DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 7 3/4 cents per bushel, November soybeans are down 10 3/4, December KC wheat is up 14 cents, December Chicago wheat is up 10 cents and December Minneapolis wheat is up 8 3/4 cents and October crude oil is down $1.69 per barrel. Wheat is still the winner on the day and may be reacting to rumors again that Iraq is back tendering for U.S. wheat after removing their tender one week ago. Ethanol production for last week fell and that didn't seem to impress the corn market, but ethanol demand did fall last week, down 2.5% from a one-year high. Soybeans are still following the weakness in crude we are seeing today, even after a bullish inventory report from the EIA.

Posted 11:18 -- December corn is down 8 1/4 cents per bushel, November soybeans are steady, December KC wheat is up 9 1/4 cents, December Chicago wheat is up 11 1/4 cents and December Minneapolis wheat is up 5 cents. The Dow Jones Industrial Average is down 18.36 points and October crude oil is down $0.45 per barrel. The U.S. Dollar Index is down 0.230 and December gold is down $5.90 per ounce. Wheat is very strong, while corn and beans have come back a bit from early losses but remain lower despite a warm and mostly dry forecast. Ethanol production for last week fell by 1.7% to just 970,000 barrels per day on seasonal maintenance downtime, while stocks had a minor draw of 1% to 23.5 million barrels.

Posted 08:32 -- December corn is down 12 cents per bushel, November soybeans are down 14 cents, December KC wheat is down 10 1/2 cents, December Chicago wheat is down 8 1/2 cents and December Minneapolis wheat is down 10 3/4 cents. The Dow Jones Industrial Average is up 67 points and October crude oil is down $1.66 per barrel. The U.S. Dollar Index is up 0.210 and December gold is down $12.40 per ounce. USDA announced a new soybean sale to China for the 2022-23 crop year -- 167,000 mt (6.1 mb), following a sale of 9.7 mb to unknown destinations on Tuesday. Rumors are China may have bought up to 40 cargoes of soybeans the past two weeks from the U.S. and South America, according to Bloomberg. However, grain and soybeans, despite a mostly warm and dry forecast, are down hard to begin Wednesday trade.

Livestock

Posted 11:38 -- October live cattle are down $1.30 at $142.525, October feeder cattle are up $0.03 at $183.3, October lean hogs are down $1.98 at $91.625, December corn is down 8 3/4 cents per bushel and December soybean meal is down $5.30. The Dow Jones Industrial Average is down 35.89 points. It's a rather peculiar day for the livestock complex as neither the cash cattle nor cash hog markets are seeing any interest from packers. Given that this week is ahead of a three-day-weekend, packers could choose to be lax in their buying as they'll see slower chain speeds next week.

Posted 08:38 -- October live cattle are down $0.23 at $143.6, October feeder cattle are up $0.33 at $183.6, October lean hogs are down $0.38 at $93.225, December corn is down 9 1/2 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is down 17.84 points. The livestock contracts are off to a bumpy start Wednesday as traders keep themselves distanced from the market. The corn complex is trending 10 to 12 cents lower, which could allow for the cattle contracts to trade higher if traders grow more ambitious.

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