DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- March corn is down 3 3/4 cents per bushel, January soybeans are down 35 1/4 cents, March KC wheat is down 7 1/2 cents, March Chicago wheat is down 6 3/4 cents and March Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is down 304.87 points and January crude oil is up $2.07 per barrel. The U.S. Dollar Index is down 0.990 and February gold is up $53.70 per ounce. Grain and soy markets are in meltdown mode, led by the plunging soy oil and bean futures markets. Reportedly there is some disappointment in the proposed EPA biofuel obligations, but perhaps more pertinent is the rumor that China has bought six to seven cargoes of Argentine soybeans for December-January, presumably cutting into U.S. bean export potential. Also, short-term weather in South America is favorable before Argentina turns hot and dry again.

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Posted 08:37 -- After Thursday's 8:30 a.m. CST open, January soybean oil is trading down 3.11 cents, pressured by last week's boost in distillate supplies and possible nervousness over the anticipation of another round of renewable obligations from the Environmental Protection Agency. January soybeans are down 5 cents, getting some offsetting support from meal. March corn is up 1 1/4 cents. USDA's latest report of export sales was generally disappointing, but USDA did later report a sale of 4.5 million bushels (114,300 mt) of corn to Mexico for 2022-23. March KC wheat is down 4 1/2 cents and March Minneapolis wheat is down 4 1/2 cents. January crude oil is up $2.34 and Dow Jones futures are up 4 points. The U.S. Dollar Index is down 1.04 and February gold is up $54.20, supported by Fed Chairman Powell's less hawkish comments on Wednesday.

Livestock

Posted 08:38 -- February live cattle are down $0.18 at $155.5, January feeder cattle are up $0.08 at $180.55, February lean hogs are down $0.50 at $84.85, March corn is down 1/2 cent per bushel and January soybean meal is up $6.10. The Dow Jones Industrial Average is down 49.85 points. A light cash cattle trade developed in parts of the South Wednesday at $155, fully steady with last week's weighted averages. The North continues to hold out for higher money. Lean hogs will continue to be monitored closely due to concerns of a slowing global economy.

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This year's DTN Ag Summit will be conducted virtually on the mornings of Dec. 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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