DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 1 cent per bushel, November soybeans are up 4 cents, December KC wheat is down 15 cents, December Chicago wheat is down 10 1/2 cents and December Minneapolis wheat is down 9 1/4 cents. The Dow Jones Industrial Average is down 905.71 points and December crude oil is down $1.48 per barrel. The U.S. Dollar Index is up 0.290 and December gold is down $1.80 per ounce. The soybean complex remains strong and corn is now well off its lows. Funds had earlier sold an estimated 7,000 wheat, 5,000 corn and 4,000 meal, while buying beans and bean oil. Last week's soybean inspections of a huge 97.9 mb, with 58 mb going to China, is an indication of the recent demand push. Corn and soybean inspections are running 75% and 78% above year ago levels. A wetter South American, Russian and Southern Plains forecasts are weighing on the markets, as are macro markets, with the Dow Jones down 900 and crude oil off $1.48.

Posted 10:35 -- December corn is down 2 cents per bushel, November soybeans are down 2 1/4 cents, December KC wheat is down 16 1/4 cents, December Chicago wheat is down 10 1/2 cents and December Minneapolis wheat is down 11 1/2 cents. The Dow Jones Industrial Average is down 711.38 points and December crude oil is down $1.40 per barrel. The U.S. Dollar Index is up 0.340 and December gold is down $0.40 per ounce. Outside markets and wheat are pressuring the most markets, while soybean oil stands alone with gains, following the sharply higher palm oil market. Weather in both South America, the U.S. Southern Plains and Russia have turned more bearish. Managed money funds are extremely long in ag commodities.

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Posted 08:33 -- December corn is down 2 3/4 cents per bushel, November soybeans are down 2 3/4 cents, December KC wheat is down 14 1/2 cents, December Chicago wheat is down 10 cents and December Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average is down 298.27 points and December crude oil is down $0.94 per barrel. The U.S. Dollar Index is up 0.250 and December gold is up $0.60 per ounce. Soy complex demand continues unabated with the USDA announcing two new flash sales early on Monday: exporters sold 135,000 mt of soybean meal to the Philippines and 120.700 mt (4.4 million bushels) of soybeans to unknown destinations. With bulls still in control of the corn and soy markets, it would seem that the Monday weakness is only a correction. However, funds remain long the largest combined net position since the drought year of 2012.

Posted Oct. 25 at 7:15 p.m. -- After the open Sunday evening, December corn is unchanged, November soybeans are down 3/4 cent and December Kansas City wheat is down 2 cents. Sunday evening's weather map shows snow falling in Nebraska and Wisconsin, adding to a broad range of snow cover across the Northern Plains. Sub-freezing conditions are expected to reach as far south as the Texas Panhandle Monday morning, threatening winter wheat crops before warmer weather arrives Wednesday. Dow Jones futures are trading down 98 points after John Hopkins University reported record high U.S. coronavirus infections for Friday. The December U.S. Dollar Index is up 0.04. December gold is down $5.20 and December crude oil is down $0.59.

Livestock

Posted 11:35 -- December live cattle are down $0.65 at $102.925, January feeder cattle are up $0.90 at $126.45, December lean hogs are up $0.05 at $67.075, December corn is down 1 1/2 cents per bushel and December soybean meal is down $1.90. The Dow Jones Industrial Average is down 741.71 points and NASDAQ is down 196.24 points. The live cattle complex is trading mostly higher following last week's depressing trade. The lean hog market has changed from trading solidly lower earlier in the day to rallying modestly. The feeder cattle market is keeping its upward progression, and though most of the live cattle market is doing the same, some nearby contracts are facing pressure.

Posted 10:35 -- December live cattle are down $0.70 at $102.875, January feeder cattle are up $0.43 at $125.975, December lean hogs are down $0.55 at $66.475, December corn is down 2 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 667.72 points and NASDAQ is down 186.86 points. Both the live cattle and feeder cattle contracts are seeing modest support while the lean hog market is feeling slight pressure. Following last week's bearish trade, determining how eager traders are to etch back into the marketplace will be important for the week's support.

Posted 08:35 -- December live cattle are down $0.20 at $103.375, January feeder cattle are down $0.05 at $125.5, December lean hogs are down $0.63 at $66.4, December corn is down 3 1/2 cents per bushel and December soybean meal is down $3.90. The Dow Jones Industrial Average is down 285.11 points and NASDAQ is down 94.63 points. Following last week's bearish dive, the livestock market hopes to regain some position but knows that following such opposition won't be easy. Last week's futures market trailed lower through all three of the livestock markets and upon Friday's unveiling of the latest Cattle on Feed report, this week's cash cattle trade will most likely be lower.

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