DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
Posted 12:44 -- As we near Friday's close, July corn is trading down 9 cents and July soybeans are down 37 1/2 cents, falling back from Thursday's new closing high. Not only are soybeans being pressured by Friday's risk-off selling on the commodity board, but July soybean meal is also tugging prices lower, trading down $11.30, the largest percentage loss in the grain sector. July KC wheat is up 5 1/4 cents and September Minneapolis wheat is up 8 cents. A blizzard warning remains in effect for the area around the Montana-North Dakota border. June crude oil is down $1.79 and Dow Jones futures are down 636 points, hit by several disappointing earnings reports. The U.S. Dollar Index is up 0.59 and June gold is down $13.60.
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Posted 10:37 -- At midmorning Friday, corn and soybeans are encountering end-of-week selling, likely from noncommercials. July corn is down 11 3/4 cents and July soybeans are down 20 1/2 cents. Friday's news that Indonesia will be banning palm oil exports at the end of April has July soybean oil trading up 1.62 cents, but is also pressuring July soybean meal lower, down $10.70. July KC wheat is up 1 1/4 cents. September Minneapolis wheat is trading up 2 1/2 cents with either heavy snow or heavy rain expected around the Montana-North Dakota border the next few days. June crude oil is down $1.77 and Dow Jones futures are trading down 487 points, weighed down by disappointing earnings reports and hawkish remarks from Fed Chairman Jerome Powell on Thursday. The U.S. Dollar Index is up 0.61 and June gold is down $14.80.
Posted 08:32 -- July corn is up 5 1/4 cents per bushel, May soybeans are up 6 1/4 cents, July KC wheat is up 7 1/4 cents, July Chicago wheat is up 5 1/2 cents and July Minneapolis wheat is up 10 3/4 cents. The Dow Jones Industrial Average is down 182.86 points and June crude oil is down $1.59 per barrel. The U.S. Dollar Index is up 0.310 and June gold is down $10.30 per ounce. USDA announced a series of new sales: 1.347 mmt (53 million bushels) of corn to China, with 29 mb for 2021-22 and 24 mb for 2022-23. Sold 281,000 mt (11 mb) of corn to Mexico, with 3.5 mb for old crop 2021-22 and 7.5 mb for new crop 2022-23. Sold 144,000 mt (5.3 mb) of soybeans to Mexico, with 1.76 mb of old crop and another 3.5 mb of new crop beans.
LivestockOMAHA (DTN) -- June live cattle are down $1.48 at $138.425, May feeder cattle are down $0.98 at $163.875, June lean hogs are up $1.60 at $118.775, July corn is down 6 1/4 cents per bushel and July soybean meal is down $11.80. The Dow Jones Industrial Average is down 888.42 points. Total red meat supplies in freezers were up 1% from the previous month and up 9% from last year. Total pounds of beef in freezers were up 1% from the previous month and up 11% from last year. Frozen pork supplies were up 2% from the previous month and up 8% from last year. Stocks of pork bellies were up 13% from last month and up 60% from last year. Total frozen poultry supplies on were up 1% from the previous month but down 1% from a year ago. Total stocks of chicken were down 1% from the previous month but up 5% from last year.
Posted 11:44 -- June live cattle are down $0.80 at $139.1, May feeder cattle are down $0.85 at $164., June lean hogs are up $1.38 at $118.55, July corn is down 7 3/4 cents per bushel and July soybean meal is down $8.10. The Dow Jones Industrial Average is down 547.06 points. As the market nears the noon hour, the cattle complex is anxiously awaiting today's USDA April 1 Cattle on Feed report, and both the cattle and hog enthusiasts will be interested in seeing today's Cold Storage data ahead of prime grilling months. The cash cattle market hasn't seen any more trade, and it's likely that the week's business is done.
Posted 08:42 -- June live cattle are down $0.23 at $139.675, May feeder cattle are down $0.88 at $163.975, June lean hogs are up $0.65 at $117.825, July corn is up 1 1/4 cents per bushel and July soybean meal is steady. The Dow Jones Industrial Average is down 284.04 points. The cattle contracts are veering lower after an aggressive rally earlier in the week. Given the momentum that was behind both the live cattle and feeder cattle contracts, it's most likely that traders are just letting the market catch its breath as opposed to wondering if things are overdone with the fundamental support that came with the rally.
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