DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 1/2 cent per bushel, March soybeans are down 11 3/4 cents, March KC wheat is up 26 cents, March Chicago wheat is up 25 cents and March Minneapolis wheat is up 17 3/4 cents. The Dow Jones Industrial Average is down 497.43 points and February crude oil is up $1.26 per barrel. The U.S. Dollar Index is up 0.510 and February gold is down $3.90 per ounce. Corn is back to unchanged, while wheat is skyrocketing, and soybeans and meal continue to be under heavy selling pressure. Incoming rain is expected to be heavy for Argentina between now and the end of the month, when dryness returns. The NOPA crush was reported to be record large for December at 186.4 mb. Reports from the early Parana soy harvest in Brazil are dismal yields due to dryness. Equities are sinking on the anticipation of 4 interest rate increases in the coming year.

Posted 10:45 -- March corn is down 2 cents per bushel, March soybeans are down 10 1/4 cents, March KC wheat is up 20 cents, March Chicago wheat is up 20 1/4 cents and March Minneapolis wheat is up 14 1/2 cents. The Dow Jones Industrial Average is down 529.95 points and February crude oil is up $0.98 per barrel. The U.S. Dollar Index is up 0.480 and February gold is down $4.00 per ounce. Soybeans and meal continue to be under severe selling pressure on the prospect of improving rain potential in Argentina, while wheat, which had become very oversold, is correcting to the upside.

Posted 08:33 -- March corn is down 7 1/4 cents per bushel, March soybeans are down 19 cents, March KC wheat is up 4 1/4 cents, March Chicago wheat is up 5 cents and March Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average is down 440.85 points and February crude oil is up $1.00 per barrel. The U.S. Dollar Index is up 0.300 and February gold is down $1.50 per ounce. USDA reported two new export sales early on Tuesday, both for the 2021-22 crop year: Sold 239,486 mt (8.8 million bushels) of soybeans to Mexico, and sold 126,000 mt (4.96 mb) of sorghum to unknown destinations. Corn and the soy complex are reflecting good rain chances for Argentina and southern Brazil over the next week to 10 days.

Posted Monday, Jan. 17, at 7:10 p.m. -- After the Monday evening open, March corn is down 3 3/4 cents, March soybeans are down 9 1/2 cents. March Kansas City wheat is up 4 cents. Scattered showers returned to southern Brazil during the weekend and there are more chances through this week. Argentina saw isolated showers during the weekend and are expected to stay in the forecast the next 10 days. March Dow Jones futures are trading up 52 points with several earnings reports due out this week. The U.S. Dollar Index is down 0.09. March crude oil is up 0.35. February gold is up $3.

Livestock

Posted 11:42 -- April live cattle are down $0.28 at $141.85, March feeder cattle are down $0.68 at $165.7, February lean hogs are up $0.10 at $81., March corn is down 1 1/2 cents per bushel and March soybean meal is down $13.40. The Dow Jones Industrial Average is down 579.14 points and NASDAQ is down 317.00 points. The cattle complex is trending lower into Tuesday afternoon as the market can't help but feel defeated as processing speeds are expected to lag again this week. Producers and feedlots know a lag in production means cash cattle trade is going to see pushback from packers and leverage is going to favor packers once again.

Posted 08:34 -- April live cattle is steady, March feeder cattle are steady, February lean hogs are up $0.48 at $81.375, March corn is down 4 3/4 cents per bushel and March soybean meal is down $11.30. The Dow Jones Industrial Average is down 492.82 points and NASDAQ is down 250.99 points. As the week sets out to a new start, the livestock complex is met with more resistance than support. A big influencer of the week's success will be processing speeds. If speeds aren't back to normal levels, concerns of backed-up supplies will become more serious.