DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is up 6 3/4 cents per bushel, March soybeans are down 9 1/2 cents, March KC wheat is down 14 1/4 cents, March Chicago wheat is down 6 cents and March Minneapolis wheat is down 14 cents. The Dow Jones Industrial Average is down 387.17 points and February crude oil is up $1.85 per barrel. The U.S. Dollar Index is up 0.410 and February gold is down $6.60 per ounce. Corn is showing some independent strength with March now climbing above $5.90 again, while wheat and soybeans remains under selling pressure. Reportedly midday weather updates have turned drier in portions of Argentina and the longer-term weather looks to return to mostly warm and dry. Bean oil is still lower but should be getting some help from the soaring crude oil market, with spot oil having touched over $84.

Posted 10:35 -- March corn is up 3 3/4 cents per bushel, March soybeans are down 5 cents, March KC wheat is down 10 1/2 cents, March Chicago wheat is down 4 1/2 cents and March Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average is down 343.39 points and February crude oil is up $1.12 per barrel. The U.S. Dollar Index is up 0.300 and February gold is down $2.80 per ounce. In fairly quiet trade, only corn is higher, while wheat continues to be under heavy sell pressure, especially in hard wheat futures markets, and the soy complex has stabilized. It seems all about weather with corn and soybeans. Wheat markets have been beat up and are reaching pretty oversold levels.

Posted 08:35 -- March corn is up 1 cent per bushel, March soybeans are down 3 1/2 cents, March KC wheat is down 10 3/4 cents, March Chicago wheat is down 6 3/4 cents and March Minneapolis wheat is down 11 1/4 cents. The Dow Jones Industrial Average is down 341.64 points and February crude oil is up $0.57 per barrel. The U.S. Dollar Index is up 0.190 and February gold is down $1.30 per ounce. While wheat markets are extending their meltdown, corn has recovered to trade higher. USDA announced two new export sales early on Friday: Sold 100,423 mt (3.95 mb) of corn to Mexico for the 2021-22 crop year, and sold 100,000 mt of soybean meal to Spain for the 2022-23 crop year. Algeria is reported to have bought between 550,000 mt and 570,000 mt of wheat, which will likely be sourced from the Black Sea and Argentina.

Livestock

Posted 08:35 -- February live cattle are up $0.10 at $137.1, March feeder cattle are down $0.15 at $166.575, February lean hogs are up $1.08 at $78.925, March corn is up 1 3/4 cents per bushel and March soybean meal is up $2.40. The Dow Jones Industrial Average is down 278.61 points and NASDAQ is down 381.58 points. After Thursday's significant jump in pork cutout values, the market will be closely watching to see if that much aggression from retailors drives prices higher again Friday or if the market will somewhat stabilize. Heading into next week's trade, the market desperately hopes that processing speeds get back to full capacity.