DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is down 1 cent per bushel, May soybeans are down 4 3/4 cents, May KC wheat is down 5 1/4 cents, May Chicago wheat is down 7 1/4 cents and May Minneapolis wheat is down 5 1/2 cents. The Dow Jones Industrial Average is up 151.12 points and May crude oil is up $4.18 per barrel. The U.S. dollar index is up 0.650 and June gold is up $48.30 per ounce. The early corn rally, fueled by some positive crude oil news did not last long as corn is now trading lower and 10 cents below the high. Crude oil is still higher on news that both Russia and Saudi Arabia may have agreed to a 10 million barrel per day cut in production. The bigger issue for ethanol producers is stay-at-home orders, which have cut oil usage by much more.

Posted 10:31 -- May corn is up 2 3/4 cents per bushel, May soybeans are up 1 1/4 cents, May KC wheat is down 8 3/4 cents, May Chicago wheat is down 7 1/2 cents and May Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is up 179.77 points and May crude oil is up $3.99 per barrel. The U.S. dollar index is up 0.350 and June gold is up $36.90 per ounce. Following what might appear to be a truce in the ongoing crude oil spat between Saudi Arabia and Russia, word is that they have come to an agreement to slash production by 10 million barrels (does not say per day or total). That, in turn, is supporting the corn and soybean oil markets, possibly helping the downtrodden biofuel markets.

Posted 10:02 -- May corn is up 4 1/2 cents per bushel, May soybeans are up 2 3/4 cents, May KC wheat is down 5 3/4 cents, May Chicago wheat is down 3 cents and May Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is up 294.58 points and May crude oil is up $4.53 per barrel. The U.S. dollar index is up 0.510 and June gold is up $33.10 per ounce. Corn is getting a bounce from a crude oil market that is up nearly $5 per barrel on news that Saudi Arabia and Russia may have agreed to cut oil production by 10 million barrels. According to President Trump, who has just spoken with Saudi Arabia's Crown Prince, President Putin of Russia has agreed to this deal.

Posted 08:37 -- May corn is up 1 1/2 cents per bushel, May soybeans are down 3 1/4 cents, May KC wheat is down 10 1/4 cents, May Chicago wheat is down 8 1/4 cents and May Minneapolis wheat is down 6 1/4 cents. The Dow Jones Industrial Average is down 18.26 points and May crude oil is up $1.88 per barrel. The U.S. dollar index is up 0.390 and June gold is up $30.80 per ounce. Soybean and wheat continue to sell off, while corn gets a little help from crude oil being up nearly 2%. China has pledged to buy more crude oil for their reserves, which analysts peg at close to 900 million barrels. Equities markets, higher early, have again faltered as jobless claims reached a record high 6.6 million last week following COVID-19 related layoffs.

Livestock

Posted 11:32 -- June live cattle are down $3.00 at $84.575, May feeder cattle are down $6.10 at $112.3, April lean hogs are down $4.10 at $45.1, May corn is up 1 3/4 cents per bushel and May soybean meal is down $4.50. The Dow Jones Industrial Average is up 363.85 points and NASDAQ is up 105.89 points. Extreme losses continue to be seen in lean hog and cattle futures with lean hog futures the only market currently hitting expanding trading limits. The expectation of further losses in cash values and lower meat prices is adding to the already bearish market structure.

Posted 09:51 -- June live cattle are down $1.25 at $86.325, May feeder cattle are down $4.48 at $113.925, April lean hogs are down $1.30 at $47.9, May corn is up 5 1/2 cents per bushel and May soybean meal is up $0.30. The Dow Jones Industrial Average is up 397.63 points and NASDAQ is up 104.40 points. Sharp losses continue in all livestock markets as growing concerns of further demand erosion despite strong retail demand for meat products. June live cattle futures have moved off session lows, able to hold long-term support levels and move above contract lows. Limited cash cattle activity is seen early Thursday, but the widespread market weakness could add to the pressure in cash prices. Crude oil prices have surged following an announcement by President Trump about expected production cuts from Saudi Arabia and Russia.

Posted 08:37 -- June live cattle are down $2.28 at $85.3, May feeder cattle are down $5.83 at $112.575, April lean hogs are down $3.08 at $46.125, May corn is up 1 1/4 cents per bushel and May soybean meal is down $0.20. The Dow Jones Industrial Average is up 5.81 points and NASDAQ is up 7.84 points. Active pressure has redeveloped in all livestock futures early Thursday morning. The continued concern of further weakness in meat values and firm outside market pressure redeveloping is allowing for widespread losses in cattle and hog futures.

(BE)

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