DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- May corn is up 1 cent per bushel, May soybeans are up 6 3/4 cents, May KC wheat is up 10 cents, May Chicago wheat is up 4 1/4 cents and May Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is up 408.01 points and May crude oil is down $0.15 per barrel. The U.S. dollar index is down 0.690 and June gold is up $55.30 per ounce. The price reaction in grains and soybeans has been muted to what is, on the surface, a mostly bearish WASDE report. Grain and soy prices are virtually unchanged from just before the report. The rise in equities fueled by more Federal Reserve stimulus has given a positive vibe to markets.

Posted 10:39 -- May corn is up 1/4 cent per bushel, May soybeans are up 10 1/2 cents, May KC wheat is up 9 1/2 cents, May Chicago wheat is up 5 1/4 cents and May Minneapolis wheat is up 3 cents. The Dow Jones Industrial Average is up 359.86 points and May crude oil is up $0.68 per barrel. The U.S. dollar index is down 0.560 and June gold is up $48.40 per ounce. The soy complex is surging ahead of the USDA report out at 11 a.m. central time. The Brazilian crop agency, CONAB, sliced Brazil's soy production by 2.1 mmt to a still large 122.1 mmt (4.49 bb), while increasing corn by 800,000 mt to 101.9 mmt (4.01 bb). Stocks and crude are higher on a rumored deal between OPEC and Russia on slashing crude oil output.

Posted 09:52 -- On Thursday morning, May corn is down 3/4 cent, May soybeans are up 6 cents and May KC wheat is up 8 3/4 cents. According to CNBC.com and Reuters, unnamed sources are saying Saudi Arabia and Russia have reached a deal to cut oil production by 10 million barrels per day or possibly more. May crude oil is trading up $1.67 and Dow Jones Industrials are up 466 points. DTN will be watching for further confirmation.

Posted 08:37 -- May corn is up 2 1/4 cents per bushel, May soybeans are up 1 1/4 cents, May KC wheat is up 7 cents, May Chicago wheat is up 5 1/2 cents and May Minneapolis wheat is up 2 1/4 cents. The Dow Jones Industrial Average is up 299.76 points and May crude oil is up $1.35 per barrel. The U.S. dollar index is down 0.550 and June gold is up $45.00 per ounce. Equity, energy and grain markets are all higher to start as we await the April USDA and WASDE report. Marketing-year high U.S. corn sales have narrowed the gap versus last year, but sales remain down 23%. Crude oil is up as Russia and OPEC meet, but word is that Russia is unlikely to agree to a production cut unless the U.S. follows. .

Livestock

Posted 11:31 -- June live cattle are down $2.10 at $84.575, May feeder cattle are down $0.45 at $118.925, June lean hogs are down $1.75 at $49.7, May corn is up 2 cents per bushel and May soybean meal is up $0.70. The Dow Jones Industrial Average is up 502.80 points and NASDAQ is up 86.92 points. Livestock contracts were able to rally for three straight consecutive days in a row but now that Thursday has arrived, the support that the complex rallied in the last little while has dissipated in all expected the feeder cattle contracts.

Posted 10:33 -- June live cattle are down $2.68 at $84., May feeder cattle are down $2.38 at $117., June lean hogs are down $2.30 at $49.15, May corn is down 1/2 cent per bushel and May soybean meal is up $1.40. The Dow Jones Industrial Average is up 312.92 points and NASDAQ is up 9.79 points. Thursday's weekly export notice shared that for beef net sales totaled 15,800 mt for 2020, and were down 13% from the previous week and down 12% from the prior four-week average. The three main increases were primarily from South Korea 5,500 mt (including decreases of 300 mt), Japan 4,100 mt (including decreases of 600 mt) and Hong Kong 3,300 mt (including decreased of 200 mt. Pork net sales of 55,900 mt were reported for 2020 -- chiming in with a new marketing year high as figures were up 47% from the previous week and up significantly from the prior four-week average. The three main increases were primarily from China 38,700 mt, Mexico 6,600 mt, and Japan 3,900 mt.

Posted 08:38 -- June live cattle are down $1.40 at $85.275, May feeder cattle are down $1.33 at $118.05, June lean hogs are down $2.08 at $49.375, May corn is up 2 1/2 cents per bushel and May soybean meal is down $0.60. The Dow Jones Industrial Average is up 318.57 points and NASDAQ is up 67.66 points. As Thursday's bell opens the board for this week's last day of trading, contracts subside and head to lower known prices in all three contracts. The pressure of the long weekend and three days' worth of support seem to be getting to traders as contracts head steadily lower.

(BE)