DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 2 cents per bushel, March soybeans are down 14 cents, March KC wheat is up 3 1/2 cents, March Chicago wheat is up 1 1/2 cents and March Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 70.65 points and February crude oil is down $1.30 per barrel. The U.S. Dollar Index is up 0.500 and February gold is down $23.10 per ounce. Soy complex futures, and to a lesser extent corn futures, are going through another minor correction ahead of the 3-day weekend. Soybeans are being pressured by the larger correction in minor veg oils, especially palm oil, which has fallen 12% from the high. Funds are estimated to have sold 8,000 bean oil contracts and 7,000 beans as of noon. NOPA crush for December was record large at 183.2 million bushels, but 2 mb lower than the estimate.

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Posted 10:41 -- March corn is down 1 3/4 cents per bushel, March soybeans are down 7 3/4 cents, March KC wheat is up 3 1/2 cents, March Chicago wheat is down 2 cents and March Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is down 135.15 points and February crude oil is down $1.20 per barrel. The U.S. Dollar Index is up 0.400 and February gold is down $23.40 per ounce. The corn and soy correction continues, but March corn and beans have moved 6 cents and 10 cents, respectively, above the daily lows now. Expect volatility to remain very high in these markets for the next several weeks.

Posted 08:34 -- March corn is down 3 1/2 cents per bushel, March soybeans are down 12 1/4 cents, March KC wheat is up 15 cents, March Chicago wheat is up 11 1/4 cents and March Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is down 193.37 points and February crude oil is down $0.83 per barrel. The U.S. Dollar Index is up 0.330 and February gold is down $9.30 per ounce. The USDA's Foreign Agricultural Service (FAS) reported two new export sales early Friday -- a sale of 110,000 mt (4.3 mb) of corn sold to Mexico for 2020-21 and a new crop sale of 318,000 mt (11.7 mb) of soybeans to "unknown" for the 2021-22 crop year. Corn and soybeans continue to correct, with soybeans pressured by the reversal in palm and bean oil.

Livestock

Posted 11:33 -- April live cattle are up $1.38 at $118.6, March feeder cattle are up $2.68 at $136.05, February lean hogs are up $1.28 at $67.575, March corn is down 2 1/4 cents per bushel and March soybean meal is down $0.40. The Dow Jones Industrial Average is down 125.46 points and NASDAQ is down 79.60 points. Nothing feels better than a little redemption before the week's close. Luckily, traders have opted to ease back into the livestock contracts with the most willingness on investing in the feeder cattle contracts upon slightly weaker nearby corn prices. There's still a lot of time to pass before the day closes, but if the market can hold is support and head into next week with some modest gains from Friday, hopefully the week will be given an opportunity to trade mildly higher amid bearish pressures.

Posted 10:32 -- April live cattle are up $1.48 at $118.7, March feeder cattle are up $2.75 at $136.125, February lean hogs are up $1.25 at $67.55, March corn is down 1 1/2 cents per bushel and March soybean meal is down $0.20. The Dow Jones Industrial Average is down 173.84 points and NASDAQ is down 85.55 points. Traders have had a new approach to Friday's trade and are mostly supporting livestock contracts. The live cattle and feeder cattle markets are met with the most support, which is most obviously stemming from the slight regression in the nearby corn contracts.

Posted 08:34 -- April live cattle are up $0.03 at $117.25, March feeder cattle are up $0.08 at $133.45, February lean hogs are up $0.05 at $66.35, March corn is down 3 1/2 cents per bushel and March soybean meal is down $2.60. The Dow Jones Industrial Average is down 178.67 points and NASDAQ is up 5.58 points. Following Thursday's mixed, sluggish trade the livestock contracts are hopeful to regain some positioning but know that the market's pressures haven't eased. It's likely that there won't be much cash cattle trade develop, as it's looking like the bulk of this week's business is already done, and feedlots are just trying to clean-up a few pens here and there.

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