DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- December corn is down 4 1/4 cents per bushel, November soybeans are down 9 1/4 cents, September KC wheat is up 3 cents, September Chicago wheat is up 3 1/2 cents and September Minneapolis wheat is up 4 3/4 cents. The Dow Jones Industrial Average is down 585.11 points and September crude oil is down $2.63 per barrel. The U.S. dollar index is up 0.160 and December gold is up $10.20 per ounce. While wheat is able to hold onto minor gains, corn and soybeans are trading near the daily lows. Pressure from both equities and crude oil prices cratering on global recession fears, is impacting ag commodities. Bad economic news from two powerful economies -- Germany and China -- set the stage for Wednesday's risk-off trade. Funds have sold an estimated 12,000 corn and 7,000 soybean contracts as of noon.

Posted 10:34 -- December corn is down 1 cent per bushel, November soybeans are down 5 cents, September KC wheat is up 3 1/2 cents, September Chicago wheat is up 4 1/4 cents and September Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is down 581.08 points and September crude oil is down $2.75 per barrel. The U.S. dollar index is up 0.110 and December gold is up $13.40 per ounce. All three wheat markets are recovering following early week declines of 35 cents in Kansas City and 40 cents in Chicago. The futures decline has made U.S. wheat more competitive on world markets. Soybeans are lower on a wetter forecast for the Eastern Corn Belt and outside energy and equity markets, which reflect the fear of recession and poor economic news from both Germany and especially China.

Posted 08:37 -- December corn is up 1/2 cent per bushel, November soybeans are down 6 1/4 cents, September KC wheat is down 1 1/2 cents, September Chicago wheat is up 1 cent and September Minneapolis wheat is up 2 3/4 cents. The Dow Jones Industrial Average is down 375.83 points and September crude oil is down $1.90 per barrel. The U.S. dollar index is down 0.060 and December gold is up $10.60 per ounce. A slight recovery on both wheat and corn from oversold conditions after the early week price plunge, but export demand on corn and soybeans remains weak. Major competitors are reported to have sold a few South Korean corn cargoes Tuesday night.

Livestock

Posted 11:50 -- October live cattle are down $0.15 at $99.1, August feeder cattle are up $6.75 at $134.475, August lean hogs are up $0.35 at $79.35, September corn is down 4 3/4 cents per bushel and August soybean meal is up $5.90. The Dow Jones Industrial Average is down 651.54 points and NASDAQ is down 226.50 points. Limit gains are sweeping through feeder cattle trade with buyers retracting early week losses. Nearby live cattle futures remain lightly traded, struggling to move to positive territory. Deferred futures are holding triple-digit gains. Hog futures have moved higher Wednesday, sparking additional interest midweek.

Posted 10:19 -- October live cattle are up $0.05 at $99.3, August feeder cattle are up $6.30 at $134.025, August lean hogs are up $0.25 at $79.25, September corn is down 3/4 cent per bushel and August soybean meal is up $5.90. The Dow Jones Industrial Average is down 582.69 points and NASDAQ is down 195.55 points. Nearby cattle futures have struggled to regain footing Wednesday morning with August and October futures mixed from 10 cents lower to 10 cents higher. All other contracts have posted triple-digit gains. There is active buying in most cattle futures as traders move away from previous lows. Hog futures have regained market momentum with October lean hog futures leading the complex higher with a $2.35 per cwt rally, nearly offsetting previous day's losses.

Posted 09:17 -- October live cattle are up $0.33 at $99.575, August feeder cattle are up $4.30 at $132.025, August lean hogs are up $0.28 at $79.275, September corn is up 3/4 cent per bushel and August soybean meal is up $5.90. The Dow Jones Industrial Average is down 459.52 points and NASDAQ is down 159.16 points. Gains continue to hold in livestock futures with feeder cattle leading the upward charge following active liquidation the last two days. The cattle complex remains oversold, which may spark additional triple-digit gains in the near future. Hog futures are responding to the rebound in cattle trade, although the generally weak market may limit upside moves in hog futures in the near future.

(BE)