DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 3 1/2 cents per bushel, January soybeans are down 3 3/4 cents, December KC wheat is up 3 1/2 cents, December Chicago wheat is down 3/4 cent and March Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is down 298.02 points and January crude oil is down $2.39 per barrel. The U.S. Dollar Index is up 0.470 and December gold is down $9.40 per ounce. Early morning weakness has returned, as all but KC wheat and bean meal are lower again. Wheat rallied on forecasts for more heavy rain in eastern Australia, possibly causing quality and protein issues; but wheat was unable to hold the gains. Rumors are that China is buying EU feed wheat. Crude oil has been pummeled for much of the day, pressuring bean oil, along with the delay in biofuel mandates.

Posted 11:56 -- December corn is down 1 1/2 cents per bushel, January soybeans are down 3/4 cent, December KC wheat is up 5 1/2 cents, December Chicago wheat is up 2 cents and March Minneapolis wheat is down 1 3/4 cents. The Dow Jones Industrial Average is down 140 points and January crude oil is down $2.45 per barrel. The U.S. Dollar Index is up 0.40 and December gold is down $13.10 per ounce. The day is far from over, but grain and soybeans minus bean oil have been able to recover from early weakness to trade in the green. Bean oil is under pressure as the crude oil market continues to collapse -- now down over $3.50 per barrel on expiring December and down over $10 per barrel from the recent high. Export demand on wheat, soybeans and to a lesser extent corn remains a stumbling block to higher prices.

Posted 08:36 -- December corn is down 3 1/2 cents per bushel, January soybeans are down 1/4 cent, December KC wheat is up 1 cent, December Chicago wheat is down 1/2 cent and March Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is down 150.09 points and January crude oil is down $1.29 per barrel. The U.S. Dollar Index is up 0.310 and December gold is down $1.00 per ounce. Soybeans, meal and bean oil have shaken off early weakness to trade higher again, while corn and wheat are just slightly lower. Crude oil, once down nearly $3 early in the morning has rallied back a bit.

Livestock

Posted 11:50 -- February live cattle are up $0.30 at $137.55, January feeder cattle are up $0.15 at $161.525, February lean hogs are down $0.50 at $82.8, December corn is down 1 1/2 cents per bushel and December soybean meal is up $2.90. The Dow Jones Industrial Average is down 164.41 points, and the NASDAQ is up 117.32 points. It's been an uneventful day for the livestock contracts as the market sleepily waits for the day's close. But before tuning out completely, cattlemen are ready to see the latest Cattle on Feed Report, which comes out at 2 p.m. CST this afternoon.

Posted 08:45 -- February live cattle are up $0.23 at $137.475, January feeder cattle are up $0.25 at $161.625, February lean hogs are up $0.20 at $83.5, December corn is down 2 1/2 cents per bushel and December soybean meal is down $0.20. The Dow Jones Industrial Average is down 182.28 points and NASDAQ is up 33.54 points. Heading into Friday's trade, there's still a lot of business the cattle market needs to tend to. The market is expecting more cash cattle to trade at prices steady with Thursday's business and the market will need to absorb the findings of this afternoon's Cattle on Feed Report (which isn't expected to unveil much).

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