DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 3 1/2 cents per bushel, January soybeans are down 4 1/2 cents, March KC wheat is down 6 1/4 cents, March Chicago wheat is down 6 1/2 cents and March Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is up 290.85 points and January crude oil is down $0.81 per barrel. The U.S. Dollar Index is down 0.560 and February gold is up $38.70 per ounce. Grain and soy markets are extending losses ahead of the close with bearish wheat news from Russia and Australia and a promising wetter forecast for central Brazil leading to additional fund liquidation. Egypt again bought wheat from Russia and Ukraine, picking up 170,000 mt (6.2 mb).

Posted 10:32 -- March corn is up 1 1/4 cents per bushel, January soybeans are up 4 3/4 cents, March KC wheat is up 2 cents, March Chicago wheat is up 1/4 cent and March Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 341.18 points and January crude oil is down $0.67 per barrel. The U.S. Dollar Index is down 0.550 and February gold is up $30.50 per ounce. In volatile and two-sided trade, corn and soybeans are just modestly higher, while all three wheat markets are close to unchanged in a wide range. Better rain chances for central and northern Brazil are forecast next week, but heat and dryness will continue for the next four to five days. Monday's sharp decline would suggest that we may see more of a correction, but fundamentals remain bullish for corn and soy.

Posted 08:33 -- March corn is steady, January soybeans are down 3 cents, March KC wheat is up 1 1/4 cents, March Chicago wheat is up 1/2 cent and March Minneapolis wheat is up 2 cents. The Dow Jones Industrial Average is up 318.18 points and January crude oil is down $0.35 per barrel. The U.S. Dollar Index is down 0.160 and February gold is up $31.80 per ounce. The correction continues early on Tuesday, with corn, beans and wheat all leaking slightly lower early. Bearish chart formations on corn, soybeans and KC wheat suggests further weakness, although little has changed in the demand-led bull markets.

Livestock

Posted 11:32 -- February live cattle are up $0.43 at $113.3, January feeder cattle are up $0.80 at $141.85, February lean hogs are down $0.13 at $68.45, March corn is down 2 cents per bushel and January soybean meal is up $0.60. The Dow Jones Industrial Average is up 261.04 points and NASDAQ is up 173.74 points. As Tuesday nears the noon hour, the cattle contracts are trading higher while the support that was helping move the lean hog market higher earlier in the day has quickly dwindled. The cash cattle market is still quiet with bids and asking prices yet to surface.

Posted 10:35 -- February live cattle are up $0.85 at $113.725, January feeder cattle are up $1.88 at $142.925, February lean hogs are up $0.73 at $69.3, March corn is up 1 cent per bushel and January soybean meal is up $2.90. The Dow Jones Industrial Average is up 355.21 points and NASDAQ is up 137.90 points. The live cattle market is keeping with its plan and trading higher alongside the lean hog and feeder cattle contracts. Tuesday has thus far traded as a fully higher day, allowing the livestock market to take advantage of the market's support and hopefully keep trading higher into the later part of the week, and encourage higher cash cattle trade.

Posted 08:33 -- February live cattle are up $0.20 at $113.075, January feeder cattle are up $0.18 at $141.225, February lean hogs are up $0.50 at $69.075, March corn is up 1/4 cent per bushel and January soybean meal is down $0.60. The Dow Jones Industrial Average is up 312.77 points and NASDAQ is up 111.89 points. The live cattle contracts are looking to keep up with the feeder cattle and lean hog contracts after trading lower throughout most of Monday. It's still unlikely that cash cattle trade will develop as early as Tuesday but asking prices could begin to surface.