DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- May corn is down 4 1/2 cents per bushel, May soybeans are down 5 3/4 cents, May KC wheat is up 8 1/4 cents, May Chicago wheat is up 9 cents and May Minneapolis wheat is up 7 1/4 cents. The Dow Jones Industrial Average is down 520.76 points and May crude oil is up $2.18 per barrel. The U.S. dollar index is up 0.560 and June gold is up $6.90 per ounce. Funds appear to be selling corn, soybeans and meal, while wheat maintains some of early gains as Black Sea competitors begin to limit wheat exports. The sharp fall in gasoline demand in the past 2 to 3 weeks has led to a sharp drop in corn for ethanol usage, threatening the viability of some businesses and loosening an already burdensome corn balance sheet.

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Posted 10:33 -- May corn is down 3 cents per bushel, May soybeans are down 5 cents, May KC wheat is up 8 1/4 cents, May Chicago wheat is up 7 3/4 cents and May Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average is down 319.44 points and May crude oil is up $1.19 per barrel. The U.S. dollar index is up 0.530 and June gold is up $4.70 per ounce. Corn and soybean strength did not last too long as equities and crude oil are now slipping following more bad job numbers. Wheat futures are still higher for the day, but well below the highs. May corn is challenging a low that was set back in July of 2018 at $3.29 3/4.

Posted 08:33 -- May corn is up 3 3/4 cents per bushel, May soybeans are up 1 3/4 cents, May KC wheat is up 11 cents, May Chicago wheat is up 12 1/2 cents and May Minneapolis wheat is up 6 1/2 cents. The Dow Jones Industrial Average is down 60.14 points and May crude oil is up $2.15 per barrel. The U.S. Dollar Index is up 0.480 and June gold is up $2.00 per ounce. It's risk-on trade to begin Friday, with wheat leading the way higher on Black Sea export restrictions and rumors of Brazil buying U.S. wheat. USDA announced another large corn sale to China, but the lion's share of the purchase is for 2020-21. China bought 567,000 mt, with 63,000 mt (2.5 mb) for 2019-20, and 504,000 mt (19.8 mb) for 2020-21.

Livestock

Posted 12:14 -- June live cattle are down $3.88 at $79.2, May feeder cattle are down $4.00 at $107.65, April lean hogs are down $3.23 at $41.475, May corn is down 4 1/4 cents per bushel and May soybean meal is down $7.30. The Dow Jones Industrial Average is down 352.95 points and NASDAQ is down 115.77 points. Active pressure has swiftly moved through all livestock trade midday Friday with lightly traded April live cattle futures hitting limit losses of $4.50 per cwt. The swift shift lower in stock prices through the morning has added increased concerns through the market as growing uncertainty is developing.

Posted 10:38 -- June live cattle are down $1.85 at $81.225, May feeder cattle are down $1.13 at $110.525, April lean hogs are down $2.68 at $42.025, May corn is down 3 3/4 cents per bushel and May soybean meal is down $5.10. The Dow Jones Industrial Average is down 340.80 points and NASDAQ is down 99.24 points. Nearby cattle futures have been unable to hang onto early buyer support Friday morning. The continued pressure seen through early April is pushing April live cattle futures sharply lower despite attempts to hold deferred futures higher. Limit losses continue in June and July lean hog trade as traders extend losses through summer contracts.

Posted 08:40 -- June live cattle are down $1.15 at $81.925, May feeder cattle are down $1.05 at $110.6, April lean hogs are down $2.38 at $42.325, May corn is up 2 3/4 cents per bushel and May soybean meal is down $0.40. The Dow Jones Industrial Average is down 62.50 points and NASDAQ is down 15.94 points. Follow-through losses have developed Friday morning, but the fact that futures have moved to daily limit losses in the early minutes of trade is slightly encouraging. The increase in open interest in all livestock markets over the last three days indicates traders are willing to re-own positions, but so far limited volume is keeping prices lower.

(BE)

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