DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 3 1/4 cents per bushel, November soybeans are down 6 1/2 cents, December KC wheat is down 6 1/4 cents, December Chicago wheat is down 8 1/4 cents and December Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is up 126.43 points and October crude oil is up $1.17 per barrel. The U.S. Dollar Index is up 0.030 and December gold is up $0.30 per ounce. Despite more new-crop corn and soybeans sold to China and unknown buyers, grain and soybean markets are falling victim to some profit-taking. Funds, as of noon, are estimated to have sold 7,000 corn; 4,000 wheat; 5,000 beans; and 4,000 meal. Also pressuring beans was the August NOPA crush of 165 million bushels versus expectations of close to 170 mb. That's the lowest crush in nine months.

Posted 10:35 -- December corn is down 2 3/4 cents per bushel, November soybeans are down 7 cents, December KC wheat is down 8 1/2 cents, December Chicago wheat is down 10 cents and December Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is up 135.60 points and October crude oil is up $0.63 per barrel. The U.S. Dollar Index is up 0.070 and December gold is down $4.70 per ounce. Grain and soybeans are under pressure despite China and unknown once again showing up on new flash sales. The largest combined fund net long in more than two years has led to some profit-taking ahead of harvest. The forecast for two weeks out appears to be dry.

Posted 08:32 -- December corn is down 1 1/2 cents per bushel, November soybeans are up 2 3/4 cents, December KC wheat is down 4 1/4 cents, December Chicago wheat is down 4 1/4 cents and December Minneapolis wheat is down 1 1/4 cents. The Dow Jones Industrial Average is up 181.38 points and October crude oil is up $0.31 per barrel. The U.S. Dollar Index is down 0.140 and December gold is up $9.90 per ounce. In what seems like a daily occurrence, China and unknown again showed up to buy soybeans and corn. USDA announced flash sales of 132,000 mt (4.85 million bushels) of soybeans to China and 132,000 mt (4.85 mb) of soybeans to unknown. A sale of 120,000 mt (4.7 mb) of U.S. corn was announced sold to unknown as well for new crop.

Livestock

Posted 11:36 -- October live cattle are down $0.30 at $106.575, October feeder cattle are up $0.53 at $143.125, October lean hogs are up $1.13 at $65.75, December corn is down 3 1/2 cents per bushel and December soybean meal is down $2.00. The Dow Jones Industrial Average is up 118.91 points and NASDAQ is up 168.28 points. Tuesday's been a tough sell to the livestock complex as traders are cautious about diving into the markets and the day's support is minimal. The board is still uncertain as to what direction to go in and consequently trades mostly mixed. Cash cattle trade remains elusive.

Posted 10:36 -- October live cattle are down $0.28 at $106.6, October feeder cattle are up $0.33 at $142.925, October lean hogs are up $1.60 at $66.225, December corn is down 2 1/2 cents per bushel and December soybean meal is down $2.50. The Dow Jones Industrial Average is up 142.06 points and NASDAQ is up 152.06 points. Support is questionable throughout the livestock complex as both the lean hog and live cattle contracts trade mostly lower. Feeder cattle contracts continue to scale cautiously higher, trying to take advantage of some mild trader support and the day's weaker corn prices. Cash cattle trade is still very quiet with bids yet to surface, but the South has priced cattle at $105 t0 $107. The North has yet to share their asking prices.

Posted 08:35 -- October live cattle are down $0.20 at $106.675, October feeder cattle are down $0.05 at $142.55, October lean hogs are up $1.18 at $65.8, December corn is down 1 1/4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is up 212.12 points and NASDAQ is up 136.28 points. Tuesday morning's support is widely mixed as hog contracts are dabbling higher again in nearby contracts, the feeder cattle contracts are modestly higher, but the live cattle complex is fighting some pressure in nearby contracts. As this week's cash cattle trade is hoping to remain steady, if not $1.00 to $2.00 higher, feedlots hope the board's support resurfaces.