DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is down 9 cents per bushel, May soybeans are down 8 3/4 cents, May KC wheat is down 10 1/2 cents, May Chicago wheat is down 10 3/4 cents and May Minneapolis wheat is down 5 3/4 cents. The Dow Jones Industrial Average is up 656.65 points and April crude oil is down $0.98 per barrel. The U.S. Dollar Index is up 0.190 and April gold is down $6.20 per ounce. The wave of selling in ag futures markets has extended just ahead of the close, with soybeans and corn trading into new lows. Soybean oil came close to the high before reversing and melting down, leaving a bearish chart reversal pattern.

Posted 10:33 -- May corn is down 3 1/2 cents per bushel, May soybeans are up 2 1/2 cents, May KC wheat is down 6 1/2 cents, May Chicago wheat is down 5 3/4 cents and May Minneapolis wheat is down 3 3/4 cents. The Dow Jones Industrial Average is up 651.54 points and April crude oil is up $0.34 per barrel. The U.S. Dollar Index is up 0.090 and April gold is up $6.90 per ounce. Soybeans and meal are recovering in this two-sided trade day, while bean oil, corn and wheat remain under mild pressure. There is not a whole lot of news driving the markets early on Monday.

Posted 08:32 -- May corn is down 2 cents per bushel, May soybeans are up 12 3/4 cents, May KC wheat is down 1 cent, May Chicago wheat is steady and May Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is up 429.58 points and April crude oil is down $0.09 per barrel. The U.S. Dollar Index is up 0.110 and April gold is up $9.30 per ounce. While corn trades lower in quiet trade, the soy complex remains firm early on Monday. Soybeans are supported by tightening stocks, the slow harvest progress in Brazil and dry weather in Argentina, but pressured from the reemergence of African swine fever in China.

Posted Sunday, Feb. 28, at 19:05 -- After the Sunday evening open, May corn is up 5 3/4 cents, May soybeans are up 16 1/4 cents and May KC wheat is up 2 1/4 cents. Brazil saw more scattered showers over the weekend, and the seven-day forecast continues to look wet for central Brazil. Southern Argentina had limited showers over the weekend with isolated showers expected this week, still a dry forecast overall. Here in the central U.S., the seven-day forecast remains mostly dry. Outside markets are supportive for commodities early with Dow Jones futures trading up 226 points and the March U.S. Dollar Index down 0.13. April gold is up $9.10 and April crude oil is up $1.21 a barrel.

Livestock

Posted 11:26 -- April live cattle are down $0.85 at $119.15, April feeder cattle are down $1.28 at $141.3, April lean hogs are up $0.80 at $87.95, May corn is down 8 3/4 cents per bushel and May soybean meal is down $2.90. The Dow Jones Industrial Average is up 622.76 points and NASDAQ is up 317.20 points. The cattle contracts continue to trade unsupported and doggishly as traders aren't willing to invest in the contracts until better fundamental support develops. The lean hog contracts are continuing to trade higher, taking the day with stride as both higher pork cutout values and a strong cash hog market encourage the market's upward push.

Posted 10:33 -- April live cattle are up $0.25 at $120.25, April feeder cattle are down $1.03 at $141.55, April lean hogs are up $1.30 at $88.45, May corn is down 4 cents per bushel and May soybean meal is up $0.30. The Dow Jones Industrial Average is up 648.23 points and NASDAQ is up 304.91 points. Rising to the occasion and not letting last week's weaker close deter their progress, the lean hog contracts are back to trading fully higher. The live cattle and feeder cattle contracts are still faced with opposition from traders as they'd like to see stronger fundamental support before they support the contracts too robustly.

Posted 08:32 -- April live cattle is steady, April feeder cattle are down $0.40 at $142.175, April lean hogs are up $0.23 at $87.375, May corn is down 1 3/4 cents per bushel and May soybean meal is up $4.40. The Dow Jones Industrial Average is up 400.51 points and NASDAQ is up 210.55 points. Following last week's disappointing close, the livestock contracts will look for renewed support early this week. The lower closes in the live cattle and feeder cattle contracts came from a lack of fundamental support, but pinpointing how much more upside the lean hog market has left will be on everyone's agenda this week.