DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near the week's close, December corn is up 6 1/4 cents per bushel, November soybeans are down 3 cent, December KC wheat is up 24 cents, December Chicago wheat is up 15 1/4 cents and December Minneapolis wheat is up 25 3/4 cents. The Dow Jones Industrial Average is up 88.18 points and December crude oil is up $1.11 per barrel. The U.S. Dollar Index is down 0.06 and December gold is up $12.50 per ounce. Late-session buying interest has pared soybean losses, although the front month failed to sustain a move into positive territory, while products remain mixed with soybean oil trading lower. Both HRS and HRW have seen gains extended in late session trade, with fresh contract highs reached in December for both classes. Late-session trade also shows buying interest increasing in outside markets such as crude oil and equities.

Posted 10:32 -- December corn is up 4 1/4 cents per bushel, November soybeans are down 5 cents, December KC wheat is up 22 cents, December Chicago wheat is up 15 cents and December Minneapolis wheat is up 22 3/4 cents. The Dow Jones Industrial Average is down 14.88 points and December crude oil is up $0.43 per barrel. The U.S. Dollar Index is down 0.090 and December gold is up $18.90 per ounce. While all three wheat markets and European wheat futures have soared on Friday, it is soybeans and bean oil correcting to the downside. Minneapolis spot wheat futures exceeded $10 for the first time in more than nine years. December corn is able to remain above the key 50-day moving average so far.

Posted 08:39 -- December corn is up 2 3/4 cents per bushel, November soybeans are up 1 3/4 cents, December KC wheat is up 13 cents, December Chicago wheat is up 7 1/4 cents and December Minneapolis wheat is up 11 1/4 cents. The Dow Jones Industrial Average is up 20.77 points and December crude oil is up $0.89 per barrel. The U.S. Dollar Index is down 0.140 and December gold is up $25.50 per ounce. Soybeans and bean oil have now weakened a bit, but are still higher, while all three wheat markets are very firm on tightening world supplies and stout demand. Minneapolis December wheat is making another run at $10 early on Friday. Once again, there was no confirmation of much-rumored U.S. soy sales to China.

Livestock

Posted 11:36 -- October live cattle are down $0.50 at $124.75. October feeder cattle are down $0.55 at $155.70. October lean hogs are up $0.15 at $73.35. December corn is up 4 1/4 cents at $5.36 1/2 per bushel. December soybean meal is up $2.00 at $326.00 per ton. The Dow is up 17 points with the NASDAQ down 155 points. Live cattle are not finding any support from higher boxed beef prices on the Friday morning report. Choice are up $0.98 with select up $0.67. Traders are cautious and focused on the upcoming Cattle on Feed report. Hogs are trying to hold above unchanged but are struggling in closer months. Uncertainty over cash leaves the market struggling. The average cutout is higher on the Friday morning national daily pork report.

Posted 09:09 -- October live cattle are down $0.15 at $124.82. October feeder cattle are down $0.47 at $155.77. October lean hogs are up $0.20 at $73.40. December corn is up 5.25 cents at $5.37 1/2 per bushel. December soybean meal is up $2.30 per ton at $326.20. The Dow is up 133 points. The NASDAQ is down 69 points. The dollar is down 17 points. Not much volatility is expected in the cattle complex as traders look ahead to the Cattle on Feed report released after the close Friday. Cash cattle are expected to trade steady, in line with business done already this week. Slaughter is estimated at 118,000 head. Lean hogs are finding a little strength as they rebound for the steep losses of the past two days. Hog slaughter is projected at 475,000 head Friday.