DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is down 8 cents per bushel, May soybeans are down 17 1/4 cents, May KC wheat is down 13 1/4 cents, May Chicago wheat is down 12 cents and May Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is down 396.74 points and April crude oil is down $0.02 per barrel. The U.S. Dollar Index is unchanged and April gold is down $24.20 per ounce. Bright red continues to be the color of the day as grain and soybeans are under heavy pressure, though well off the lows. Funds are liquidating on Thursday, selling an estimated 9,000 bean contracts, 13,000 corn, 7,000 wheat, 5,000 meal and 3,000 oil as of noon. The midday forecast appears to be favorably wetter for southern Brazil over the next ten days.

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Posted 10:36 -- May corn is down 8 1/2 cents per bushel, May soybeans are down 18 1/2 cents, May KC wheat is down 10 3/4 cents, May Chicago wheat is down 8 cents and May Minneapolis wheat is down 5 1/2 cents. The Dow Jones Industrial Average is down 178.04 points and April crude oil is up $0.37 per barrel. The U.S. Dollar Index is down 0.330 and April gold is down $21.50 per ounce. The abrupt turn downward in the grain and soy complex continues following weaker than expected export sales last week. Corn sales were a marketing-year low, while beans and wheat were also meager. Part of that was the extreme cold and China being on holiday. First notice day on expiring March futures is likely playing a role as longs look to exit ahead of delivery.

Posted 08:34 -- May corn is down 12 cents per bushel, May soybeans are down 10 1/2 cents, May KC wheat is down 12 cents, May Chicago wheat is down 11 3/4 cents and May Minneapolis wheat is down 8 1/2 cents. The Dow Jones Industrial Average is down 7.21 points and April crude oil is down $0.25 per barrel. The U.S. Dollar Index is down 0.390 and April gold is down $16.50 per ounce. It would appear that poor export sales last week led to a surge of selling in all three major ag futures markets. May beans, scoring a new contract high overnight, plunged nearly 26 cents below that high once the meager sales were announced. Demand appears to be shifting to South America on both corn and soybeans. The oilseed markets are beginning to show signs that the bull move may be overdone.

Livestock

Posted 11:29 -- April live cattle are down $0.15 at $122.075, April feeder cattle are up $0.48 at $145.225, April lean hogs are up $0.50 at $89.925, May corn is down 7 cents per bushel and May soybean meal is up $0.20. The Dow Jones Industrial Average is down 290.26 points and NASDAQ is down 302.70 points. The feeder cattle contracts are rallying while the corn market teeters lower and the live cattle and lean hog contracts are licking their wounds from a lighter export report. There's been some more cash cattle interest develop as packers are offering $114 in parts of Kansas and Nebraska, but feedlots aren't interested in seeing the market trade steady again this week.

Posted 10:36 -- April live cattle are down $0.25 at $121.975, April feeder cattle are up $0.23 at $144.975, April lean hogs are up $0.55 at $89.975, May corn is down 8 3/4 cents per bushel and May soybean meal is down $3.70. The Dow Jones Industrial Average is down 178.06 points and NASDAQ is down 181.11 points. The Special Fed Cattle Exchange Auction hosted Thursday morning listed a total of 790 head (Texas 662 head, Kansas 54 head, Oklahoma 74 head), of which none sold as they did not meet the reserve prices that ranged from $115 to $116. Opening prices were at $113.50, high bids ranged from $114.25 to $114.50. Seeing that no cattle sold on Thursday's Special FCE Auction, the market will host another specialty sale Friday morning to offer the cattle to buyers. Meanwhile, the cash cattle market remains quiet without bids developing following Wednesday's light trade.

Posted 08:34 -- April live cattle are up $0.08 at $122.3, April feeder cattle are up $0.40 at $145.15, April lean hogs are up $0.93 at $90.35, May corn is down 13 cents per bushel and May soybean meal is down $4.10. The Dow Jones Industrial Average is down 28.62 points and NASDAQ is down 81.26 points. Beef net sales of 8,500 mt reported for 2021 were down 63% from the previous week and 66% from the prior four-week average. The three largest buyers were South Korea (3,800 mt), Japan (3,100 mt) and Mexico (700 mt). Pork net sales of 25,600 mt reported for 2021 were down 23% from the previous week and 40% from the prior four-week average. The three largest buyers were Japan (4,100 mt), China (3,700 mt) and South Korea (3,200 mt).

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