DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 12 3/4 cents per bushel, November soybeans are up 18 1/2 cents, September KC wheat is up 8 1/4 cents, September Chicago wheat is up 6 cents and September Minneapolis wheat is up 5 cents. The Dow Jones Industrial Average is down 67.96 points and September crude oil is down $0.53 per barrel. The U.S. Dollar Index is down 0.200 and December gold is up $23.00 per ounce. Commodity funds were buying heavily as of noon on Thursday, having covered an estimated 33,000 contracts of their corn net-short, while also buying close to 20,000 bean and 10,000 bean meal contracts. The volume is heavy in new-crop corn and beans, and we are right at some very key resistance levels. U.S. and China trade representatives will meet via teleconference this weekend to review the trade agreement.

Posted 10:48 -- December corn is up 10 cents per bushel, November soybeans are up 16 1/2 cents, September KC wheat is up 7 1/2 cents, September Chicago wheat is up 7 1/4 cents and September Minneapolis wheat is up 7 cents. The Dow Jones Industrial Average is down 43.21 points and September crude oil is down $0.27 per barrel. The U.S. Dollar Index is down 0.300 and December gold is up $9.70 per ounce. Corn and soybeans continue with the vigorous post--WASDE rally despite the bearish tone of that report.

Posted 08:37 -- December corn is up 6 1/2 cents per bushel, November soybeans are up 11 1/2 cents, September KC wheat is up 3/4 cent, September Chicago wheat is down 1/2 cent and September Minneapolis wheat is up 2 cents. The Dow Jones Industrial Average is down 120.23 points and September crude oil is down $0.24 per barrel. The U.S. Dollar Index is down 0.330 and December gold is down $4.30 per ounce. USDA reported more new soybean sales to China and unknown, with 197,000 mt (7.2 mb) of new crop sold to China and another 202,000 mt (7.4 mb) of new crop sold to unknown. Also, 110,000 mt of U.S. corn was sold to unknown, with 30,000 mt (2.2 mb) for 2019-20 and 80,000 mt (3.1 mb) sold for 2020-21.

Livestock

Posted 11:29 -- October live cattle are up $0.68 at $110.25, September feeder cattle are down $0.35 at $147.6, October lean hogs are up $0.63 at $52.225, December corn is up 11 1/2 cents per bushel and December soybean meal is up $9.80. The Dow Jones Industrial Average is down 51.91 points and NASDAQ is up 98.00 points. Heading into Thursday afternoon, live cattle contracts push full steam ahead, the lean hog complex has seen a spark in support and feeder cattle futures are fighting nearby resistance that is turning most of the contracts lower. Packers continue to hold their cards tight to their chest as some more cattle have traded throughout the Southern Plains but the Northern Plains remain extremely quiet.

Posted 10:52 -- October live cattle are up $0.58 at $110.15, September feeder cattle are down $0.25 at $147.7, October lean hogs are up $0.05 at $51.65, December corn is up 9 3/4 cents per bushel and December soybean meal is up $8.60. The Dow Jones Industrial Average is down 47.17 points, and the NASDAQ is up 93.36 points. The livestock complex is trading mostly higher into the midmorning hours of Thursday as the lean hog complex as rallied support, and the only contract fighting much resistance is the feeder cattle contracts. Cash cattle trade has been on fire this week as cattle have sold $4.00 to $5.00 higher in the South. Cattle have yet to trade in the North, but as Thursday progresses, packer interest is expected to increase.

Posted 08:34 -- October live cattle are up $0.15 at $109.725, September feeder cattle are up $0.03 at $147.975, October lean hogs are up $0.05 at $51.65, December corn is up 7 cents per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is down 123.78 points and NASDAQ is up 229.42 points. Thursday's export report showed beef sales of 11,600 mt, down 13% from the previous week and 46% from the prior 4-week average. The three primary buyers were Japan (2,900 mt, including decreases of 500 mt), China (1,900 mt) and Canada (1,400 mt, including decreases of 100 mt). Pork net sales of 10,500 mt were down 66% from the previous week and 70% from the prior 4-week average. The three primary buyers were Mexico (8,800 mt, including decreases of 200 mt), Japan (2,700 mt, including decreases of 900 mt) and Canada (1,600 mt, including decreases of 400 mt).