DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- Just ahead of Friday's close, March corn is up 3 cents per bushel, January soybeans are up 9 1/4 cents, March KC wheat is down 1 1/4 cents, March Chicago wheat is up 1/4 cent and March Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is down 1.5 points and January crude oil is up $0.66 per barrel. The U.S. dollar index is down 0.214 and February gold is up $9.30 per ounce. Row crops recouped a portion of this morning's sell-off although remain poised to close well below session highs, while the grains are poised to realize gains over the week's trade. Government sources indicate China will purchase between $40 billion and $50 billion of U.S. ag commodities with the phase one deal intended to be signed in January, although it is clear in this session's trade that traders were looking for something more concrete in terms of volumes and time frame.

Posted 10:34 -- In midmorning trade Friday, March corn is up 1 1/4 cents per bushel, January soybeans are up 5 1/4 cents, March KC wheat is down 2 cents, March Chicago wheat is down 2 3/4 cents and March Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is down 39 points and January crude oil is up $0.56 per barrel. The U.S. dollar index is down .229 and February gold is up $7.70 per ounce. Soybean futures led grains higher overnight with a double-digit move, although Friday's news has disappointed traders with soybean, corn and wheat futures well-below session highs and closer to session lows. The U.S. and China have reached an agreement on a phase one deal, although legal steps remain prior to signing. Officials on both sides indicate that existing tariffs will be rolled back in stages, while China is reported to commit to increased purchases of U.S. ag products over time, although no targets have been released.

Posted 08:48 -- March corn is up 3 1/2 cents, January soybeans are up 11 cents and March KC wheat is up 3 3/4 cents. Much the market's focus on Friday morning is on the possibility of a limited trade deal with China, but the confirmations are not there yet. According to CNBC, China is expected to make an announcement at 9 a.m. CST. Dow Jones futures are up 22 points, the March U.S. dollar index is down 0.45 and outside commodities are mostly higher.

Livestock

Posted 11:36 -- February live cattle are up $2.40 at $127.5, January feeder cattle are up $3.78 at $146.325, February lean hogs are up $1.03 at $69.675, March corn is steady and January soybean meal is up $1.60. The Dow Jones Industrial Average is up 0.43 points and NASDAQ is up 18.60 points. Upon more phase one trade agreement news -- though the details have not yet been finalized -- it's apparent that the agreement is coming together and that the U.S. has agreed to not implement the Dec. 15 tariffs. An announcement of that kind would leave U.S. producers to believe that China has an agreement to buying more agriculture products. Nevertheless, markets are spiking higher and anxious for the agreement to be signed.

Posted 10:38 -- February live cattle are up $1.85 at $126.95, January feeder cattle are up $3.35 at $145.9, February lean hogs are up $1.43 at $70.075, March corn is up 1 1/2 cents per bushel and January soybean meal is up $1.20. The Dow Jones Industrial Average is down 91.84 points and NASDAQ is down 16.91 points. After some light trade that popped up throughout the South, early Friday morning bids of $119 have surfaced in Nebraska and Colorado.

Posted 08:56 -- February live cattle are up $1.00 at $126.1, January feeder cattle are up $1.25 at $143.8, February lean hogs are up $1.68 at $70.325, March corn is up 4 cents per bushel and January soybean meal is up $2.40. The Dow Jones Industrial Average is up 7.72 points and NASDAQ is up 5.19 points. "Hello Friday," shouts the livestock complex as all three markets trade higher, in nearly all contracts. Excitement continues to build as rumors of the phase one trade agreement coming to a consensus between the two countries is sounding like a near possibility.

(BE)