DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- March corn is down 3/4 cent per bushel, January soybeans are up 6 1/2 cents, March KC wheat is down 6 1/2 cents, March Chicago wheat is down 3 3/4 cents and March Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is up 345.10 points and January crude oil is up $0.67 per barrel. The U.S. dollar index is up 0.320 and February gold is down $18.30 per ounce. It's all about soybeans and bean oil Friday, following Malaysian palm oil's surge to a new 26-month high on tightening world veg oil stocks. The lower-than-expected Canadian canola production for November as detailed by Stats Canada plays into the same narrative. Friday's prices for the first time in a long while have soybean oil cheaper than palm oil. Hence, bean oil futures continue to trade near the highs.

Posted 10:32 -- March corn is down 1 1/4 cents per bushel, January soybeans are up 4 cents, March KC wheat is down 4 1/2 cents, March Chicago wheat is down 4 1/4 cents and March Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is up 325.23 points and January crude oil is up $0.62 per barrel. The U.S. dollar index is up 0.370 and February gold is down $18.50 per ounce. Early gains in both wheat and corn have evaporated, while soybeans are still higher, but 5-6 cents below the daily high. Optimism from both Chinese and U.S. trade representatives, and the still surging world veg oil prices, have helped support soybeans and oil. Bean oil is up sharply and near the daily high, following palm oil's Friday surge to a 26-month high.

Posted 08:37 -- March corn is up 2 1/4 cents per bushel, January soybeans are up 9 3/4 cents, March KC wheat is up 2 cents, March Chicago wheat is up 1 1/4 cents and March Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average is up 233.27 points and January crude oil is down $0.31 per barrel. The U.S. dollar index is up 0.230 and February gold is down $17.10 per ounce. The USDA announced that 245,872 mt (9.7 million bushels) of corn was sold to Mexico for 2019-20. Stats Canada estimates showed wheat production up .5% versus last year, while canola production was called 8.3% lower at 18.6 mmt. Optimism on a U.S.-China trade deal is coming from both sides Friday morning and AP reported China is waiving tariffs on soybeans and pork.

Livestock

Posted 11:30 -- February live cattle are up $0.23 at $124.825, January feeder cattle are up $0.63 at $141.175, February lean hogs are up $0.30 at $67.875, March corn is down 1 1/2 cents per bushel and January soybean meal is down $2.60. The Dow Jones Industrial Average is up 331.62 points and NASDAQ is up 86.35 points. Friday's market opened to a mostly distraught cattle complex while lean hog contracts trade significantly higher. Now as the noon hour approaches, cattle contracts are starting to warm up and welcome positive support. Cash cattle trade is still silent.

Posted 10:30 -- February live cattle are down $0.15 at $124.45, January feeder cattle are up $0.18 at $140.725, February lean hogs are up $1.08 at $68.65, March corn is down 1 1/4 cents per bushel and January soybean meal is steady. The Dow Jones Industrial Average is up 318.88 points and NASDAQ is up 82.35 points. Cash cattle trade is merely at a standstill Friday morning; packers note the board is weak, but feeders are still keenly aware that packers are hungry for more cattle. Trade is expected to heat up anytime now and even though the board is trading steadily lower, cash trade is still expected to be higher.

Posted 08:54 -- February live cattle are down $0.10 at $124.5, January feeder cattle are down $0.23 at $140.325, February lean hogs are up $2.00 at $69.575, March corn is up 1/4 cent per bushel and January soybean meal is up $0.30. The Dow Jones Industrial Average is up 267.64 points and NASDAQ is up 81.08 points. China shared early Friday morning that they will be waiving punitive tariffs on U.S. soybeans and pork while both countries negotiate a trade deal. Hopefully this will encourage the two sides to find common ground and reach a phase one trade agreement.

(BE)