DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 10 cents per bushel, November soybeans are down 19 1/2 cents, December KC wheat is down 20 cents, December Chicago wheat is down 23 1/4 cents and December Minneapolis wheat is down 17 1/4 cents. The Dow Jones Industrial Average is down 741.22 points, and October crude oil is down $2.12 per barrel. The U.S. Dollar Index is up 0.720, and December gold is down $48.90 per ounce. Equities, energy and ag commodities are all in meltdown mode. The correction in grain and soybeans is not totally unexpected just ahead of one of the largest harvests on record. Technical momentum indicators have been overbought for a week, and the now-vulnerable funds had recently amassed the largest long position since mid-2018. Chicago and KC wheat both have potential bearish reversal signals.

Posted 10:35 -- December corn is down 7 1/2 cents per bushel, November soybeans are down 17 3/4 cents, December KC wheat is down 11 3/4 cents, December Chicago wheat is down 15 cents and December Minneapolis wheat is down 12 1/2 cents. The Dow Jones Industrial Average is down 911.91 points and October crude oil is down $2.28 per barrel. The U.S. Dollar Index is up 0.820 and December gold is down $67.00 per ounce. Perfect harvest weather, overbought markets, outside pressure from plunging equity and energy markets and a large fund long has led to a sizable early correction in grain and the soy complex. Soybean oil and beans are leading the market lower, as palm oil fell hard following massive gains in the past few months.

Posted 08:40 -- Early Monday trade has grain futures in negative territory, following last week's double-digit moves higher seen across the grains. November soybeans are leading the move, down 6 1/2 cents, while December corn is down 4 cents. December Chicago wheat is down 5 1/4 cents, December Kansas City wheat is down 2 3/4 cents and December MGEX spring wheat is 1 1/2 cents lower. Only SRW and HRW traded above Friday's highs overnight but failed to sustain the move. The Dow is 552 points lower, December gold is $40.40/ounce lower, December crude oil is $0.97 lower and the U.S. dollar index is .588 higher. It is a risk-off day across global markets with reports indicating that Europe will announce more restrictions on public life as the number of COVID-19 cases grow.

Posted 9/20 at 19:04 -- After the open on Sunday evening, December corn is down 2 3/4 cents, November soybeans are down 6 cents and December KC wheat is up 1 3/4 cents. Row crop harvest and winter wheat planting made progress over the weekend with warm temperatures and dry weather expected to continue the next five days. Tropical Storm Beta will bring moderate to heavy rains to eastern Texas, Louisiana and Arkansas the next few days. Outside markets are slightly bearish for commodities with the Dow Jones futures down 21 points and the December U.S. dollar index up 0.01. December gold is down $7.30 and October crude oil is down 29 cents.

Livestock

Posted 11:37 -- December live cattle are down $1.33 at $110.525, October feeder cattle are down $0.95 at $141.475, December lean hogs are down $1.10 at $62.425, December corn is down 8 1/2 cents per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is down 750.32 points and NASDAQ is down 120.51 points. Trailing into Monday's afternoon trade, livestock contracts are still feeling pressured, especially in the cattle sector. Some of the downward pressure is coming from lack of trader interest despite some strong incentives popping up Monday as corn prices are lower and current showlists fall in favor of cattle feeders.

Posted 10:34 -- December live cattle are down $1.75 at $110.1, October feeder cattle are down $1.13 at $141.3, December lean hogs are down $0.58 at $62.95, December corn is down 7 1/4 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 907.68 points and NASDAQ is down 216.33 points. The cattle contracts aren't being fueled from last week's excitement as both the live cattle and feeder cattle complex trade lower. The lean hog complex is feeling some downward pressure in the nearby contracts but the deferred contracts are rallying confidently $0.17 to $0.85 higher.

Posted 08:36 -- December live cattle are down $0.45 at $111.4, October feeder cattle are down $0.20 at $142.225, December lean hogs are down $0.40 at $63.125, December corn is down 2 3/4 cents per bushel and December soybean meal is down $0.80. The Dow Jones Industrial Average is down 469.40 points and NASDAQ is down 171.07 points. Rolling into Monday's trade, the cattle complex is hopeful that last week's robust cash cattle trade and announcement of another CFAP program will help fuel the futures market. Feedlots will be establishing their showlists for the week but could be slow at establishing asking prices as last week's trade treated them well and they waited until later in the week to let business transpire.

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