DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 3 1/4 cents per bushel, November soybeans are up 1/4 cent, December KC wheat is up 29 1/2 cents, December Chicago wheat is up 28 1/4 cents and December Minneapolis wheat is up 22 1/2 cents. The Dow Jones Industrial Average is up 438.20 points and November crude oil is up $3.31 per barrel. The U.S. Dollar Index is down 1.350 and December gold is up $33.40 per ounce. Just ahead of the close, wheat continues to soar, and the soy complex has recovered from heavy selling early Wednesday. Wheat is reacting to more nuclear threats from Vladimir Putin as he intends to ratchet up his military response to Ukraine, putting in jeopardy current export shipments from Ukraine ports.

Posted 10:34 -- December corn is up 3/4 cent per bushel, November soybeans are down 13 1/4 cents, December KC wheat is up 23 3/4 cents, December Chicago wheat is up 23 1/4 cents and December Minneapolis wheat is up 18 3/4 cents. The Dow Jones Industrial Average is up 285.36 points and November crude oil is up $2.23 per barrel. The U.S. Dollar Index is down 0.420 and December gold is up $25.70 per ounce. Soybeans and bean oil are getting hit pretty hard at mid-morning on plunging world veg oil prices, anemic demand and the expanding harvest. Corn is barely in the green while wheat has maintained solid gains on concerns over Russia and Ukraine and the expanding southwest drought conditions.

Posted 09:42 -- December corn is up 1 cent per bushel, November soybeans are down 2 3/4 cents, December KC wheat is up 26 1/4 cents, December Chicago wheat is up 25 1/4 cents and December Minneapolis wheat is up 20 3/4 cents. The Dow Jones Industrial Average is up 229.42 points and November crude oil is up $2.36 per barrel. The U.S. Dollar Index is down 0.240 and December gold is up $22.30 per ounce. More bad demand news for corn, with the Energy Information Administration (EIA), in its weekly report showing ethanol production plunging again -- down 5.1% to just 855,000 barrels per day. That is also down over 11% in the past two weeks, as crude oil has plunged, and gasoline consumption has fallen. Ethanol inventory rose by just less than 1% to 22.7 million barrels.

Posted 08:44 -- December corn is up 3 3/4 cents per bushel, November soybeans are up 2 1/4 cents, December KC wheat is up 16 1/2 cents, December Chicago wheat is up 18 1/2 cents and December Minneapolis wheat is up 12 1/2 cents. The Dow Jones Industrial Average is up 56.68 points and November crude oil is up $1.00 per barrel. The U.S. Dollar Index is up 0.140 and December gold is up $18.20 per ounce. World wheat markets are very firm early on Wednesday despite yet another new high in the U.S. Dollar Index, while corn and soybeans are up modestly in quiet trade. Weather in the U.S. is conducive to an acceleration of harvest, with little moisture in the primary Corn Belt for the next few weeks.

Livestock

Posted 11:38 -- December live cattle are down $0.73 at $146.175, November feeder cattle are down $0.85 at $175.425, December lean hogs are down $0.43 at $75.825, December corn is up 1 3/4 cents per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 409.49 points. The entire livestock complex remains hesitant and is continuing to trade lower as traders remain uncomfortable with the economy's position. The cash cattle market hasn't seen any bids renewed at this point but interest should grow stronger throughout the day.

Posted 08:44 -- December live cattle are up $0.15 at $147.05, November feeder cattle are down $0.18 at $176.1, December lean hogs are up $0.68 at $76.925, December corn is up 3 3/4 cents per bushel and December soybean meal is up $2.50. The Dow Jones Industrial Average is up 56.14 points. To start the day off both live cattle and lean hogs are hitting Wednesday's market with a stronger tone. If the cash cattle market can continue to trade cattle steady, then this week's market will see that as a sizeable accomplishment given the strenuous pressure the futures complex has cast over the market. No bids are being offered at this point, but packer interest should improve as the day progresses.