DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 3/4 cent per bushel, November soybeans are down 1 3/4 cents, December KC wheat is down 5 3/4 cents, December Chicago wheat is down 8 cents and December Minneapolis wheat is down 6 3/4 cents. The Dow Jones Industrial Average is down 180.62 points and November crude oil is up $0.13 per barrel. The U.S. Dollar Index is up 0.220 and December gold is down $37.40 per ounce. It's the battle of soy products on Wednesday, tugging soybeans back and forth around unchanged. Following palm oil's 7.2% drop this week, funds appear to be unloading soybean oil -- selling an estimated 8,000 contracts so far. Funds are adding to a net meal long, sending December meal to a new recent high. U.S. meal, however, remains priced higher than South American currently.

Posted 10:35 -- December corn is down 1 1/2 cents per bushel, November soybeans are down 2 3/4 cents, December KC wheat is down 3 3/4 cents, December Chicago wheat is down 4 1/4 cents and December Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is down 70.11 points and November crude oil is up $0.31 per barrel. The U.S. Dollar Index is up 0.230 and December gold is down $35.90 per ounce. The soybean market has once again moved into negative territory after being pulled higher by Wednesday morning's new high in soybean meal. Rumors of new meal export business out of the Gulf on Tuesday and a slowdown in Argentine crush is sending some business back to the U.S. Corn and soybeans continue a minor correction from overbought conditions ahead of harvest.

Posted 09:36 -- December corn is down 1 1/2 cents per bushel, November soybeans are up 1 cent, December KC wheat is down 3 cents, December Chicago wheat is down 5 cents and December Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is up 51.29 points and November crude oil is up $0.19 per barrel. The U.S. Dollar Index is up 0.260 and December gold is down $32.90 per ounce. Ethanol production for the week ending Sept. 18, fell to 906,000 barrels per day versus 926,000 bpd last week and 943,000 bpd one year ago. Ethanol inventory rose to 20 million barrels or 1% from 19.8 million barrels the previous week.

Posted 08:33 -- December corn is down 2 cents per bushel, November soybeans are down 1 3/4 cents, December KC wheat is down 3/4 cent, December Chicago wheat is down 3 1/4 cents and December Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is up 132.03 points and November crude oil is up $0.22 per barrel. The U.S. Dollar Index is up 0.160 and December gold is down $20.00 per ounce. China and unknown once again show up on the 8:30 a.m. USDA flash sales report, with sales to China of 132,000 mt (4.85 million bushels) of soybeans for 2020-21, and another 126,000 mt (4.6 mb) of soybeans sold to "unknown." There were no additional corn sales announced. APK-Inform says that just 10% to 15% of the Ukraine wheat areas are suitable for winter grain planting, due to ongoing extreme drought.

Livestock

Posted 10:36 -- December live cattle are up $0.55 at $110.725, October feeder cattle are up $0.03 at $140.65, December lean hogs are down $0.10 at $64., December corn is down 3/4 cent per bushel and December soybean meal is up $5.20. The Dow Jones Industrial Average is down 102.94 points and NASDAQ is down 142.51 points. The cattle complex is seeing a modest surge of support developing in both the live cattle and feeder cattle contracts after enduring two days of steadily lower prices. The lean hog market is trading mixed as traders are broadening their horizons and looking at other contracts worthy of investing in. Cash cattle trade is still quiet, indicating that trade could wait until Thursday or Friday to develop.

Posted 10:36 -- December live cattle are up $0.93 at $111.1, October feeder cattle are up $0.55 at $141.175, December lean hogs are up $0.18 at $64.275, December corn is down 1 1/2 cents per bushel and December soybean meal is up $4.80. The Dow Jones Industrial Average is down 90.66 points and NASDAQ is down 111.72 points. The Fed Cattle Exchange Auction listed a total of 683 head (two lots each in Kansas and Texas), of which 219 actually sold, 195 head were listed as unsold and 269 head were listed as PO (Passed Offer). The state by state breakdown looks like this: Texas 417 total head, with 148 head sold at $104.25, 0 head unsold, 269 head listed as PO ($104.25); Kansas 266 total head, with 71 head sold at $104.00, 195 head unsold, and 0 head listed as PO. The delivery date/weighted averages breakdown is as listed: one- to 9-day delivery: 464 head total, of which none sold; one- to 17-day delivery 219 head total, all sold, with a price range of $104.00 to $104.25.

Posted 08:34 -- December live cattle are up $0.25 at $110.425, October feeder cattle are up $0.18 at $140.8, December lean hogs are steady, December corn is down 2 1/4 cents per bushel and December soybean meal is up $4.40. The Dow Jones Industrial Average is up 135.19 points and NASDAQ is down 6.65 points. Sparking Wednesday's trade seems to be some modest support for all livestock contracts, even in the cattle complex that has been mostly depressed this week. If the support can sustain throughout the morning and into the afternoon, this could help cash cattle sellers as they aim to move cattle for higher prices but were aware that steady may be all the week has to offer.

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