DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 1/4 cent per bushel, November soybeans are down 14 cents, December KC wheat is down 1 1/4 cents, December Chicago wheat is down 1 1/4 cents and December Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is down 72.70 points and November crude oil is up $1.31 per barrel. The U.S. Dollar Index is up 1.230 and December gold is down $8.90 per ounce. As we approach the Wednesday close, wheat has given up early gains, corn is trading close to unchanged, and soybeans and meal remain under pressure. Managed money funds are said to be back selling, focusing on corn, soy and meal, while being net buyers in wheat. Financial markets remain mostly a bearish influence, with the U.S. Dollar Index sharply higher. Gold and equities are lower, but have pared losses.

Posted 10:49 -- December corn is up 1 1/4 cents per bushel, November soybeans are down 11 cents, December KC wheat is up 12 3/4 cents, December Chicago wheat is up 10 cents and December Minneapolis wheat is up 11 1/4 cents. The Dow Jones Industrial Average is down 280.80 points and November crude oil is up $1.79 per barrel. The U.S. Dollar Index is up 1.330 and December gold is down $12.90 per ounce. Wheat is rallying hard, while soybeans are down hard at midmorning. A decision by OPEC+ to drop oil production by 2 million barrels per day is likely to pressure outside markets again as crude oil futures are rallying on the news. Ethanol production rose 4% for the first time in a few weeks, while inventory plunged by 1 million barrels.

Posted 10:18 -- As expected, ethanol production last week recovered a bit, rising by nearly 4% to 889,000 barrels per day. Ethanol inventory declined by 4.5% to 21.7 million barrels. Both seemed to be a positive development for corn demand.

Posted 08:30 -- December corn is down 6 1/4 cents per bushel, November soybeans are down 16 1/4 cents, December KC wheat is down 4 1/4 cents, December Chicago wheat is down 4 3/4 cents and December Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is down 266.23 points and November crude oil is up $0.65 per barrel. The U.S. Dollar Index is up 1.180 and December gold is down $11.00 per ounce. Grain and soybeans begin Wednesday trade once again influenced by outside market forces, with the U.S. Dollar Index rising more than 1.2 points, and the Dow Jones sinking again, pressuring grain and soy markets. Crude oil, weaker early, has bounced a bit ahead of the OPEC+ meeting in which a production cut is likely to be determined.

Livestock

Posted 11:35 -- December live cattle are up $0.63 at $148.125, November feeder cattle are up $1.85 at $177.05, December lean hogs are up $2.05 at $76.475, December corn is up 3 3/4 cents per bushel and December soybean meal is down $0.30. The Dow Jones Industrial Average is down 190.70 points. The cash cattle market hasn't seen any bids develop at this point, but as the day progressed packer interest should improve. One lone bid of $234 has been offered in Nebraska, but feedlots are letting it sit. Asking prices are noted at $145 in the South and are still not established for the North.

Posted 08:34 -- December live cattle are down $0.20 at $147.3, November feeder cattle are up $0.13 at $175.325, December lean hogs are up $0.30 at $74.725, December corn is down 5 3/4 cents per bushel and December soybean meal is down $3.40. The Dow Jones Industrial Average is down 278.46 points. With corn trending $0.06 to $0.07 lower at the day's start, the feeder cattle contracts are backing to rallying, seeming to want take back what the market lost on Tuesday. The live cattle contracts are still trading lower as traders look to see what the cash cattle market does Wednesday.

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