DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 2 1/2 cents per bushel, November soybeans are up 3 3/4 cents, December KC wheat is down 7 cents, December Chicago wheat is down 6 1/4 cents and December Minneapolis wheat is down 6 1/4 cents. The Dow Jones Industrial Average is up 114.11 points and December crude oil is up $0.63 per barrel. The U.S. Dollar Index is up 0.290 and December gold is down $23.90 per ounce. Although well off the new morning highs, corn, soybeans and meal remain higher as we approach the close. Demand for U.S. soybeans and meal remains very stout, increasing the likelihood that U.S. soybeans will be ratcheted higher and ending stocks lower. While Brazil exporters are out of the market, Argentine farmers are holding tight to stocks as a hedge against inflation. Funds are reported to have bought 8,000 bean meal and 4,000 bean oil contracts on Thursday.

Posted 10:33 -- December corn is up 4 cents per bushel, November soybeans are up 10 cents, December KC wheat is down 1 1/2 cents, December Chicago wheat is down 1 1/4 cents and December Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 19.27 points and December crude oil is up $0.94 per barrel. The U.S. Dollar Index is up 0.250 and December gold is down $27.00 per ounce. The raging bull market continues with soybeans, corn and soybean meal all making new highs Thursday. The driving force behind the more than two-month old rally is massive export demand and fund buying. Driving the soymeal market further on Thursday was an explosion at an Argentine export port facility, delaying shipments from that port. Corn and soybean export sales remain sharply higher than a year ago, fueled by China's non-stop appetite.

Posted 08:32 -- December corn is up 1 1/4 cents per bushel, November soybeans are up 2 1/2 cents, December KC wheat is down 1 1/4 cents, December Chicago wheat is down 4 1/4 cents and December Minneapolis wheat is up 2 1/4 cents. The Dow Jones Industrial Average is down 1.11 points and December crude oil is up $0.30 per barrel. The U.S. Dollar Index is up 0.210 and December gold is down $20.90 per ounce. U.S. soybean demand continues its torrid pace, with two new soy sales announced on Thursday: 152,404 mt (5.6 million bushels) of soybeans sold to Mexico and 132,000 mt (4.85 mb) of soybeans sold to unknown destinations. Also, a sale of 130,000 mt (4.8 mb) of white wheat was announced sold to South Korea. Total soybean and corn export sales to date are up 148% and 161%, respectively, versus a year ago.

Livestock

Posted 11:31 -- December live cattle are down $1.15 at $103.425, January feeder cattle are down $1.18 at $125.9, December lean hogs are down $2.38 at $66.825, December corn is up 2 cents per bushel and December soybean meal is up $6.90. The Dow Jones Industrial Average is down 14.41 points and NASDAQ is down 52.99 points. Thursday hasn't granted the livestock complex any favors as trade continues to be lower heading into the afternoon. A bearish mindset as taken over as traders are leery of supporting the livestock market.

Posted 10:34 -- December live cattle are down $0.95 at $103.625, January feeder cattle are down $1.18 at $125.9, December lean hogs are down $1.80 at $67.4, December corn is up 4 1/4 cents per bushel and December soybean meal is up $9.90. The Dow Jones Industrial Average is up 9.06 points and NASDAQ is down 29.68 points. As the livestock complex bleeds lower again Thursday morning, the cash cattle market sits idly with no bids on the table and packers being extremely quiet thus far in the day. Thursday's export report was favorable to the beef industry, but the pork industry hoped for stronger demand.

Posted 08:33 -- December live cattle are down $0.38 at $104.2, January feeder cattle are down $0.68 at $126.4, December lean hogs are up $0.43 at $69.625, December corn is up 1/4 cent per bushel and December soybean meal is up $1.20. The Dow Jones Industrial Average is up 43.29 points and NASDAQ is up 52.70 points. Beef net sales of 21,700 mt reported for 2020 were up 62% from the previous week and 13% from the prior four-week average. The three biggest buyers were South Korea (5,400 mt, including decreases of 400 mt), China (3,700 mt) and Japan (3,600 mt, including decreases of 600 mt). Pork net sales of 26,800 mt reported for 2020 were unchanged from the previous week, but down 35% from the prior four-week average. The three biggest buyers were Mexico (13,800 mt, including decreases of 800 mt), Japan (4,900 mt, including decreases of 200 mt) and China (1,800 mt, including decreases of 1,500 mt).