DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 12 1/4 cents per bushel, November soybeans are down 21 3/4 cents, December KC wheat is down 7 1/4 cents, December Chicago wheat is down 5 3/4 cents and December Minneapolis wheat is down 9 cents. The Dow Jones Industrial Average is down 814.89 points and December crude oil is down $2.27 per barrel. The U.S. Dollar Index is up 0.510 and December gold is down $31.30 per ounce. It was only a matter of time before we would see a correction and all asset markets took a risk-off posture on Wednesday. Funds, who are ultra-long the ag commodities, are liquidating, selling an estimated 8,000 corn, 9,000 beans and 6,000 to 7,000 contracts each of bean meal and oil as of noon. Rising COVID-19 cases, new restrictions and the failure to get a new stimulus package in place are combining to sell off energies and equities, while the U.S. dollar moves higher.

Posted 10:34 -- December corn is down 11 1/2 cents per bushel, November soybeans are down 17 3/4 cents, December KC wheat is down 4 1/4 cents, December Chicago wheat is down 7 1/4 cents and December Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is down 857.07 points and December crude oil is down $2.38 per barrel. The U.S. Dollar Index is up 0.540 and December gold is down $34.50 per ounce. Severe pressure from financial markets is weighing heavily on ag futures, with the largest fund long in years. Rising coronavirus cases and further lockdowns possible in both the U.S. and Europe is having a bearish impact on equity and energy markets. The U.S. Dollar Index is sharply higher and Wednesday trade is surely risk-off ahead of next week's election.

Posted 09:36 -- December corn is down 9 cents per bushel, November soybeans are down 11 3/4 cents, December KC wheat is down 6 1/2 cents, December Chicago wheat is down 8 1/4 cents and December Minneapolis wheat is down 9 1/4 cents. The Dow Jones Industrial Average is down 744.93 points and December crude oil is down $2.25 per barrel. The U.S. Dollar Index is up 0.610 and December gold is down $37.10 per ounce. Ethanol production rebounded nearly 29,000 barrels last week to 941,000 barrels per day. That is still down 6.1% from a year ago. Ethanol inventory moved little, falling by 1 mb to 19.6 million barrels compared to 21.1 mb a year ago.

Posted 08:33 -- December corn is down 12 1/4 cents per bushel, November soybeans are down 17 cents, December KC wheat is down 15 cents, December Chicago wheat is down 13 3/4 cents and December Minneapolis wheat is down 10 cents. The Dow Jones Industrial Average is down 548.77 points and December crude oil is down $2.15 per barrel. The U.S. Dollar Index is up 0.570 and December gold is down $33.10 per ounce. The USDA reported three new export sales early on Wednesday: A sale of 207,000 mt (8.1 million bushels) of corn sold to South Korea, a sale of 110,000 mt (4 mb) of soybeans to Egypt and a sale of 120,000 mt (4.4 mb) of soybeans sold to unknown destinations. Ag markets continue to correct, as weak outside markets and a favorably wetter forecast for South America, the Southern Plains and Black Sea weigh on values.

Livestock

Posted 11:30 -- December live cattle are up $0.50 at $104.55, January feeder cattle are up $1.18 at $129.6, December lean hogs are down $1.30 at $66.35, December corn is down 11 1/4 cents per bushel and December soybean meal is down $6.00. The Dow Jones Industrial Average is down 678.49 points and NASDAQ is down 316.80 points. The cattle contracts are soaking up this week's support, rallying modestly in the live cattle market and upwards of $1.00 higher in the feeder cattle market. Meanwhile, in the lean hog market, the contracts keep stair-stepping lower as pressure around resistance levels encourages the market to trade lower.

Posted 10:34 -- December live cattle are up $0.23 at $104.275, January feeder cattle are up $0.95 at $129.375, December lean hogs are down $1.33 at $66.325, December corn is down 11 1/2 cents per bushel and December soybean meal is down $5.50. The Dow Jones Industrial Average is down 848.62 points and NASDAQ is down 350.67 points. Cattle contracts keep scaling higher into Wednesday's midmorning trade, but the lean hog complex is dipping lower as pressure continues to loom around resistance. Wednesday's Fed Cattle Exchange had technical issues and consequently will not host a sale Wednesday.

Posted 08:34 -- December live cattle are down $0.53 at $103.525, January feeder cattle are up $0.13 at $128.55, December lean hogs are down $0.78 at $66.875, December corn is down 9 cents per bushel and December soybean meal is down $8.90.The Dow Jones Industrial Average is down 563.23 points and NASDAQ is down 196.92 points. Upon having two successful days of higher closes, the cattle market is hopeful that Wednesday's trade will support a stronger market again and consequently give feeders the chance to sell cash cattle steady this week. Cash cattle trade is anticipated to develop shortly after Wednesday's Fed Cattle Exchange.

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