby live cattle futures 20 to 30 cents lower, while feeder cattle trade has posted 40 to 50 cent losses. Lack of trade volume and limited follow through buying interest is creating underlying softness. Hog futures remain mixed with moderate pressure in nearby trade offset by firm gains returning to deferred contracts. The focus on long-term support from Chinese demand for pork is leading late 2019 and early 2020 contracts higher.

Posted 10:54 -- April live cattle are down $0.18 at $126.975, April feeder cattle are down $0.38 at $145.3, June lean hogs are down $0.85 at $96.275, May corn is down 1 3/4 cents per bushel and May soybean meal is down $2.30. The Dow Jones Industrial Average is up 3.05 points and Nasdaq is up 1.67 points. Livestock futures have settled down as strong early pressure in nearby lean hog trade was unable to hold. This is leaving markets mixed in limited activity. Narrow price shifts are still seen in cattle trade with limited short- or long-term direction. June lean hog futures continues to lead the market lower, holding losses of nearly $1 per cwt.

Posted 09:17 -- April live cattle are down $0.25 at $126.9, April feeder cattle are down $0.38 at $145.3, June lean hogs are down $2.28 at $94.85, May corn is down 3/4 cent per bushel and May soybean meal is down $1.50. The Dow Jones Industrial Average is down 43.70 points and Nasdaq is down 9.90 points. Strong pressure is developing in nearby lean hog futures. June contacts have posted $2 per cwt losses in the first hour of trade, allowing for active pressure to sweep through most contracts. Initial gains in deferred contracts are backpedaling as selling pressure expands. Limited losses are seen in nearby cattle trade with buyers unwilling to move back into the market on spillover pressure from hog losses.

(BE)