DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- May corn is up 3/4 cent per bushel, May soybeans are down 2 1/4 cents, May KC wheat is down 3 cents, May Chicago wheat is down 6 1/2 cents and May Minneapolis wheat is down 2 cents. The Dow Jones Industrial Average is down 833.08 points and April crude oil is down $2.67 per barrel. The U.S. dollar index is down 0.120 and April gold is down $67.80 per ounce. While financial and energy markets continue to freefall as investors panic and traders fear that the rapid spread of coronavirus could lead to a global recession, ag commodities on Friday are doing their best to recover. Corn and soybean meal are now both higher, as funds remain short sizable amounts of each.

Posted 10:37 -- May corn is down 1 3/4 cents per bushel, May soybeans are down 5 1/2 cents, May KC wheat is down 12 cents, May Chicago wheat is down 14 1/2 cents and May Minneapolis wheat is down 8 cents. The Dow Jones Industrial Average is down 599.39 points and April crude oil is down $2.48 per barrel. The U.S. dollar index is down 0.150 and April gold is down $53.70 per ounce. The panic continues in world financial and commodity markets as fears of a global recession permeate all markets. The selling is likely getting very overdone, with energy and equities markets having plunged 15% or more this week. New virus cases have shown up in Mexico, New Zealand and Nigeria on Friday.

Posted 08:38 -- May corn is down 1/4 cent per bushel, May soybeans are down 8 3/4 cents, May KC wheat is down 5 1/2 cents, May Chicago wheat is down 6 3/4 cents and May Minneapolis wheat is down 2 3/4 cents. The Dow Jones Industrial Average is down 642.83 points and April crude oil is down $1.88 per barrel. The U.S. dollar index is up 0.100 and April gold is down $20.00 per ounce. Fear continues to grip world's financial and commodity markets as two new countries found their first cases of coronavirus -- Nigeria and New Zealand, with the amount of countries impacted now at 47. The Dow Jones average continues its freefall, now down over 11% from the recent highs as panic selling increases. .

Livestock

Posted 12:10 -- April live cattle are down $1.15 at $109.325, April feeder cattle are up $0.50 at $134.575, April lean hogs are down $0.48 at $62.075, March corn is up 1/4 cent per bushel and March soybean meal is steady. The Dow Jones Industrial Average is down 431.54 points, and the NASDAQ is down 35.48 points. Livestock futures are slowly backing away from morning losses through the noon hour with firm buying moving into feeder cattle complex as nearby contracts are holding 10-cent to $1.30 gains. This support is spilling into live cattle trade, although markets remain mixed at this point. Hog futures are lightly traded but unable to break away from moderate losses Friday.

Posted 10:04 -- April live cattle are down $2.78 at $107.7, April feeder cattle are down $1.73 at $132.35, April lean hogs are down $0.55 at $62., March corn is steady and March soybean meal is up $1.10. The Dow Jones Industrial Average is down 792.47 points and NASDAQ is down 180.22 points. Cattle futures have returned to early morning losses as continued outside market weakness has redeveloped through the morning Friday. Although the lightly traded February live cattle futures are holding a moderate gain, and over $2 higher than opening price levels, traders in this contract are few due to February futures expiring. April and May feeder cattle futures are also leading the complex lower with consistent weakness heading into the end of the week. Although hog markets remain under pressure, the lack of new information in the market is limiting additional market liquidation.

Posted 08:38 -- April live cattle are down $2.68 at $107.8, April feeder cattle are down $3.23 at $130.85, April lean hogs are down $0.75 at $61.8, March corn is up 1/2 cent per bushel and March soybean meal is steady. The Dow Jones Industrial Average is down 659.47 points and NASDAQ is down 211.25 points. The market weakness seen through the week continues to build as increased focus on coronavirus and the potential impacts on the economy. Stock markets are once again sharply lower, but have backed away from initial morning lows. This could help to create some stability through the rest of the day.

(BE)