DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 16 1/4 cents per bushel, May soybeans are down 16 cents, May KC wheat is up 47 1/4 cents, May Chicago wheat is up 49 1/4 cents and May Minneapolis wheat is up 19 cents. The Dow Jones Industrial Average is down 578.12 points and April crude oil is up $3.46 per barrel. The U.S. Dollar Index is up 0.980 and April gold is up $16.00 per ounce. Just ahead of the close, the volatility remains ridiculous in the soy complex, with old and new crop bean futures trading in a $1.05 range and March meal in a $32/ton range. Meal and beans are under pressure. Chicago wheat traded off the limit for a bit but appears to have locked up the 50-cent limit again. As Russia expands its move into Ukraine, exports from the Black Sea ports are surely in jeopardy.

Posted 10:32 -- March corn is up 21 1/2 cents per bushel, May soybeans are down 3 cents, May KC wheat is up 50 cents, May Chicago wheat is up 50 cents and May Minneapolis wheat is up 30 1/4 cents. The Dow Jones Industrial Average is down 581.88 points and April crude oil is up $4.84 per barrel. The U.S. Dollar Index is up 1.190 and April gold is up $14.10 per ounce. Soybeans and meal have come well off the overnight highs, with beans down over 90 cents from the high, while wheat remains locked limit up, and corn is still up 21 cents but 14 cents below earlier limit gains. The Russian full-blown invasion into Ukraine is the focus, with potential delays or exports from the Black Sea.

Posted 08:35 -- March corn is up 35 cents per bushel, May soybeans are up 26 cents, May KC wheat is up 50 cents, May Chicago wheat is up 50 cents and May Minneapolis wheat is up 55 1/2 cents. The Dow Jones Industrial Average is down 761.92 points and April crude oil is up $6.67 per barrel. The U.S. Dollar Index is up 1.130 and April gold is up $42.40 per ounce. The focus appears to be squarely on the Russian invasion of Ukraine, with commodity prices sharply higher and equities sharply lower. Corn and wheat remain limit higher on the prospect that exports from the Black Sea will be interrupted. Crude oil rose above $100 per barrel early on Thursday, impacting world veg oil prices.

Posted 06:11 -- Early Thursday, March corn is up its 35-cent limit, March soybeans are up 47 cents and March KC wheat is up its 50-cent limit, all responding to Russia's attack against Ukraine. USDA's Ag Outlook Forum started Thursday with planting estimates of 92 million acres for corn, 88 million acres for soybeans and 48 million acres for wheat. 2022 crop estimates started at 15.24 billion bushels for corn, 4.49 billion bushels for soybeans and 1.94 billion bushels for wheat. March Dow Jones futures are trading down 787 points and March crude oil is higher, trading near $99 a barrel.

Livestock

Posted 11:55 -- April live cattle are down $1.95 at $142.8, March feeder cattle are down $4.45 at $158.325, April lean hogs are down $1.48 at $106.55, March corn is up 18 1/4 cents per bushel and May soybean meal is down $7.20. The Dow Jones Industrial Average is down 640.65 points and NASDAQ is down 19.31 points. A light live trade is developing in the South at midday at $142, fully steady with last week's weighted averages. More business is likely to be reported in the North today, albeit mostly cleanup.

Posted 08:40 -- April live cattle are down $1.35 at $143.4, March feeder cattle are down $4.68 at $158.1, April lean hogs are up $0.05 at $108.075, March corn is up 35 cents per bushel and May soybean meal is up $3.50. The Dow Jones Industrial Average is down 811.19 points and NASDAQ is down 320.59 points. A light to moderate cash cattle trade was reported in parts of the North Wednesday afternoon with dressed deals marked at $227, $1 higher than last week's weighted average basis Nebraska. The majority of these deals are set for delivery the week of March 7. The South remained rather quiet Wednesday, but that should change Thursday and/or Friday. Asking prices today are around $144 to $145 in Kansas and Texas, and $229 to $230 in Nebraska and Iowa. So far Thursday morning, bids remain scarce.

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