DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near the close ahead of Thanksgiving, March corn is down 5 cents per bushel, January soybeans are down 5 1/2 cents, March KC wheat is down 16 cents, March Chicago wheat is down 15 1/4 cents and March Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is down 169 points and January crude oil is up $1.14 per barrel. The U.S. Dollar Index is down .240 and December gold is up $0.90 per ounce. DTN is taking a neutral view of weather as an influence on grain prices on Wednesday, with variable precipitation coverage forecast for Brazil over the next seven days that will be closely watched. Russian analyst SovEcon has increased their forecast for Russia's 2020-21 wheat exports by 1 mmt to a near-record level, while noncommercial traders have also taken advantage of Tuesday's wheat rally to take profits with light volume trade magnifying the move.

Posted 10:36 -- In midmorning trade, March corn is down 3 1/2 cents per bushel, January soybeans are down 5 cents, March KC wheat is down 15 cents, March Chicago wheat is down 16 cents and March Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is down 130 points and January crude oil is up $0.50 per barrel. The U.S. Dollar Index is down .180 and December gold is up $4.30 per ounce. Weekly EIA data can be viewed as mixed for corn prices, with weekly ethanol production rising by 28,000 barrels per day to the highest level seen since late March, while inventories rose by 3.3% to 20.87 million barrels, a 12-week high and above expectations. Media headlines are indicating that Chinese buyers may be looking to cancel soybean purchases due to compressed margins, although losses seen in soybeans and meal are modest, while soybean oil futures trade higher.

Posted 08:37 -- March corn is down 2 cents per bushel, January soybeans are down 2 1/4 cents, March KC wheat is down 3 1/2 cents, March Chicago wheat is down 3 cents and March Minneapolis wheat is down 1/4 cent. The Dow Jones Industrial Average is down 80.37 points and January crude oil is up $0.66 per barrel. The U.S. Dollar Index is down 0.070 and December gold is up $7.00 per ounce. Grain and soybean markets are now lower in quiet, pre-holiday trade so far, while soy products are higher to begin Wednesday. The focus is squarely upon South American weather, and while previously dry Argentina and southern Brazil are in line for some good relief, central Brazil remains parched.

Livestock

Posted 11:34 -- February live cattle is steady, January feeder cattle are up $1.25 at $139.85, February lean hogs are up $0.58 at $67.325, March corn is down 3 3/4 cents per bushel and January soybean meal is down $1.90. The Dow Jones Industrial Average is down 189.55 points and NASDAQ is up 28.28 points. Traders continue to invest in all three livestock markets, sending the markets higher into Wednesday's afternoon. Cash cattle trade is starting to develop at steady to $1.00 higher than last week, but at minimal levels and certainly not enough cattle have sold to say that the week's trend is established.

Posted 10:32 -- February live cattle is steady, January feeder cattle are up $1.28 at $139.875, February lean hogs are up $0.68 at $67.425, March corn is down 3 1/4 cents per bushel and January soybean meal is down $1.90. The Dow Jones Industrial Average is down 141.51 points and NASDAQ is up 16.94 points. The giving spirit has led traders to invest in all three livestock markets Wednesday morning, pushing contracts higher into the noon hour. Feedlots are sticking to their guns this week and holding out, even though packers are baiting the market with lighter bids. Thus far, no one has yet to pull the trigger and sell cattle.

Posted 08:36 -- February live cattle are down $0.05 at $113.9, January feeder cattle are up $0.30 at $138.9, February lean hogs are up $0.05 at $66.8, March corn is down 1 1/2 cents per bushel and January soybean meal is up $1.90. The Dow Jones Industrial Average is down 90.97 points and NASDAQ is up 13.39 points. Cash cattle trade is seeing some minor interest from packers Wednesday morning as bids of $108 have been offered in Texas. Seeing that feedlots are firm in their asking prices of $112 or better, it wouldn't be surprising if those bids were left on the table, forcing packers to up their ante. Cash cattle trade could start to see some development throughout Wednesday, but this week's trade could wait until Friday.