DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 6 1/2 cents per bushel, March soybeans are down 28 1/2 cents, March KC wheat is steady, March Chicago wheat is down 1 3/4 cents and March Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 173.60 points and February crude oil is up $0.58 per barrel. The U.S. Dollar Index is down 0.240 and February gold is up $9.50 per ounce. The sharp correction is extending at midday, with corn now down a dime and soybeans down 35 cents from the overnight highs. The more favorable weekend weather has encouraged funds to liquidate some of their longs. As of noon, funds are estimated to have sold 11,000 contracts of soybeans and 13,000 corn, along with 5,000 bean meal and 3,000 bean oil. Argentina faces a drier forecast in the 7- to 10-day period.

Posted 10:30 -- March corn is down 4 3/4 cents per bushel, March soybeans are down 26 1/4 cents, March KC wheat is up 3 1/4 cents, March Chicago wheat is up 2 cents and March Minneapolis wheat is up 1 1/4 cents. The Dow Jones Industrial Average is up 99.21 points and February crude oil is up $0.69 per barrel. The U.S. Dollar Index is down 0.230 and February gold is up $11.00 per ounce. Corn and the soy complex are correcting on the heels of the more beneficial weather last week for both, Brazil and Argentina. Brazil conditions are much improved, while the Argentine forecast turns drier again this week. Wheat is still higher on surging Black Sea and EU values but has fallen sharply from overnight highs.

Posted 08:33 -- March corn is down 1 1/4 cents per bushel, March soybeans are down 18 1/4 cents, March KC wheat is up 9 1/2 cents, March Chicago wheat is up 7 1/2 cents and March Minneapolis wheat is up 7 cents. The Dow Jones Industrial Average is up 244.94 points and February crude oil is up $0.42 per barrel. The U.S. Dollar Index is down 0.330 and February gold is up $10.30 per ounce. USDA's Foreign Agricultural Service (FAS) announced three new export sales: 132,000 mt (4.85 mb) of soybeans sold for new crop 2021-22 to China, 128,000 mt (5 mb) of corn to Japan for 2020-21, and 100,000 mt (3.9 mb) of corn sold to Israel for 2020-21.

Posted Monday, Jan. 18, at 7:08 p.m. CST -- After the Monday evening open, March corn is up 1 cent, March soybeans are up 2 1/2 cents and March KC wheat is up 11 1/4 cents. Brazil received moderate to heavy rain amounts over the weekend and forecasts expect lighter amounts this week. Argentina also received beneficial amounts over the weekend but is expected to be mostly dry this week. May corn on China's Dalian exchange was up 1.1% Monday and March milling wheat in France was up 1.8%. Outside markets are mostly supportive for grains with Dow Jones futures trading up 119 points. February gold is up $9.20 and March crude oil is down 2 cents a barrel.

Livestock

Posted 11:35 -- April live cattle are up $1.13 at $119.325, March feeder cattle are up $1.80 at $137.625, February lean hogs are down $0.98 at $66.95, March corn is down 8 cents per bushel and March soybean meal is down $11.80. The Dow Jones Industrial Average is up 120.71 points and NASDAQ is up 135.67 points. The support that upheld both the live cattle and feeder cattle contracts is weakening in the live cattle contracts as some deferred contracts are battling modest resistance. Meanwhile, if corn prices are going to continue to trade lower, the feeder cattle contracts see this as an opportunistic time to trade fully higher -- no questions asked.

Posted 10:33 -- April live cattle are up $1.30 at $119.5, March feeder cattle are up $2.10 at $137.925, February lean hogs are down $0.80 at $67.125, March corn is down 4 1/2 cents per bushel and March soybean meal is down $10.00. The Dow Jones Industrial Average is up 75.18 points and NASDAQ is up 83.88 points. The corn market's lower trade throughout Tuesday morning has helped spark some interest and momentum in both the live cattle and feeder cattle contracts. The lean hog contracts are left to trade on the back burner -- fully lower with modest regressions. The cash cattle market is still quiet but asking prices could develop in the South before Wednesday.

Posted 08:34 -- April live cattle are up $0.03 at $118.225, March feeder cattle are down $0.13 at $135.7, February lean hogs are down $0.10 at $67.825, March corn is down 1 1/4 cents per bushel and March soybean meal is down $5.90. The Dow Jones Industrial Average is up 249.07 points and NASDAQ is up 132.74 points. After enjoying the long weekend and remembering that the livestock contracts were able to close mostly higher Friday afternoon, the contracts are hopeful to trade higher come Tuesday morning. Tuesday morning the corn market veers gingerly lower, which could help regain some confidence in the feeder cattle contracts. It's too early in the week for cash cattle trade to develop but asking prices could surface before the day's close.