DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 1 cent per bushel, January soybeans are down 2 3/4 cents, March KC wheat is up 8 cents, March Chicago wheat is up 9 1/2 cents and March Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is up 447.18 points and January crude oil is up $1.83 per barrel. The U.S. Dollar Index is down 0.260 and December gold is down $33.20 per ounce. Wheat is leading the way higher, while corn and beans have also recovered sharply from early morning lows. Funds are buying wheat and bean meal, while being net sellers of corn, soybeans and oil early on. An arid forecast is ahead for key producing regions of Mato Grosso and Parana for the next ten days in Brazil, while Argentina and southern Brazil pick up some much needed rains beginning Thursday, extending into the weekend.

Posted 10:34 -- March corn is down 4 1/4 cents per bushel, January soybeans are down 8 1/4 cents, March KC wheat is up 3 1/4 cents, March Chicago wheat is up 3 1/2 cents and March Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is up 417.42 points and January crude oil is up $1.91 per barrel. The U.S. Dollar Index is down 0.250 and December gold is down $34.80 per ounce. Despite soaring financial markets, with crude oil and equities up sharply, corn and the soy complex are undergoing a correction from recent contract highs. Nothing has changed in the concerning South American weather forecast, which promises high heat and more dryness in key production areas. There is not much rain in northern and central Brazil in the near future, with Mato Grosso hitting scorching highs over 100 degrees.

Posted 08:35 -- March corn is down 5 cents per bushel, January soybeans are down 6 1/4 cents, March KC wheat is up 1/2 cent, March Chicago wheat is down 1/2 cent and March Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 294.37 points and January crude oil is up $0.89 per barrel. The U.S. Dollar Index is down 0.010 and December gold is down $35.70 per ounce. The corn, soybeans and bean oil corrections continue early on Tuesday, despite the concerning dry forecast for some key production areas in Brazil. Nothing has really changed in the bullish supply and demand outlook for soybeans and products.

Livestock

Posted 11:31 -- February live cattle are up $1.60 at $114.5, January feeder cattle are up $1.28 at $139.1, February lean hogs are down $0.50 at $66.625, March corn is down 2 1/2 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 482.28 points and NASDAQ is up 121.33 points. The futures market continues to support both the live cattle and feeder cattle contracts while the lean hog market fights some pressure in nearby contracts. The cash cattle market is still quiet, with trade not expected to develop until sometime Wednesday, most likely after the online auction.

Posted 10:32 -- February live cattle are up $1.40 at $114.3, January feeder cattle are up $1.53 at $139.35, February lean hogs are down $0.83 at $66.3, March corn is down 3 3/4 cents per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is up 406.70 points and NASDAQ is up 112.46 points. Pressing into the midmorning hours, cattle contracts are continuing to trade higher and the feeder cattle market is feeling relieved to see corn prices scaling lower, which allows the contracts to trade confidently higher. The lean hog market is fighting some nearby resistance and continues to trade is a sluggish, sideways manner. Cash cattle trade is still uneventful with asking prices in the South ranging from $111 to $112 and the North yet to call their prices.

Posted 08:34 -- February live cattle are up $0.10 at $113., January feeder cattle are up $0.45 at $138.275, February lean hogs are up $0.28 at $67.4, March corn is down 5 1/2 cents per bushel and December soybean meal is up $1.30. The Dow Jones Industrial Average is up 304.69 points and NASDAQ is up 25.66 points. Following Monday's positive movement, the livestock contracts are hopeful to have another supported day. Cash cattle trade is still idle but asking prices of $111 or better are surfacing in parts of the Southern Plains. Cash cattle trade could draw some interest throughout Tuesday, but it wouldn't be unlikely to see the bulk of the week's trade wait until Wednesday.