DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 4 1/2 cents per bushel, November soybeans are down 1 1/2 cents, December KC wheat is up 16 cents, December Chicago wheat is up 12 cents and December Minneapolis wheat is up 15 1/2 cents. The Dow Jones Industrial Average is down 24.97 points and November crude oil is up $0.73 per barrel. The U.S. Dollar Index is up 0.570 and December gold is up $5.10 per ounce. Just ahead of the Thursday close, all three wheat markets are sharply higher, with corn up modestly, and beans and meal taking a breather. Wheat and corn, despite weak export demand, are firm on ideas that the safe corridor for Ukraine exports is unlikely to be renewed. Export sales for both corn and beans were dismal last week, with corn running well behind last year.

Posted 10:36 -- December corn is up 2 cents per bushel, November soybeans are down 3 3/4 cents, December KC wheat is up 11 1/4 cents, December Chicago wheat is up 5 3/4 cents and December Minneapolis wheat is up 9 1/2 cents. The Dow Jones Industrial Average is down 121.92 points and November crude oil is up $0.90 per barrel. The U.S. Dollar Index is up 0.770 and December gold is up $2.70 per ounce. Corn, wheat and soybean oil are higher while meal and soybeans are a bit lower, in quiet trade. Wheat futures appear to be breaking out to the upside of a sideways trading range in place over the last eight weeks. Markets remain volatile and susceptible to outside news, especially the Russia-Ukraine conflict and world economic concerns.

Posted 08:35 -- December corn is up 2 cents per bushel, November soybeans are up 6 1/2 cents, December KC wheat is down 4 1/4 cents, December Chicago wheat is down 7 1/2 cents and December Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is up 15.84 points and November crude oil is up $2.76 per barrel. The U.S. Dollar Index is up 0.280 and December gold is up $11.60 per ounce. Wheat remains under pressure, while corn, beans and meal are stronger to start on Thursday. USDA announced two new sales of corn for 2022-23: 105,000 mt (4.1 mb) to Mexico, and 101,600 mt (4 mb) of corn to unknown destinations. Consultancy, Sov Econ raised the Russian wheat crop to a record large 100 mmt (3.67 bb) from 94.7 mmt in their last estimate. The Russian crop just keeps getting larger.

Livestock

Posted 11:36 -- December live cattle are trading down 75 cents, backing down a second day from contract highs with pressure from outside market concerns. Thursday morning's boxed beef prices were steady to lower and are $1 to $3 lower on the week. November feeder cattle are down $1.47, extending Wednesday's new low, while December corn prices remain firm, trading 2 cents higher. December lean hogs are down 40 cents, getting some help from a $4 gain in Thursday's morning's pork carcass value and $10.00 drop in December soybean meal. Dow Jones futures are down 109 points and the U.S. Dollar Index is up 0.67, still affected by Wednesday's hawkish comments from the Fed. November crude oil is up 71 cents, staying near its lowest prices in six months.

Posted 08:36 -- December live cattle are trading down $0.30 after USDA reported 15,200 mt of export sales last week with China named the top buyer. November feeder cattle are down $0.02, still pressured by Wednesday's new two-month low. December lean hogs are down $0.90 after USDA said 29,000 mt of pork were bought for export. The top buyer was Mexico. December corn is up 2 cents. October soybean meal is up $3.30, pushing new contract highs. Dow Jones futures are down 22 points and the December U.S. Dollar Index is up 0.42 after Wednesday's rate hike from the Fed. November crude oil is up $2.47 after Reuters reported China is ordering more oil for October.

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