DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is up 8 1/2 cents per bushel, March soybeans are down 6 1/2 cents, March KC wheat is up 4 cents, March Chicago wheat is down 3 1/2 cents and March Minneapolis wheat is up 6 1/2 cents. The Dow Jones Industrial Average is up 53.94 points and February crude oil is down $0.31 per barrel. The U.S. Dollar Index is up 0.180 and February gold is up $10.70 per ounce. We're seeing a bit of a pause in the bullish reaction to Tuesday's WASDE with wheat and the soy complex under pressure from profit-taking. Funds are estimated to have sold 11,000 bean contracts and a combined 8,000 of products, along with nearly 10,000 corn. Corn still remains nearly 9 higher on a drier forecast for Argentina and southern Brazil. Many traders feel ending stocks for both corn and beans will be lower than the report indicated.

Posted 10:34 -- March corn is up 8 1/2 cents per bushel, March soybeans are down 8 3/4 cents, March KC wheat is down 1/4 cent, March Chicago wheat is down 6 cents and March Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 5.64 points and February crude oil is down $0.01 per barrel. The U.S. Dollar Index is up 0.260 and February gold is up $14.40 per ounce. While corn is maintaining higher trade for the day, it has slipped 15 cents from overnight highs. Soybeans and products have fallen, with March beans now 14 cents below the high, despite another flash sale of 17 mb to unknown destination. Wheat is mixed but also leaking from the highs, with Chicago March off 21 cents from the high.

Posted 08:34 -- March corn is up 16 cents per bushel, March soybeans are up 3/4 cent, March KC wheat is up 4 3/4 cents, March Chicago wheat is up 2 1/4 cents and March Minneapolis wheat is up 5 cents. The Dow Jones Industrial Average is down 5.67 points and February crude oil is down $0.35 per barrel. The U.S. Dollar Index is up 0.270 and February gold is up $9.60 per ounce. Demand for U.S. soybeans remains hot, with another new sale of 464,300 mt (17 mb) announced sold to unknown destinations, with 396,300 mt (14.6 mb) of that for 2020-21 and the balance for 2021-22. That's about 38 mb sold to either China or unknown in the past five days.

Livestock

Posted 11:36 -- February live cattle are down $0.48 at $112., March feeder cattle are down $0.15 at $133.825, February lean hogs are down $1.45 at $67.05, March corn is up 6 3/4 cents per bushel and March soybean meal is down $8.00. The Dow Jones Industrial Average is down 29.79 points and NASDAQ is up 50.42 points. The livestock contracts continue to trade mixed heading into Wednesday's afternoon trade, though the feeder cattle contracts have finally caught a break and are finally seeing some support develop after trading sharply lower throughout this week and the later part of last week. There's some interest developing in the cash cattle market, though bids are $2.00 to $3.00 lower than last week's trade.

Posted 10:33 -- February live cattle are down $0.38 at $112.1, March feeder cattle are up $0.03 at $134., February lean hogs are down $1.30 at $67.2, March corn is up 7 3/4 cents per bushel and March soybean meal is down $7.30. The Dow Jones Industrial Average is down 14.58 points and NASDAQ is up 71.89 points. The Fed Cattle Exchange Auction listed a total of 1,532 head, of which 580 actually sold, 952 head were listed as unsold, as they did not meet the reserve prices that ranged from $109 to $111. Opening prices started at $109, high bids ranged from $109.50 to $111. The state-by-state breakdown looks like this: Kansas 120 total head, all of which went unsold; Nebraska 110 total head, all went unsold; Texas 1,302 total head, with 722 head sold at $110.50 to $111, 580 head went unsold.

Posted 08:34 -- February live cattle are down $0.25 at $112.225, March feeder cattle are down $0.53 at $133.45, February lean hogs are down $0.83 at $67.675, March corn is up 12 3/4 cents per bushel and March soybean meal is down $4.10. The Dow Jones Industrial Average is up 5.39 points and NASDAQ is up 32.33 points. As some of the nearby corn contracts are able to trade with expanded limits, the feeder cattle contracts are expected to trade lower once again. Meanwhile, the live cattle contracts are eager to jump into Wednesday's trade and are met with hardly any resistance -- the futures market support may be able to help this week's cash cattle trade. Cash cattle trade is expected to develop throughout the day and for steady prices at best.