DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Friday's close and September's end, grain prices remain on the course set following today's USDA release, which included surprises. December corn is up 17 1/4 cents per bushel, November soybeans are down 28 3/4 cents, December KC wheat is up 34 1/2 cents, December Chicago wheat is up 38 1/4 cents and December Minneapolis wheat is up 27 cents. Crude oil futures are down $1.26 per barrel, the U.S Dollar Index is up .011 and the Dow Jones Industrial Index is down 187.4 points. Wheat continues lead the gains realized Friday, as tighter-than-expected stocks and lower-than-expected production are reported at a time when uncertainty over the access to Black Sea supplies continues to grow.

Posted 11:28 -- Following the release of the USDA's Quarterly Stocks report and Small Grains 2022 Summary, December corn is up 11 cents per bushel, November soybeans are down 29 1/2 cents, December KC wheat is up 25 1/4 cents, December Chicago wheat is up 24 1/2 cents and December Minneapolis wheat is up 16 3/4 cents. Today's reports show Sept. 1 corn stocks below expectations at 1.38 bb, soybean stocks above expectations at 274 mb and wheat stocks slightly lower than expectations at 1.776 bb. Wheat production was estimated below expectations at 1.65 bb, only marginally higher than 2021. Winter wheat production at an estimated 1.1 bb and Other Spring Wheat production at 482 mb were both below expectations. Crude oil futures are down 96 cents per barrel, the U.S Dollar Index is up .142 and the Dow Jones Industrial Index is down 162.1 points in volatile outside market trade.

Posted 10:34 -- In midmorning trade, December corn is up 12 3/4 cents per bushel, November soybeans are up 11 3/4 cents, December KC wheat is up 12 cents, December Chicago wheat is up 14 1/2 cents and December Minneapolis wheat is up 8 1/4 cents. Wheat futures Have led the row crops higher ahead of the 11:00 CDT report release, although gains have been pared, with tensions are seen rising in the Black Sea region. Crude oil futures are down 92 cents per barrel, the U.S. Dollar Index is down .189 and the Dow Jones Industrial Index is up 92.2 points. The Associated Press has reported that the U.S. has revealed further sanctions on more than 1,000 people and companies linked to the invasion of Ukraine following Russia's annexation of four regions of Ukraine, while a change in direction for the U.S. dollar into negative territory has provided additional support to the grains.

Posted 08:37 -- On the open, December corn is up 2 1/2 cents per bushel, November soybeans are down 2 cents, December KC wheat is up 3 3/4 cents, December Chicago wheat is up 4 cents and December Minneapolis wheat is up 1/2 cent. The markets are preparing for the USDA's quarterly Grain Stocks report for stocks on hand as of Sept. 1, due out at 11:00 CDT, including the Small Grains summary of the final 2022 wheat production. Also on the radar for all the markets is the news that Russian President Putin signed an accord Friday to annex four occupied Ukraine regions and how this plays out in the current war with Ukraine. Crude oil futures are down 65 cents per barrel, the U.S. Dollar Index is up .207 and the Dow Jones Industrial Index is down 67.36 points.

Livestock

Posted 11:34 -- December live cattle are down $0.95 at $146.825, November feeder cattle are down $2.73 at $175.1, December lean hogs are up $0.43 at $76.15, December corn is up 13 1/4 cents per bushel and December soybean meal is down $1.60. The Dow Jones Industrial Average is down 119.03 points. The cattle complex is enduring some pressure as traders look for continued support after they helped the market close higher Thursday afternoon. But with the onset of higher corn prices, traders have backed away from the contracts as they want a better understanding of just how high prices are going to get for corn.

Posted 08:37 -- December live cattle are up $0.10 at $147.875, November feeder cattle are down $0.53 at $177.3, December lean hogs are up $1.03 at $76.75, December corn is up 2 1/4 cents per bushel and December soybean meal is up $2.50. The Dow Jones Industrial Average is down 55.98 points. As the lean hog complex absorbs Thursday's Quarterly report, the lean hog contracts are trending modestly higher into Friday's morning. After closing higher Thursday afternoon, the cattle contracts are now trading mildly lower as they again look for support.