DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:48 -- March corn is up 2 3/4 cents per bushel, March soybeans are up 26 cents, May KC wheat is down 3 1/2 cents, May Chicago wheat is down 1/4 cent and May Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is down 101.83 points and April crude oil is up $0.15 per barrel. The U.S. Dollar Index is up 0.130 and April gold is down $5.00 per ounce. Bean and bean oil markets are still sharply higher, as funds have been big buyers on Tuesday (an estimated 9,000 contracts of beans and 5,000 bean oil sold), as world veg oil markets continue to reflect supply tightness. A word of caution to bulls is that South American soy products are being offered cheaper than U.S.

Posted 10:32 -- March corn is up 4 3/4 cents per bushel, March soybeans are up 34 3/4 cents, May KC wheat is down 4 1/4 cents, May Chicago wheat is down 3 3/4 cents and May Minneapolis wheat is down 2 3/4 cents. The Dow Jones Industrial Average is down 103.49 points and April crude oil is down $0.11 per barrel. The U.S. Dollar Index is up 0.070 and April gold is down $4.40 per ounce. The soy complex continues to roar higher, with new contract highs again in bean oil and May beans rising to within 4 cents of the contract high. The forecast for Brazil remains too wet, delaying harvest, with harvest called over two weeks late. Argentina remains too dry, with dryness expected to advance into the middle of March.

Posted 08:34 -- May corn is up 3 1/2 cents per bushel, May soybeans are up 23 cents, May KC wheat is down 6 1/4 cents, May Chicago wheat is down 4 1/4 cents and May Minneapolis wheat is down 3 cents. The Dow Jones Industrial Average is down 46.64 points and April crude oil is down $0.39 per barrel. The U.S. Dollar Index is up 0.120 and April gold is down $1.90 per ounce. The soy complex is leading ag markets higher, following the lead of the raging bull market in world veg oils. The strength comes despite a new forecast by Agro Consult that raised Brazil's soybean production to a record large 134 mmt -- up from their previous 132.4 mmt estimate and the USDA's 133 mmt.

Livestock

OMAHA (DTN) -- April live cattle are down $1.85 at $121.2, March feeder cattle are down $0.75 at $138.575, April lean hogs are up $1.30 at $86.425, March corn is up 2 3/4 cents per bushel and March soybean meal is up $3.40. The Dow Jones Industrial Average is up 7.74 points and NASDAQ is down 138.85 points. Tuesday's Cold Storage report shared that the total pounds beef in freezers were down 3% from January but up 6% from last year. Frozen pork supplies were up 11% from January's report but down 26% from a year ago. The 11% increase in pork supplies doesn't concern the market, as in January the amount of pork in cold storage was at a 10-year low, and given the sheer demand that the hog market has seen in the last month, packers have been adamant amount committing hogs and running energetic chain speeds to ensure they can keep up with demand.

Posted 11:35 -- April live cattle are down $1.48 at $121.575, March feeder cattle are down $0.93 at $138.4, April lean hogs are up $0.50 at $85.625, March corn is up 2 1/2 cents per bushel and March soybean meal is up $4.40. The Dow Jones Industrial Average is down 130.43 points and NASDAQ is down 254.33 points. Earlier in the day, the lean hog contracts were bold and confident, but as we step into the afternoon and more resistance is building, the complex is growing a little more skeptical of its surge. The cattle contracts are trading fully lower, with traders unsure of the near future.

Posted 10:31 -- April live cattle are down $1.80 at $121.25, March feeder cattle are down $1.08 at $138.25, April lean hogs are up $1.05 at $86.175, March corn is up 5 cents per bushel and March soybean meal is up $7.70. The Dow Jones Industrial Average is down 113.82 points and NASDAQ is down 233.71 points. The lean hog contracts are keeping with their upward projection, climbing as much as $1.00 higher in the spot April contract. With packing plants able to run at full bore this week, the complex is being fueled with demand. Meanwhile, the cattle contracts are in the opposite boat, trading lower as there is uncertainty in the live cattle market and feeders are pressured by the corn market's relentlessness.

Posted 08:35 -- April live cattle are down $0.15 at $122.9, March feeder cattle are up $0.50 at $139.825, April lean hogs are up $0.58 at $85.7, March corn is up 3 1/2 cents per bushel and March soybean meal is up $4.00. The Dow Jones Industrial Average is down 75.98 points and NASDAQ is down 272.49 points. The live cattle contracts are fighting some downward pressure, though more interest is lining the complex than what was offered Monday. The lean hog contracts continue to rally higher, unafraid of how high the complex is trading.