DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- December corn is up 3/4 cent per bushel, January soybeans are down 4 1/4 cents, March KC wheat is up 5 cents, March Chicago wheat is up 9 cents and March Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average is up 96.31 points and January crude oil is down $0.80 per barrel. The U.S. dollar index is up 0.280 and December gold is down $0.40 per ounce. Chicago wheat is the bullish star of the ag futures show Friday, presumably stronger on tight stocks and no delivery receipts likely to be tendered against the expiring December next week. Soybeans, in light volume, appear to be headed to test good support at $8.90. The soy market is extremely oversold ahead of the potential Thanksgiving week meeting of U.S. and China trade representatives.

Posted 10:31 -- December corn is up 3/4 cent per bushel, January soybeans are down 2 1/2 cents, March KC wheat is up 4 cents, March Chicago wheat is up 6 1/4 cents and March Minneapolis wheat is down 1/4 cent. The Dow Jones Industrial Average is up 38.69 points and January crude oil is down $0.86 per barrel. The U.S. dollar index is up 0.280 and December gold is up $1.30 per ounce. Soybeans remain under a bit of pressure despite being extremely oversold. Major support is lurking just below at $8.90 for January. The winter wheat futures markets remain firm, with a few sizeable tenders around. Hard red winter wheat exports have been performing the best lately.

Posted 08:36 -- December corn is down 1 cent per bushel, January soybeans are down 1/4 cent, March KC wheat is up 2 1/4 cents, March Chicago wheat is up 2 cents and March Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is up 57.47 points and January crude oil is down $0.18 per barrel. The U.S. dollar index is up 0.060 and December gold is up $5.30 per ounce. Oversold corn and soybean markets ought to lead to a bounce in the markets. However, the markets are awaiting confirmation of the U.S. trade representatives trip to Beijing next week.

Livestock

Posted 11:31 -- February live cattle are down $1.43 at $123.625, January feeder cattle are down $3.98 at $138.625, February lean hogs are up $0.08 at $67.525, December corn is up 1/2 cent per bushel and December soybean meal is down $2.00. The Dow Jones Industrial Average is up 79.06 points and NASDAQ is up 4.44 points. Friday seems to be a little too much for cattle contracts. With the November feeder cattle contract expiring Thursday, the unveiling of the COF report this Friday afternoon and sale barns flooded with calves, feeder cattle contracts are having a meltdown -- literally.

Posted 10:31 -- February live cattle are down $1.13 at $123.925, January feeder cattle are down $3.28 at $139.325, February lean hogs are up $0.45 at $67.9, December corn is up 3/4 cent per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 27.04 points and NASDAQ is down 14.06 points. Cash cattle trade remains sparse Friday morning, with most of the market place quiet except for the feeder cattle contracts, which dropped considerably.

Posted 09:03 -- February live cattle are down $0.73 at $124.325, January feeder cattle are down $1.55 at $141.05, February lean hogs are down $0.03 at $67.425, December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is up 72.85 points and NASDAQ is up 17.73 points. Thursday's hog slaughter came in slightly lower at 484,000 head and there was a shooting at the Bladen Hog Plant in North Carolina. Two employees were injured and the suspect has been detained.

(BE)