DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Wednesday's close, December corn is down 1 1/4 cent per bushel, January soybeans are up 3 3/4 cents, December KC wheat is down 13 3/4 cents, December Chicago wheat is down 19 1/2 cents and December Minneapolis wheat is down 11 cents. The Dow Jones Industrial Average is down 499.9 points and December crude oil is down $2.70 per barrel. The U.S. Dollar Index is up 0.871 and December gold is down $7.10 per ounce. An increase in COVID-19 cases in the manufacturing city of Guangzhou, China, along with increased lockdowns has global markets on edge on Wednesday. As well, Russia is withdrawing troops from the Ukraine city of Kherson, a huge blow to Russia's offensive against Ukraine. Soybeans continue to find strength from higher soybean oil futures, which are defying today's U.S. dollar strength and crude oil weakness.

Posted 11:25 -- Following today's release of the November WASDE report, December corn is down 2 1/4 cents per bushel, January soybeans are down 3 cents, December KC wheat is down 7 cents, December Chicago wheat is down 12 cents and December Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is down 316.1 points and December crude oil is down $2.19 per barrel. The U.S. Dollar Index is up 0.557 and December gold is down $1.30 per ounce. The USDA increased yield estimates and production for both corn and soybeans, with ending stocks of corn increased by an amount that was less than expected while ending stocks of soybeans were increased to a level slightly higher than expected. U.S. wheat stocks for 2022-23 were estimated slightly lower than seen in October. Global data saw the estimate for corn stocks reduced while stocks of both soybeans and wheat were revised higher. Weekly ethanol production rose more than expected to 1.051 million barrels/day, the highest seen since late June, while ethanol inventories fell to 22.2 million barrels, reported in the lower end of the range of pre-report estimates.

Posted 10:33 -- December corn is down 5 1/2 cents per bushel, January soybeans are up 5 cents, December KC wheat is down 6 1/4 cents, December Chicago wheat is down 12 cents and December Minneapolis wheat is down 5 3/4 cents. The Dow Jones Industrial Average is down 283.61 points and December crude oil is down $1.69 per barrel. The U.S. Dollar Index is up 0.410 and December gold is down $0.10 per ounce. Wheat and corn are under heavy selling pressure just ahead of the November USDA report, while beans are reacting to more business, with Wednesday's sale of a combined 17 mb to China and Unknown, and the reversal in soy oil, now up nearly 1 cent despite the weakness in crude.

Posted 08:37 -- December corn is down 3 1/2 cents per bushel, January soybeans are down 3 1/4 cents, December KC wheat is down 9 cents, December Chicago wheat is down 11 cents and December Minneapolis wheat is down 7 1/2 cents. The Dow Jones Industrial Average is down 198.60 points and December crude oil is down $1.32 per barrel. The U.S. Dollar Index is up 0.570 and December gold is down $1.40 per ounce. USDA again announced two new soybean sales for 2022-23: A sale of 264,000 mt (9.7 million bushels) to China and another 198,000 mt (7.3 mb) sold to unknown destinations. That's a total of 32 mb sold in the past two days. However, all of the primary ag futures markets are lower ahead of Wednesday's USDA report.

Livestock

Posted 11:33 -- December live cattle are down $1.25 at $151.8, January feeder cattle are up $0.13 at $180.025, December lean hogs are down $0.35 at $85.225, December corn is down 1 1/2 cents per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is down 334.31 points. The cash cattle market has yet to see any business develop and it's unlikely any develops this afternoon as feedlots aim to advance the market again this week. Asking prices in the South are noted at $152, and in the North at $245.

Posted 08:36 -- December live cattle are down $0.33 at $152.725, January feeder cattle are down $0.38 at $179.525, December lean hogs are down $0.28 at $85.3, December corn is down 3 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is down 181.62 points. The livestock contracts are trading hesitantly ahead of Wednesday morning's WASDE report. The cattle contracts will be watching closely to see if demand is scaled back in the form of exports as the U.S. dollar's strength pressures export opportunities.

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This year's DTN Ag Summit will be conducted virtually on the mornings of December 12-13, 2022. Please join us for DTN lead analyst Todd Hultman's insights into how long these high crop prices will last and what to watch for in the year ahead. Full details available at www.dtn.com/agsummit

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