DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 1 1/2 cents per bushel, March soybeans are up 32 1/2 cents, March KC wheat is down 2 1/4 cents, March Chicago wheat is down 6 1/4 cents and March Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is up 240.72 points and March crude oil is up $0.19 per barrel. The U.S. Dollar Index is up 0.170 and February gold is down $1.10 per ounce. With just over 30 minutes left until the close, soybeans and bean oil are rocketing higher, while corn and wheat are mixed to lower. With estimates of South American corn and soybeans ratcheted lower each week, funds continue to add to their bullish bets in both markets. Argentina will see from 1 to 4 inches of rain over the next 10 days, with southern Brazil much lighter coverage. Both areas are facing excessive heat.

Posted 10:33 -- March corn is up 3 1/4 cents per bushel, March soybeans are up 30 1/4 cents, March KC wheat is up 3/4 cent, March Chicago wheat is down 1/2 cent and March Minneapolis wheat is up 8 1/4 cents. The Dow Jones Industrial Average is up 422.30 points and March crude oil is up $0.84 per barrel. The U.S. Dollar Index is up 0.020 and February gold is down $2.50 per ounce. Soybeans and bean oil are soaring, with spot bean futures reaching the highest level since early June 2021, and November beans scoring a new contract high. March soy oil has reached the highest level since mid-October, supported by crude oil rising near $88 per barrel. December corn futures are pressing up against the contract high.

Posted 10:13 -- March corn is up 2 cents per bushel, March soybeans are up 27 cents, March KC wheat is up 1/2 cent, March Chicago wheat is down 1/2 cent and March Minneapolis wheat is up 8 1/4 cents. The Dow Jones Industrial Average is up 418.84 points and March crude oil is up $0.66 per barrel. The U.S. Dollar Index is down 0.030 and February gold is up $1.80 per ounce. For the week ending Jan. 14, 2022, ethanol production rose by 46,000 barrels per day to 1.053 million barrels per day, while ethanol inventory again surged, by 3%, to 23.6 million barrels. In the past seven weeks, ethanol stocks have risen by 3.45 million barrels. While the production news is slightly bullish for corn, the inventory is bearish for corn usage.

Posted 08:35 -- March corn is down 2 cents per bushel, March soybeans are up 5 1/2 cents, March KC wheat is down 6 1/2 cents, March Chicago wheat is down 7 cents and March Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 195.48 points and March crude oil is down $0.12 per barrel. The U.S. Dollar Index is up 0.040 and February gold is up $1.50 per ounce. A mixed and quiet start to Thursday trade, with little additional news to drive markets. Corn and wheat are mixed to weaker, while soybeans and bean oil are very firm, as world veg oils continue their move higher. Weather, while short term, is considered bearish for South America is soon to turn toasty and dry again.

Livestock

Posted 11:32 -- April live cattle are down $0.53 at $142.825, March feeder cattle are down $0.78 at $164.85, April lean hogs are up $1.20 at $92.55, March corn is steady and March soybean meal is steady. The Dow Jones Industrial Average is up 337.96 points and NASDAQ is up 232.18 points. It looks like cash cattle trade could be done, other than some light clean-up trade here and there. The cattle contracts are lower moving into Thursday afternoon and it's likely the day closes lower.

Posted 08:35 -- April live cattle are up $0.08 at $143.425, March feeder cattle are up $0.13 at $165.75, April lean hogs are up $1.38 at $92.725, March corn is down 3/4 cent per bushel and March soybean meal is down $2.80. The Dow Jones Industrial Average is up 129.43 points and NASDAQ is up 136.47 points. After a higher close in the livestock contracts Wednesday, the contracts are keeping with their vigorous pace heading Thursday morning. Both meat sections (pork and beef) closed substantially higher, and it will be interesting to see if they tip a little higher by Thursday afternoon or see substantial gains again.