DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 11 1/2 cents per bushel, March soybeans are down 32 1/4 cents, March KC wheat is down 9 1/2 cents, March Chicago wheat is down 14 1/2 cents and March Minneapolis wheat is down 9 3/4 cents. The Dow Jones Industrial Average is up 100.71 points and March crude oil is up $0.67 per barrel. The U.S. Dollar Index is up 0.070 and February gold is up $19.00 per ounce. The grain and soy complex correction continues, with most thinking this is simply a pause in the overall bull market. Dow Jones reported that consultancy Datagro bucked the trend of analysts lately with a modest increase in Brazil's soybean crop to an all-time record 135.6 mmt. This compares to USDA at 133 mmt and some private analysts as low as 128 mmt.

Livestock

Posted 08:38 -- April live cattle are down $0.23 at $119.125, March feeder cattle are up $0.80 at $137.6, February lean hogs are up $0.18 at $66.65, March corn is down 11 1/4 cents per bushel and March soybean meal is down $11.50. The Dow Jones Industrial Average is up 83.98 points and NASDAQ is up 135.00 points. Following Tuesday's trade, the feeder cattle contracts are hopeful that they will be met with the opportunity to trade higher again throughout Wednesday's trade amid weakening corn prices. The lean hog market hopes to find greater support than what disappointingly didn't develop Tuesday. The live cattle market will be pressured from the cash market, but if nearby contracts can keep their upward progression and trade confidently alongside the higher boxed beef prices then live cattle futures may stand to see better prices as well.

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