DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- May corn is down 2 1/4 cents per bushel, May soybeans are down 5 1/4 cents, May KC wheat is down 13 1/2 cents, May Chicago wheat is down 12 3/4 cents and May Minneapolis wheat is down 7 3/4 cents. The Dow Jones Industrial Average is up 932.24 points and May crude oil is down $1.96 per barrel. The U.S. dollar index is down 1.590 and April gold is up $21.70 per ounce. While equities remain higher for the day, we may not have seen the end or pressure from outside markets. Grains and soybeans are under pressure, led by Chicago and Kansas City wheat, with the latter headed for a possible bearish chart sell signal by the end of Thursday. Traders await Tuesday's USDA report, with rumors that planting intentions may be declining on corn on ethanol worries.

Posted 10:36 -- May corn is down 2 1/2 cents per bushel, May soybeans are down 2 1/2 cents, May KC wheat is down 5 1/2 cents, May Chicago wheat is down 8 1/2 cents and May Minneapolis wheat is down 6 1/2 cents. The Dow Jones Industrial Average is up 1,062.31 points and May crude oil is down $1.15 per barrel. The U.S. dollar index is down 1.430 and April gold is up $20.20 per ounce. As equities continue to make new recent highs despite the largest jobless claims in history, grains and soybeans are correcting from recent sharp rallies. Soybean meal is the lone exception, fueled by a shortage of DDGs as the ethanol industry is forced to scale back as margins are deep in the red.

Posted 08:34 -- May corn is down 1 1/2 cents per bushel, May soybeans are up 2 1/4 cents, May KC wheat is up 1 3/4 cents, May Chicago wheat is up 2 1/4 cents and May Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 470.46 points and May crude oil is down $0.81 per barrel. The U.S. dollar index is down 1.000 and April gold is up $29.00 per ounce. Despite the record unemployment claims filed last week of 3.28 million Americans, the stock market is moving higher. Grain and soybeans are mixed early on Thursday, as the $2 trillion aid package approved unanimously by the Senate moves to the House, with a vote likely sometime Friday.

Livestock

Posted 11:32 -- June live cattle are down $2.23 at $94.1, May feeder cattle are down $3.13 at $125.975, June lean hogs are down $2.75 at $69., May corn is down 3 1/4 cents per bushel and May soybean meal is up $0.60. The Dow Jones Industrial Average is up 1,047.57 points and NASDAQ is up 272.12 points. The livestock complex heads into the noon hour trading completely lower with cattle contracts are down $2.00 to $3.00 and the lean hog complex trades comfortably around $2.00 lower. One the troubles the market is facing is finding and keeping long-term support. Traders aren't comfortable with the market just yet and have gotten accustomed to stepping out when pressured to make long-term commitments.

Posted 10:22 -- June live cattle are down $2.25 at $94.075, May feeder cattle are down $3.23 at $125.875, June lean hogs are down $2.25 at $69.5, May corn is down 2 cents per bushel and May soybean meal is up $3.40. The Dow Jones Industrial Average is up 926.08 points and NASDAQ is up 239.46 points. Carcass weights for the week ending March 6 were substantially higher than a year ago. Steer carcass weights were up five pounds from the previous week at 903 pounds and 32 pounds over a year ago. Heifer carcass weights were down three pounds from the previous week at 830 pounds, but still 16 pounds over a year ago.

Posted 08:40 -- June live cattle are down $0.33 at $96., May feeder cattle are down $0.93 at $128.175, June lean hogs are down $0.98 at $70.775, May corn is down 4 1/4 cents per bushel and May soybean meal is up $3.40. The Dow Jones Industrial Average is up 397.45 points and NASDAQ is up 123.59 points. Net beef sales of 14,500 mt were reported for 2020, which was down 23% from the previous week and down 12% from the prior four-week average. The three largest increases were from South Korea (7,200 mt, including decreases of 300 mt), Japan (5,100 mt, including decreases of 600 mt) and Taiwan (700 mt, including decreases of 100 mt). Pork net sales of 38,600 were reported for 2020, which was up 8% from the previous week and up 89% from the prior four-week average. The three largest increases were from Mexico (11,100 mt) China (9,500 mt) and Japan (9,400 mt).

(BE)