DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- March corn is up 12 1/2 cents per bushel, March soybeans are up 6 3/4 cents, March KC wheat is up 9 cents, March Chicago wheat is up 7 cents and March Minneapolis wheat is up 9 cents. The Dow Jones Industrial Average is up 17.72 points and February crude oil is down $0.18 per barrel. The U.S. dollar index is up 0.290 and February gold is up $10.30 per ounce. Corn has exploded to the upside, as funds who had sold on Thursday bought an estimated 15,000 contracts back by noon on Friday. Rumors have swirled that new corn business is being done off the PNW, with China and South Korea mentioned as possible buyers. Soybeans are now starting to move higher as well.

Posted 10:33 -- March corn is up 8 cents per bushel, March soybeans are up 1/2 cent, March KC wheat is up 3 3/4 cents, March Chicago wheat is up 2 1/2 cents and March Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is up 14.79 points and February crude oil is down $0.06 per barrel. The U.S. dollar index is up 0.290 and February gold is up $6.60 per ounce. Managed money funds, who were thought to have sold close to 25,000 contracts of corn on Thursday's plunge, may be regretting that now. Corn is surging from good support levels, likely encouraged by the Senate's 89-10 vote in favor of the USMCA trade pact. That now goes to President Trump's desk for signing and on to Canada for final approval.

Posted 08:36 -- March corn is up 2 1/2 cents per bushel, March soybeans are down 3 cents, March KC wheat is down 3 1/2 cents, March Chicago wheat is up 3/4 cent and March Minneapolis wheat is steady. The Dow Jones Industrial Average is up 15.52 points and February crude oil is up $0.12 per barrel. The U.S. dollar index is up 0.210 and February gold is up $6.10 per ounce. While corn is bouncing, wheat and bean pressure continues early on Friday. Traders want to see some actual purchases by China before getting too excited about the recent phase one signing. The USMCA trade agreement should be signed by President Trump Friday and then to Canada for signing.

Livestock

Posted 11:34 -- February live cattle are down $0.08 at $126.05, March feeder cattle are down $0.28 at $144.55, February lean hogs are up $0.25 at $67.125, March corn is up 10 cents per bushel and March soybean meal is down $0.50. The Dow Jones Industrial Average is up 58.03 points and NASDAQ is up 11.36 points. A couple bids for fat cattle are surfacing at $199 in Nebraska and $198 in Iowa though it's seeming like trade may be essentially done for the week except a few pens here and there.

Posted 10:35 -- February live cattle are down $0.18 at $125.95, March feeder cattle are down $0.33 at $144.5, February lean hogs are up $0.55 at $67.425, March corn is up 7 3/4 cents per bushel and March soybean meal is down $0.10. The Dow Jones Industrial Average is up 6.86 points and NASDAQ is down 5.12 points. A mere glimpse of support is starting to trickle into lean hogs and even more sparsely into the live cattle complex as buyers start to shop around for opportunities, as the complex has been significantly lower the last couple of days. Cash cattle trade is still quiet and more packer interest has yet to transpire.

Posted 08:52 -- February live cattle are down $0.63 at $125.5, March feeder cattle are down $0.70 at $144.125, February lean hogs are up $0.03 at $66.9, March corn is up 3 cents per bushel and March soybean meal is down $0.60. The Dow Jones Industrial Average is up 30.50 points and NASDAQ is up 9.88 points. Good morning, Friday and hello lower futures market. All three livestock contracts continue to trade lower as the old saying, "buy the rumor, sell the truth," bit all three livestock sectors. Cash cattle markets are quiet Friday morning, but some more trade is anticipated throughout the rest of the day.

(BE)