DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 13 1/4 cents per bushel, November soybeans are up 30 1/2 cents, December KC wheat is up 26 cents, December Chicago wheat is up 23 3/4 cents and December Minneapolis wheat is up 15 1/2 cents. The Dow Jones Industrial Average is up 510.13 points and November crude oil is up $0.56 per barrel. The U.S. Dollar Index is down 0.060 and December gold is down $5.00 per ounce. The USDA September Grain Stocks and Small Grains Summary reports sent bullish shockwaves through the futures markets with smaller than expected ending stocks on corn and soybeans sending corn, wheat and the soy complex soaring and putting a smile on fund managers faces. The stocks fell short of expectations, with corn down 10% and soybeans down 42% from a year ago.

Posted 11:55 -- December corn is up 16 3/4 cents per bushel, November soybeans are up 36 1/4 cents, December KC wheat is up 37 3/4 cents, December Chicago wheat is up 34 cents and December Minneapolis wheat is up 21 cents. The Dow Jones Industrial Average is up 483.97 points and November crude oil is up $0.62 per barrel. The U.S. Dollar Index is up 0.010 and December gold is down $1.10 per ounce. USDA's Sept. 1 stocks report and Small Grain Summary provided a bullish surprise to the market and prices are acting accordingly. Sept. 1 stocks of corn were reported to be 1.995 billion bushels compared to the Dow Jones pre-report survey average of 2.243 bb. That is down 10% from a year ago (2.221 bb). Soybean Sept. 1 stocks were also a bullish surprise at 523 mb compared to expectations for 575 mb and that is down 42% from a year ago. All wheat stocks at 2.159 bb and all wheat production of 1.83 bb were about as the trade had expected, but wheat is rising in sympathy.

Posted 10:34 -- December corn is down 1 cent per bushel, November soybeans are up 9 cents, December KC wheat is up 15 3/4 cents, December Chicago wheat is up 12 cents and December Minneapolis wheat is up 9 1/2 cents. The Dow Jones Industrial Average is up 441.46 points and November crude oil is up $0.34 per barrel. The U.S. Dollar Index is down 0.170 and December gold is up $3.50 per ounce. Wheat is higher on expanding concern over Ukraine and Russian drought. While Western Ukraine is getting some rains, they are certainly not drought busting, but Russia looks to be dry into mid-October. Soybeans, after early morning weakness, have rebounded nearly 15 cents from the lows, as a new sale to unknown of 8 million bushel (mb) was announced early Wednesday, and dryness continues in Brazil.

Posted 09:36 -- December corn is up 1/2 cent per bushel, November soybeans are up 10 1/4 cents, December KC wheat is up 16 cents, December Chicago wheat is up 13 1/4 cents and December Minneapolis wheat is up 11 cents. The Dow Jones Industrial Average is up 364.93 points and November crude oil is up $0.15 per barrel. The U.S. Dollar Index is down 0.030 and December gold is down $12.30 per ounce. Ethanol production for the week ending Sept. 25 was 881,000 barrels per day, down 25,000 barrels from the previous week and 8.1% lower than one year ago (958,000 bpd). Ethanol inventory fell by 1.5% to 19.7 million barrels; that compares to 23.2 mb a year ago.

Posted 08:32 -- December corn is down 2 1/4 cents per bushel, November soybeans are down 4 1/2 cents, December KC wheat is up 5 1/2 cents, December Chicago wheat is up 5 3/4 cents and December Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average is up 74.83 points and November crude oil is up $0.14 per barrel. The U.S. Dollar Index is up 0.170 and December gold is down $7.20 per ounce. A new flash sale was announced by the USDA of 215,000 mt (7.9 million bushels) of soybeans to unknown for 2020-21. The weather ahead is conducive to rapid harvesting, with mostly dry conditions into mid-October.

Livestock

Posted 11:35 -- December live cattle are down $0.10 at $113.025, November feeder cattle are down $2.30 at $141.475, December lean hogs are up $1.43 at $63.4, December corn is up 16 cents per bushel and December soybean meal is up $13.30. The Dow Jones Industrial Average is up 502.96 points and NASDAQ is up 176.29 points. Cattle contracts were trading mildly higher Wednesday morning, but as the noon hour has approached both the live cattle and feeder cattle contracts have taken a turn for lower prices and in an abrupt manner as the feeder cattle market sees as much as a $2.30 loss. Seeing the opportunity, the lean hog market is rallying $0.07 to $1.40 higher and being unable to interest traders early in the week.

Posted 10:39 -- December live cattle are up $0.13 at $113.25, November feeder cattle are down $0.40 at $143.375, December lean hogs are up $1.45 at $63.425, December corn is down 1 3/4 cents per bushel and December soybean meal is up $2.50. The Dow Jones Industrial Average is up 437.81 points and NASDAQ is up 154.03 points. The Fed Cattle Exchange Auction listed a total of 901 head, of which 358 were sold, and 543 head were listed as PO (Passed Offer). The state-by-state breakdown looks like this: Kansas 142 total head (1 lot), with 142 head listed as PO ($104.00); Nebraska 214 total head (1 lot), with 214 head sold at $106.00; Texas 545 total head (3 lots), with 144 head sold at $106.00, and 401 head listed as PO ($104.00). The delivery date/weighted averages breakdown is as listed: one-to-nine day delivery: 543 head total, all passed, and one-to-17 day delivery 358 head all sold at $106.00.

Posted 08:33 -- December live cattle are up $0.05 at $113.175, November feeder cattle are up $0.50 at $144.275, December lean hogs are up $0.50 at $62.475, December corn is down 2 cents per bushel and December soybean meal is down $1.30. The Dow Jones Industrial Average is up 113.10 points and NASDAQ is up 18.05 points. Wednesday's Fed Cattle Exchange could be a strong indicating factor as to how the week's cash cattle trade is going to develop. Over the last couple of weeks feedlots have waited until after the exchange to market cattle and it has paid dividends. Cattle contracts are jumping to Wednesday's arrival and support is picking back up in the lean hog sector following Tuesday's lower trade.

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