DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is up 6 cents per bushel, May soybeans are down 10 cents, May KC wheat is up 7 3/4 cents, May Chicago wheat is up 1 3/4 cents and May Minneapolis wheat is up 12 cents. The Dow Jones Industrial Average is down 10.61 points and May crude oil is up $0.34 per barrel. The U.S. Dollar Index is up 0.020 and June gold is down $2.80 per ounce. It's a mostly green day in ag futures markets, except for beans and bean oil, falling under the weight of fund liquidation. On the upside, corn spreads continue to invert more on solid demand, while Minneapolis wheat is the bullish star of the grain show on concern over worsening drought in both the Northern Plains and Canadian Prairies.

Posted 10:36 -- May corn is up 2 3/4 cents per bushel, May soybeans are down 8 3/4 cents, May KC wheat is up 7 cents, May Chicago wheat is unchanged and May Minneapolis wheat is up 11 3/4 cents. The Dow Jones Industrial Average is down 33.55 points and May crude oil is down $0.71 per barrel. The U.S. Dollar Index is down 0.030 and June gold is down $2.70 per ounce. Ethanol production for the week ending April 2 rose by a modest 10,000 barrels per day to 975,000 barrels per day, while ethanol inventory again fell by 2.2% -- down 500,000 barrels to 20.6 million barrels. Soybeans are now trading nearly 20 cents under the daily high, as bean oil is now down nearly 1.5 cents after starting higher.

Posted 08:34 -- May corn is up 2 1/4 cents per bushel, May soybeans are down 1 1/2 cents, May KC wheat is up 1 1/4 cents, May Chicago wheat is down 3 cents and May Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is up 45.33 points and May crude oil is down $0.18 per barrel. The U.S. Dollar Index is down 0.050 and June gold is down $5.20 per ounce. In quiet trade, early soy gains appear to be dissipating as bean oil has now gone into the red. Wheat is again a mixed bag, with Minneapolis reflecting strength from dry conditions, expected to continue in the Northern Plains, and Kansas City up only slightly after the recent slide.

Livestock

Posted 11:33 -- June live cattle are up $0.28 at $124.9, May feeder cattle are up $0.25 at $152.025, June lean hogs are up $2.10 at $107.725, May corn is up 4 1/2 cents per bushel and May soybean meal is up $2.70. The Dow Jones Industrial Average is down 76.96 points and NASDAQ is down 35.98 points. The Fed Cattle Exchange Auction was fun to watch -- not only did the majority of cattle sell, but many sold over the reserve pricing. A total of 4,926 head were listed, with 3,489 actually sold, 1,437 head were listed as unsold, as they did not meet the reserve prices that ranged from $119.50 to $122. Opening prices ranged from $117.75 to $122, high bids ranged from $119 to $122.75. The state-by-state breakdown looks like this: Kansas 274 total head, all going went unsold; Nebraska 2,689 total head, with 2,212 head sold at $120-$122.75, 477 head went unsold; Texas 1,963 total head, including 112 head that were scratched from the sale, 1,277 head sold at $120-$121, 686 head went unsold.

Posted 10:48 -- June live cattle are up $0.05 at $124.675, May feeder cattle are up $0.35 at $152.125, June lean hogs are up $2.13 at $107.75, May corn is up 2 3/4 cents per bushel and May soybean meal is up $1.70. The Dow Jones Industrial Average is down 68.56 points and NASDAQ is down 28.38 points. There have been a handful of cattle traded Wednesday morning in both Texas and Kansas for $1.20, which is about $3.50 higher than last week's weighted average. The live cattle futures are met with adequate support in the nearby contracts, but the deferred contracts are mildly lower.

Posted 08:33 -- June live cattle are up $0.18 at $124.8, May feeder cattle are up $0.45 at $152.225, June lean hogs are up $0.60 at $106.225, May corn is up 3 cents per bushel and May soybean meal is up $1.10. The Dow Jones Industrial Average is down 20.90 points and NASDAQ is down 7.21 points. Following Tuesday's mostly bullish trade, the livestock sector hopes to continue its upward quest. Watching the behavior of the cash cattle market will be vital as the market saw a few head of cattle trade Tuesday afternoon, but ideally trade will wait this week out until Thursday or Friday to see even stronger advancements in the market. Packers' bids should begin to roll in after the morning's online auction.