DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is steady, November soybeans are down 10 1/2 cents, December KC wheat is up 3/4 cent, December Chicago wheat is up 5 1/4 cents and December Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is up 232.12 points and November crude oil is down $0.18 per barrel. The U.S. Dollar Index is down 0.160 and December gold is down $3.60 per ounce. Soybeans and meal are under pressure as a more favorable weather pattern unfolds in Brazil and funds have chosen to bank some profits. Funds continue to buy corn -- an estimated 8,000 contracts as of noon -- while selling beans, meal and oil. Even so, Friday's CFTC Commitment of Traders report is likely to show a new record long position in the soy complex. Russian wheat areas remain dry and Black Sea cash values at a yearly high.

Posted 10:33 -- December corn is up 1 3/4 cents per bushel, November soybeans are down 6 cents, December KC wheat is up 5 cents, December Chicago wheat is up 8 3/4 cents and December Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average is up 246.32 points and November crude oil is down $0.13 per barrel. The U.S. Dollar Index is down 0.160 and December gold is down $6.20 per ounce. It appears to be a bit of profit-taking going on in both the soybean and meal markets. Beans are fading despite the nearly 34 mb of new sales to China and unknown in the past four days. Chicago wheat is still leading the bull move in wheat, reacting to ongoing Russian dryness.

Posted 08:35 -- December corn is up 3 3/4 cents per bushel, November soybeans are up 6 cents, December KC wheat is up 4 1/4 cents, December Chicago wheat is up 7 3/4 cents and December Minneapolis wheat is up 4 3/4 cents. The Dow Jones Industrial Average is up 92.05 points and November crude oil is down $0.52 per barrel. The U.S. Dollar Index is down 0.230 and December gold is up $3.50 per ounce. The export sales just keep coming: A new sale of 128,000 mt (5 mb) of corn announced sold to Mexico, 175,000 mt (6.4 mb) soybeans sold to unknown destinations and another 216,150 mt (7.9 mb) of soybeans also sold to unknown. This is the fourth day in a row of soybean sales, with a combined total of 33.7 million bushels of soybeans sold.

Livestock

Posted 11:32 -- December live cattle are down $0.53 at $109.025, November feeder cattle are down $0.83 at $135.65, December lean hogs are down $0.15 at $69.725, December corn is up 1 1/4 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is up 236.04 points and NASDAQ is up 32.21 points. Lean hog contracts tried rallying early Friday morning, but upon absorbing the disappointing export report, the market has shifted lower to follow suit with the cattle contracts. It's been a doggish week for the cattle contracts as lower boxed beef prices added pressure to the marketplace and lower cash cattle trade solidified the weaker mentality. Rising corn prices and lack of trader support also added stress to the feeder cattle contracts as they have traded lower throughout the week.

Posted 10:31 -- December live cattle are down $0.40 at $109.15, November feeder cattle are down $0.83 at $135.65, December lean hogs are up $0.10 at $69.975, December corn is up 1 3/4 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is up 212.59 points and NASDAQ is up 2.13 points. As the livestock markets trail through Friday's trade with the same downward progression that's been seen throughout the earlier part of the week, the cash cattle market sits idly. A few more clean-up deals could transpire, but it's looking like this week's trade will be lighter than weeks past. Cattle trade this week has been at mostly $108 in Kansas and Texas and $167 to mostly $169 in Nebraska and Iowa, and private sources have reported $108 in Colorado.

Posted 08:36 -- December live cattle are down $0.23 at $109.325, November feeder cattle are down $0.65 at $135.825, December lean hogs are up $0.58 at $70.45, December corn is up 3 1/2 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is up 178.63 points and NASDAQ is up 50.73 points. This week's export report shared that beef sales of 13,400 mt reported for 2020 were down 35% from the previous week and 31% from the prior four-week average. The three primarily increases were for Japan (3,900 mt, including decreases of 200 mt), Mexico (3,100 mt) and South Korea (2,200 mt, including decreases of 300 mt). Pork net sales of 26,800 mt reported for 2020 were down 56% from the previous week and 43% from the prior four-week average. The three primary increases were for Mexico (11,900 mt, including decreases of 800 mt), China (5,200 mt, including decreases of 1,400 mt), Japan (4,700 mt, including decreases of 300 mt).