DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is up 3/4 cent per bushel, May soybeans are down 10 1/2 cents, May KC wheat is up 8 3/4 cents, May Chicago wheat is up 9 3/4 cents and May Minneapolis wheat is up 12 cents. The Dow Jones Industrial Average is up 115.56 points and May crude oil is down $0.30 per barrel. The U.S. Dollar Index is up 0.060 and June gold is down $13.50 per ounce. The soy complex is under serious selling pressure, while corn, despite the bullish but expected WASDE report, has now sold off 15 cents from the morning high. Wheat gains for the most part remain intact, as world ending stocks fell 6.2 mmt below the average trade estimate on record China wheat for feed consumption.

Posted 10:26 -- Following the April WASDE report release, May corn is 4 1/2 cents per bushel higher, May soybeans are 7 cents lower, May KC wheat is 6 3/4 cents higher cents, May Chicago wheat is 10 1/2 cents higher and May Minneapolis wheat is 9 cents higher. The Dow Jones Industrial Average is up 80 points and May crude oil is down $0.20 per barrel. The U.S. Dollar Index is up .130 and June gold is down $11.70 per ounce. Friday's April WASDE report for U.S. ending stocks estimates for 2020-21 was viewed as neutral for corn, soybeans and wheat, with corn stocks revised lower, soybean stocks left unchanged and wheat stocks revised higher from March estimates -- all close to expected levels. Global stocks of soybeans were revised higher this month with an increase in the estimated production for Brazil, viewed as bearish overall. Global stocks of wheat and corn were revised lower to levels less than expected in pre-report estimates, viewed as bullish for both crops.

Posted 10:32 -- May corn is up 4 cents per bushel, May soybeans are down 2 1/4 cents, May KC wheat is up 12 3/4 cents, May Chicago wheat is up 14 1/2 cents and May Minneapolis wheat is up 11 1/2 cents. The Dow Jones Industrial Average is up 82.06 points and May crude oil is down $0.12 per barrel. The U.S. Dollar Index is up 0.210 and June gold is down $14.20 per ounce. Corn has scored a new contract high in spot May futures and new crop December ahead of the WASDE report on expectations for a falling carryout and bullish export change. Wheat is very firm on the expanding drought in the North, and soybeans and oil are just mildly weaker.

Posted 08:35 -- May corn is up 3 cents per bushel, May soybeans are down 1 1/2 cents, May KC wheat is up 8 1/4 cents, May Chicago wheat is up 6 1/4 cents and May Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is up 100.86 points and May crude oil is down $0.43 per barrel. The U.S. Dollar Index is up 0.210 and June gold is down $20.30 per ounce. Soybeans and bean oil are a bit weaker, but corn and wheat are very firm ahead of the April WASDE. Dry weather in Brazil's safrinha areas, along with expanding and extreme drought in U.S. and Canadian spring wheat areas, are the bullish driving forces, as well as expectations for tighter corn and soy stocks.

Livestock

Posted 11:36 -- June live cattle are down $1.60 at $123.425, May feeder cattle are down $2.18 at $149.425, June lean hogs are up $0.63 at $109.325, May corn is up 6 cents per bushel and May soybean meal is down $2.70. The Dow Jones Industrial Average is up 85.02 points and NASDAQ is up 3.68 points. The livestock contracts have had an impressive week but upon Friday's arrival, the cattle contracts have veered lower and the pace of the markets has slowed considerably as traders are seeming to want to get to the weekend and aren't concerned about trading.

Posted 10:26 -- June live cattle are down $1.38 at $123.65, May feeder cattle are down $2.55 at $149.05, June lean hogs are up $0.05 at $108.75, May corn is up 3 3/4 cents per bushel and May soybean meal is down $2.10. The Dow Jones Industrial Average is up 81.72 points and NASDAQ is down 15.70 points. It's been a strenuous morning on the cattle front, as both the live cattle and feeder cattle contracts trade lower. The corn market is rallying modestly, which has the feeder cattle contract on edge, and the live cattle market is trading lower as the cash cattle market's business seems done for the week and traders are seeming to step to the sidelines as the week concludes.

Posted 08:34 -- June live cattle are down $0.25 at $124.775, May feeder cattle are down $0.05 at $151.55, June lean hogs are down $0.20 at $108.5, May corn is up 2 3/4 cents per bushel and May soybean meal is up $1.70. The Dow Jones Industrial Average is up 58.90 points and NASDAQ is down 42.94 points. It's most likely that the bulk of the week's cash cattle trade is done and only a little clean-up trade will develop Friday. Monitoring the corn market continues to be a pressing matter for the feeder cattle contracts.

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