DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- March corn is down 4 3/4 cents per bushel, March soybeans are down 16 cents, March KC wheat is down 2 3/4 cents, March Chicago wheat is down 3 3/4 cents and March Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average is down 141.85 points and March crude oil is down $1.44 per barrel. The U.S. dollar index is down 0.150 and February gold is up $12.00 per ounce. Soybeans continue to plummet, with March reaching the lowest level since May of 2019. Growing fears that the unchecked coronavirus could hamper China's pledged phase-one purchase agreement with the U.S. is pressuring markets, as is news that the virus was transmitted between two (married) people in Illinois. Funds have added to net shorts, selling an estimated 7,000 corn and 6,000 beans along with products as of noon.

Posted 10:34 -- March corn is down 3 3/4 cents per bushel, March soybeans are down 8 1/2 cents, March KC wheat is down 3 3/4 cents, March Chicago wheat is down 8 cents and March Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average is down 115.04 points and March crude oil is down $1.00 per barrel. The U.S. dollar index is down 0.140 and February gold is up $10.80 per ounce. While U.S. corn is the world's cheapest, and export sales last week were very strong, it is the mostly favorable weather in South America, and growing concern of demand destruction related to the coronavirus, that has sellers coming out of the woodwork. Soybeans and wheat are also melting down, with March beans close to challenging the double bottom near $8.79.

Posted 08:33 -- March corn is down 4 cents per bushel, March soybeans are down 7 1/2 cents, March KC wheat is down 7 1/2 cents, March Chicago wheat is down 8 1/4 cents and March Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is down 139.14 points and March crude oil is down $1.22 per barrel. The U.S. dollar index is down 0.080 and February gold is up $7.50 per ounce. The selling continues in equities, energies and ag commodities as the coronavirus has escalated demand concerns. USDA reported a new sale of 30,000 mt of soybean oil for 2019-20 on the daily reporting system.

Livestock

Posted 11:35 -- April live cattle are down $0.43 at $119.8, March feeder cattle are up $0.73 at $135.7, April lean hogs are down $3.00 at $65.825, March corn is down 4 1/4 cents per bushel and March soybean meal is down $2.80. The Dow Jones Industrial Average is down 100.94 points and NASDAQ is down 42.98 points. Feeder cattle contracts may be having a change of heart as the entire complex looks to trade higher, all while cash cattle are trading $2.00 lower than last week's weighted average and the lean hog complex has plummeted to $3.00 losses in comes nearby contracts.

Posted 10:29 -- April live cattle are down $0.10 at $120.125, March feeder cattle are up $0.58 at $135.55, April lean hogs are down $3.00 at $65.825, March corn is down 4 cents per bushel and March soybean meal is down $2.00. The Dow Jones Industrial Average is down 125.89 points and NASDAQ is down 55.39 points. Live cattle cash bids of $121 to $122 have been offered in Kansas, Nebraska and Texas. Dressed cattle are bid at $194 to $195 early Thursday morning but packer inquiry is expected to develop more throughout the day and into Friday.

Posted 08:45 -- April live cattle are up $0.45 at $120.675, March feeder cattle are up $0.38 at $135.35, April lean hogs are down $1.78 at $67.05, March corn is down 3 1/4 cents per bushel and March soybean meal is down $1.50. The Dow Jones Industrial Average is down 46.21 points and NASDAQ is down 7.57 points. Beef net sales of 21,700 mt for 2020 were primary for Japan (6,400 MT, decreasing by 400 mt), South Korea (4,500 mt, decreasing by 500 mt) and Canada was the top third highest at 3,500 mt, decreasing by 100 mt. While Pork net sales of 34,100 mt for 2020 were primarily to Japan (11,000 mt), Mexico (7,500 mt) and South Korea at 5,100 mt, to name the top three.

(BE)