DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Tuesday's close, grains remain higher with December Chicago wheat posting the largest percentage gain, trading up 58 cents and on track for its highest close in over two months. The situation in Ukraine remains hostile for winter wheat planting and Russia is going to push for a vote of annexation in eastern Ukraine. December KC wheat is up 47 3/4 cents and December Minneapolis wheat is up 37 1/4 cents. December corn is up 12 3/4 cents and November soybeans are up 18 1/4 cents, continuing to show firm support, even as harvest starts to pick up. Outside markets remain pressured by the anticipation of Wednesday's Federal Reserve meeting. October crude oil is down $1.45 and Dow Jones futures are down 479 points. The U.S. Dollar Index is up 0.52 and December gold is down $7.80.

Posted 10:33 -- At midmorning Tuesday, the anticipation of higher interest rates from the Federal Reserve Wednesday is being blamed for Tuesday's lower stock market and drops in metals and energy prices. Crop prices are trading higher across the board, however, a reflection of this season's tighter supply situation, even as row-crop harvest is starting to pick up. December corn is up 14 1/2 cents and November soybeans are up 21 cents with December soybean meal up $10.00. December KC wheat is up 37 1/2 cents and December Minneapolis wheat is up 32 1/4 cents. October crude oil is down $1.54 and Dow Jones futures are down 328 points. The U.S. Dollar Index is up 0.30 and December gold is down $5.00.

Posted 08:35 -- After Tuesday's 8:30 a.m. CDT open, the commodity board is surprisingly unfazed with the December U.S. Dollar Index trading up 0.51, in front of Wednesday's anticipated rate hike by the Federal Reserve. December corn is up 4 1/2 cents and November soybeans are down 5 1/4 cents after USDA reported early harvest progress late Monday. December KC wheat is up 10 3/4 cents and December Minneapolis wheat is up 8 3/4 cents, taking back part of Monday's losses as the forecast remains mostly dry in the southwestern U.S. Plains, unfavorable conditions for planting winter wheat. October crude oil is down $0.99 and Dow Jones futures are down 254 points. December gold is down $5.80.

Livestock

Posted 11:53 -- October live cattle are up $0.53 at $146.25, October feeder cattle are down $1.38 at $180.925, December lean hogs are up $0.40 at $88.55, December corn is up 12 1/4 cents per bushel and December soybean meal is up $11.80. The Dow Jones Industrial Average is down 305.73 points and NASDAQ is down 63.44 points. The cash cattle trade remains very quiet at this time. Some early asking prices are around $145 to $146 in the South, but not established in the North as of yet. Pork packing plants have been ramping up their hog slaughter pace in recent weeks and Tuesday's slaughter is estimated to be another big day: 481,000 head, which is even with last week and 18,000 more than a year ago at this time.

Posted 08:44 -- October live cattle are up $0.28 at $146.00, October feeder cattle are down $0.48 at $181.825, December lean hogs are up $0.88 at $89.025, December corn is up 9 cents per bushel and December soybean meal is down $3.00. The Dow Jones Industrial Average is down 251.49 points and NASDAQ is down 73.83 points. Cattle country is quiet Tuesday morning, and significant trade volume will likely be delayed until Wednesday or Thursday.

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