DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:50 -- December corn is up 1 1/4 cents per bushel, January soybeans are up 6 3/4 cents, March KC wheat is up 3 3/4 cents, December Chicago wheat is up 5 cents and March Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is down 129.57 points and January crude oil is up $0.40 per barrel. The U.S. Dollar Index is up 0.110 and December gold is up $11.10 per ounce. As bullish demand and weather are supportive for soybeans and corn, the expansion of COVID-19 cases and the resulting new restrictions have traders fearing a bearish demand impact. There is some profit-taking in bean oil and beans following new contract highs, and no new China purchases in the past 10 days. However, nothing has changed in the need to ration U.S. bean demand and next week's South American weather has temperatures in the 90s to 100 in parts of Brazil.

Posted 10:34 -- December corn is up 1 1/4 cents per bushel, January soybeans are up 2 cents, March KC wheat is up 4 cents, December Chicago wheat is up 4 1/2 cents and March Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 105.90 points and January crude oil is down $0.01 per barrel. The U.S. Dollar Index is up 0.050 and December gold is up $10.90 per ounce. After soybeans and oil set another new contract high overnight, each of the markets have now set back, with meal and oil now in negative territory. Even though longer-term weather suggests more of the warmth and dryness that has sapped soil moisture in parts of Brazil and much of Argentina, there is some rain around, and that is likely leading to some profit-taking ahead of the holiday week.

Posted 08:34 -- December corn is up 3 1/2 cents per bushel, January soybeans are up 15 1/2 cents, March KC wheat is up 1 3/4 cents, December Chicago wheat is up 2 1/4 cents and March Minneapolis wheat is up 2 cents. The Dow Jones Industrial Average is down 82.93 points and January crude oil is down $0.09 per barrel. The U.S. Dollar Index is unchanged and December gold is up $15.20 per ounce. Two new corn sales were announced by USDA early on Friday: A sale of 158,207 mt (6.2 mb) sold to Mexico for 2020-21, and 131,000 mt (5.2 mb) sold to unknown destinations for 2020-21. The U.S. Dollar Index is trading down near its 2-year lows, boosting U.S. export prospects. Concern over a mostly dry outlook for key areas of Brazil after what has been described as one of the driest fall periods in decades, along with stout export demand, is sending the soy complex to new highs.

Livestock

OMAHA (DTN) -- February live cattle are up $0.13 at $110.65, January feeder cattle are down $0.95 at $134.6, December lean hogs are up $0.43 at $64.125, December corn is up 3/4 cent per bushel and December soybean meal is up $1.00. The Dow Jones Industrial Average is down 250.68 points and NASDAQ is down 25.47 points. From Friday-to-Friday livestock futures scored the following changes: Dec Live cattle off $1.82, Feb Live cattle off $1.57; Jan Feeder cattle off $2.88, Mar Feeder cattle off $2.78; Dec Lean hogs off $0.78, Feb Lean hogs up $0.45. The just released Nov. 1 USDA Cattle on Feed report listed 12.0 million head, up 1% from November 2019. Placements in October totaled 2.19 million head, 11% less than last year; marketings in October totaled 1.87 million head, slightly below the prior year; other disappearance in October totaled 63,000 head, 7% above the same time last year.

Posted 12:01 -- February live cattle are down $0.15 at $110.375, January feeder cattle are down $0.75 at $134.8, December lean hogs are up $0.68 at $64.375, December corn is up 3/4 cent per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 172.28 points and NASDAQ is up 11.41 points. Cattle futures are mixed in a moderate trading range heading into closing bell as traders look forward to the afternoon Cattle on Feed report. Cash cattle trade is undeveloped with uncertainty at this point if any additional trade will develop following the report release, or if packers will hold out until next week. Hog futures continue to hold gains, although trade volume has slowed.

Posted 11:26 -- February live cattle are down $0.33 at $110.2, January feeder cattle are down $1.08 at $134.475, December lean hogs are up $0.75 at $64.45, December corn is up 1 cent per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 145.47 points and NASDAQ is up 9.88 points. Lean hog futures have active buyer support with triple-digit gains quickly offsetting losses from Thursday. Cattle futures have remained under light pressure although volume continued to be sluggish.

Posted 08:37 -- February live cattle are up $0.08 at $110.6, January feeder cattle are down $0.33 at $135.225, December lean hogs are up $0.43 at $64.125, December corn is up 4 cents per bushel and December soybean meal is up $5.40. The Dow Jones Industrial Average is down 53.65 points and NASDAQ is down 16.89 points. Narrow trading ranges are seen in all livestock markets with a combination of short-covering and follow-through selling keeping prices mixed. Limited trader interest is seen in opening minutes of trade, allowing for potential stability at the end of the week.