DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 5 1/2 cents per bushel, November soybeans are up 7 1/2 cents, December KC wheat is up 1/2 cent, December Chicago wheat is down 1 1/4 cents and December Minneapolis wheat is up 8 1/4 cents. The Dow Jones Industrial Average is down 67.47 points and December crude oil is down $1.72 per barrel. The U.S. Dollar Index is down 0.490 and December gold is up $12.90 per ounce. As we approach the Wednesday close, corn and soybeans are retaining much of their early gains, while Chicago wheat and soy oil have slipped into negative territory. There is not a whole lot of news, other than weather issues for wheat, and strong demand and tightening balance sheets in corn and soybeans.

Posted 10:32 -- December corn is up 4 3/4 cents per bushel, November soybeans are up 10 cents, December KC wheat is up 5 3/4 cents, December Chicago wheat is up 3 1/2 cents and December Minneapolis wheat is up 8 1/2 cents. The Dow Jones Industrial Average is down 44.81 points and December crude oil is down $1.51 per barrel. The U.S. Dollar Index is down 0.460 and December gold is up $12.20 per ounce. There has been little change since early this morning, with grain, soybeans and meal holding morning gains. Soybean meal, wheat and corn have made new highs for the bull move, while soybeans remain 6 cents lower than the high. Strong new crop demand and speculative interest on the long side have resulted in new highs.

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Posted 09:39 -- December corn is up 4 cents per bushel, November soybeans are up 8 1/4 cents, December KC wheat is up 4 1/4 cents, December Chicago wheat is up 2 cents and December Minneapolis wheat is up 7 3/4 cents. The Dow Jones Industrial Average is up 106.47 points and December crude oil is down $0.77 per barrel. The U.S. Dollar Index is down 0.530 and December gold is up $17.20 per ounce. Ethanol production for the week ending October 16 fell by a larger than expected 25,000 barrels to 913,000 barrels per day. This is down 8.3% from a year ago (996,000). The trade had actually expected a modest increase in production last week. Ethanol inventory fell by 1.4% to 19.7 million barrels compared to 21.4 mb one year ago.

Posted 08:35 -- December corn is up 3 1/2 cents per bushel, November soybeans are up 7 cents, December KC wheat is up 3 1/2 cents, December Chicago wheat is up 2 1/2 cents and December Minneapolis wheat is up 3 1/4 cents. The Dow Jones Industrial Average is down 49.31 points and December crude oil is down $0.84 per barrel. The U.S. Dollar Index is down 0.350 and December gold is up $12.80 per ounce. Strength in grains and the soy complex extends, with open interest in both wheat and corn rising on Tuesday, suggesting new longs entering those markets. No new China sales announced at 8 a.m. has not put a dent into the current bull move. Weather in Brazil and Argentina has turned more bearish for the next few weeks. Funds continue to add to the largest net long since the drought year, likely increasing volatile trade in coming weeks.

Livestock

Posted 11:34 -- December live cattle are down $0.50 at $104.95, January feeder cattle are up $0.58 at $127.275, December lean hogs are down $0.10 at $69.15, December corn is up 5 1/4 cents per bushel and December soybean meal is up $6.10. The Dow Jones Industrial Average is up 4.87 points and NASDAQ is up 16.29 points. The livestock complex is split as feeder cattle regain some stability, but the live cattle and lean hog markets are mostly lower. There's been some chatter in the cash cattle market as bids of $104 resurface in Nebraska and $106 in Kansas, but so far feedlots have yet to accept any of the bids.

Posted 10:30 -- December live cattle are down $0.75 at $104.7, January feeder cattle are down $0.08 at $126.625, December lean hogs are up $1.20 at $70.45, December corn is up 4 1/2 cents per bushel and December soybean meal is up $6.50. The Dow Jones Industrial Average is down 77.26 points and NASDAQ is down 21.43 points. The Fed Cattle Exchange Auction listed a total of 1,096 head, of which 702 actually sold, 394 head were listed as unsold and none were listed as PO (Passed Offer). The state-by-state breakdown looks like this: Kansas 184 total head (1 lot), with all 184 head sold at $106.50; Nebraska 394 total head (2 lots), with none sold; Texas 518 total head (3 lots), with all 518 head sold at $106.25-$106.50. The delivery date/weighted averages breakdown is as listed: one- to none-day delivery: 558 head total, of which all sold, with a weighted average price of $106.50; one- to 17-day delivery 538 head total, of which 144 head sold, with a weighted average price of $106.25.

Posted 08:35 -- December live cattle are up $0.15 at $105.6, January feeder cattle are up $0.18 at $126.875, December lean hogs are up $1.33 at $70.575, December corn is up 4 cents per bushel and December soybean meal is up $7.40. The Dow Jones Industrial Average is down 38.01 points and NASDAQ is up 4.04 points. As Wednesday's trade breaks into the new day, more support seems to be surfacing in all three markets. Following the uncertain trade of Monday and Tuesday, the market will hope that stability is re-found and that the complex trades comfortably in regaining some position.

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