DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is up 6 1/2 cents per bushel, March soybeans are up 4 1/4 cents, May KC wheat is up 11 cents, May Chicago wheat is up 12 3/4 cents and May Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is up 136.88 points and April crude oil is up $2.02 per barrel. The U.S. Dollar Index is down 0.370 and April gold is up $31.00 per ounce. Wheat continues to be the upside ag leader on Monday with corn futures firm. The soy complex is mixed with soy meal still under pressure. The Brazilian soybean harvest is now 15% done, according to Ag Rural, but that is half of last year's progress and the slowest in over ten years. November soybeans just now scored a new contract high and look poised to close over $12 for the first time in years during February.

Posted 10:33 -- March corn is up 4 cents per bushel, March soybeans are down 3/4 cent, May KC wheat is up 7 1/2 cents, May Chicago wheat is up 7 cents and May Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is up 4.23 points and April crude oil is up $1.77 per barrel. The U.S. Dollar Index is down 0.250 and April gold is up $32.90 per ounce. Soybeans and meal continue to struggle a bit, while wheat and corn are both modestly higher early on Monday. Aside from the much talked about dryness in southern Brazil and Argentina, there is little news to drive the markets on Monday. Corn and soy inspections, which are up 80% and 77% versus a year ago, still suggest that demand may be underestimated by the USDA.

Posted 08:35 -- March corn is up 4 1/4 cents per bushel, March soybeans are up 5 cents, May KC wheat is up 7 3/4 cents, May Chicago wheat is up 6 3/4 cents and May Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average is down 176.01 points and April crude oil is up $1.14 per barrel. The U.S. Dollar Index is down 0.140 and April gold is up $18.20 per ounce. Grain and soybean markets remain firm, as weather in both southern Brazil and Argentina remains worrisome, with hot and dry conditions expected to continue. The soy complex has recovered a bit from overnight weakness.

Posted Sunday, Feb. 21 at 07:05 p.m. -- After the Sunday evening open, March corn is up 3 3/4 cents, March soybeans are up 10 3/4 cents and March KC wheat is up 2 3/4 cents. Central Brazil saw more scattered showers over the weekend and the seven-day forecast remains wet, but possibly allowing for more harvest activity. Argentina saw light showers over the weekend in limited areas, but the forecast largely remains dry and is an ongoing concern for crops. Here in the U.S., the bitter cold temperatures have largely been replaced by more normal readings for late February. Outside markets are slightly supportive for commodities early with Dow Jones futures trading up 56 points and the March U.S. Dollar Index down 0.11. April gold is up $9.40 and April crude oil is up 61 cents a barrel.

Livestock

Posted 11:36 -- April live cattle are down $0.53 at $123.15, March feeder cattle are up $0.10 at $139.225, April lean hogs are up $0.20 at $84.7, March corn is up 4 1/2 cents per bushel and March soybean meal is down $0.70. The Dow Jones Industrial Average is up 61.48 points and NASDAQ is down 250.97 points. Following last week's chaos from packing plants being shut down, cattle under immense stress from blizzard conditions and Friday's surprising Cattle on Feed report, the live cattle contracts are reluctant to trade higher while the lean hog and feeder cattle contracts jump to the occasion. As the lean hog contracts continue to push their position higher, the market needs the fundamental support of a strong cash hog movement and strong pork cutout values to continue in order for the technical aspect of the market to support these higher prices.

Posted 10:37 -- April live cattle are down $0.68 at $123., March feeder cattle are up $0.33 at $139.45, April lean hogs are up $0.15 at $84.65, March corn is up 3 1/4 cents per bushel and March soybean meal is down $2.20. The Dow Jones Industrial Average is down 1.15 points and NASDAQ is down 234.55 points. Both the feeder cattle and lean hog contracts are having a positive day, while the live cattle contracts continue to trade in a depressed manner. The lean hog market continues to thrive on ample support and continues to push to new highs while pork demand is so strong.

Posted 08:39 -- April live cattle are down $0.70 at $122.975, March feeder cattle are down $0.60 at $138.525, April lean hogs are up $0.75 at $85.25, March corn is up 5 1/4 cents per bushel and March soybean meal is up $0.50. The Dow Jones Industrial Average is down 152.36 points and NASDAQ is down 195.71 points. The livestock contracts are hopeful to keep their recent upward trend, but with corn already modestly higher, the contracts are leery. The lean hog contracts have broke into the new week, confident in their position once again, and hope that traders keep supporting these gains. Moving a plethora of cash cattle and getting beef processing speeds back up to par is vital for the beef industry this week.