DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 4 1/2 cents per bushel, March soybeans are up 15 1/4 cents, March KC wheat is down 8 3/4 cents, March Chicago wheat is down 12 1/2 cents and March Minneapolis wheat is down 13 cents. The Dow Jones Industrial Average is up 89.34 points and February crude oil is up $0.76 per barrel. The U.S. Dollar Index is up 0.550 and February gold is down $26.90 per ounce. Soybeans and meal are holding firm with solid gains at midday. Analysts and crop scouts are beginning to pencil in crop losses in Brazil based on southern Brazil dryness. Although I have not seen in print, reports are that cash-connected commission house, Stone X, has reduced their estimate for Brazil's soy crop to 134 mmt (4.92 bb). That would be 10 mmt (367 mb) lower than the December WASDE report.

Posted 10:35 -- March corn is down 7 1/2 cents per bushel, March soybeans are up 8 cents, March KC wheat is down 15 1/4 cents, March Chicago wheat is down 16 1/4 cents and March Minneapolis wheat is down 16 3/4 cents. The Dow Jones Industrial Average is up 26.65 points and February crude oil is up $0.64 per barrel. The U.S. Dollar Index is up 0.610 and February gold is down $28.90 per ounce. Wheat markets have rebuffed early strength, and all three markets are now sharply lower, while spot corn futures have broken the key support area at $5.90-$5.93 -- an ominous sign. Soybeans and meal remain higher, but well below the morning highs.

Posted 08:34 -- March corn is up 1 1/4 cents per bushel, March soybeans are up 15 1/4 cents, March KC wheat is up 1 1/4 cents, March Chicago wheat is down 3 cents and March Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is up 78.37 points and February crude oil is down $0.35 per barrel. The U.S. Dollar Index is up 0.390 and February gold is down $21.20 per ounce. Early on Monday, it seems more about South American weather and the influx of new speculative money into ag markets. Only isolated and scattered showers fell in southern Brazil and Argentine crop areas, moving analysts and crop scouts to start lowering production estimates.

Posted Sunday, Jan. 2, at 7:05 p.m. CST -- After the Sunday evening open, March corn is up 6 1/2 cents and March soybeans are up 10 3/4 cents with both, meal and oil trading higher. March KC wheat is up 4 1/2 cents. Southern Brazil and Argentina saw scattered showers over the weekend and have chances for rain early this week, but the forecast turns drier after Wednesday. Here in the U.S., the southeastern Midwest saw a mix of rain and snow over the weekend. March Dow Jones futures are up 170.00 points and the March U.S. Dollar Index is up 0.16, staying optimistic in the face of a record number of new coronavirus cases in the U.S. and thousands of cancelled flights over the weekend. February crude oil is up $0.73 and February gold is up $2.40.

Livestock

Posted 11:52 -- February live cattle are down $0.40 at $139.3, March feeder cattle are up $0.60 at $170.55, February lean hogs are down $0.38 at $81.1, March corn is down 4 1/2 cents per bushel and March soybean meal is up $9.90. The Dow Jones Industrial Average is up 59.66 points and NASDAQ is up 100.79 points. The livestock complex is bobbling its way into the New Year and hopes to get a clearer trajectory as the week trades on and shakes the Monday blues. New showlists appear to be somewhat higher in Kansas; higher in Texas, Nebraska, Colorado.

Posted 08:32 -- February live cattle are up $0.13 at $139.825, March feeder cattle are down $0.15 at $169.8, February lean hogs are down $0.05 at $81.425, March corn is up 3 1/2 cents per bushel and March soybean meal is up $9.40. The Dow Jones Industrial Average is up 81.94 points and NASDAQ is down 96.59 points. As the market jumps into the first week of 2022, there's a lot that will pass through the marketplace this week. As Prop 12 goes into effect, monitoring changes in the hog market will be critical. Regarding the cattle market, be on the lookout for showlists Monday morning as well as monitoring sale barn reports, as this will be the first week that feeders have really traded since before Christmas.

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