DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- December corn is up 3 1/2 cents per bushel, November soybeans are down 3/4 cent, December KC wheat is up 8 3/4 cents, December Chicago wheat is up 5 1/2 cents and December Minneapolis wheat is up 4 cents. The Dow Jones Industrial Average is down 129.97 points and October crude oil is up $8.21 per barrel. The U.S. dollar index is up 0.810 and December gold is up $11.30 per ounce. Corn and soybean oil appear to be benefitting most from the surge in crude oil -- now up nearly $8.20 per barrel. Funds have been busy trying to reel in some of their shorts, having bought an estimated 6,000 corn and 4,000 each of wheat and bean oil as of noon. Word that President Donald Trump is backing a plan to boost biofuel use by 10% by 2020 has also helped. Rumors that there will be at least another 1.5 mmt of Chinese soy buying is not helping soybeans much, so far.

Posted 10:34 -- December corn is up 4 3/4 cents per bushel, November soybeans are up 1 3/4 cents, December KC wheat is up 7 1/2 cents, December Chicago wheat is up 5 1/4 cents and December Minneapolis wheat is up 3 1/2 cents. The Dow Jones Industrial Average is down 98.89 points and October crude oil is up $6.64 per barrel. The U.S. dollar index is up 0.830 and December gold is up $10.00 per ounce. The grains and soybeans appear to be getting some buying from the rising crude oil market -- now up $6.62 per barrel. Also, AgriCensus, an agriculture reporting agency, is saying Beijing has given permission to five private crushers to import up to 5 million metric o (mmt) (184 mb) of U.S. soybeans without tariffs. So far, just 460,000 mt (16.9 mb) have been confirmed as sold.

Posted 08:35 -- December corn is up 2 cents per bushel, November soybeans are down 1 1/4 cents, December KC wheat is up 2 1/4 cents, December Chicago wheat is up 3/4 cent and December Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 106.59 points and October crude oil is up $5.33 per barrel. The U.S. dollar index is up 0.650 and December gold is up $10.30 per ounce. Another 256,000 mt (9.4 mb) of U.S. soybeans were sold to China for 2019-20. China's hog herd continues to be decimated by African swine fever, with August' hog herd down nearly 39% from last year.

Posted 19:07 p.m. Sunday -- On Sunday evening, December corn is up 3 cents, November soybeans are up 4 cents and December KC wheat is up 2 3/4 cents. In outside markets, October crude oil was up over $8.00 earlier and is now up $6.37 after CNN.com reported drone strikes took out half of Saudi Arabia's oil production on Saturday. The Dow Jones futures are down 136 points, the December U.S. dollar index is down 0.19, December gold is up $16.00.

Livestock

Posted 11:58 -- As the day wears on, many commodities are higher, but not livestock. December cattle are down 30 cents on light volume. October feeder cattle prices are down $0.57 and December hogs are down $0.15. October crude oil is trading up $7.34 a barrel, near its highest prices of the day. Dow Jones Industrials are down 143 points, and December gold is up $11.20.

Posted 11:19 -- December cattle are down 22 cents on light volume after USDA's morning report showed choice boxed beef up $0.28 at $221.16, but selects down $2.65 at $195.95. October feeder cattle prices are down $0.45 with corn 4 cents higher. December hogs are down $0.35 on light volume, protecting most of last week's gain. USDA's morning report showed pork carcass up $0.90 at $68.18 on 138.19 loads and led by higher bids for ribs.

Posted 09:08 -- October live cattle are up $0.575 at $98.650, October feeder cattle are up 0.65, October lean hogs are down $1.950 at $64.475, December corn is up 2 1/4 cents per bushel. The Dow Jones Industrial Average is down 110.67 points and the NASDAQ is down 28.50 points. Monday opened to relatively quiet trade. The lean hog market still looks for assurance from China that earlier discussed trade and tariff agreements will take place. The live cattle market will be one to watch this week with packers needing more cattle but are not yet showing interest in giving away market position as boxed beef margins begin to level out.

(BE)