DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Thursday's close, row crops are quietly mixed, while wheat prices remain lower. March corn is down 3 cents and March soybeans are up 1 1/2 cents. A mixture of snow and ice are falling from western Nebraska to southwestern Minnesota; but elsewhere temperatures are warm enough to move grain, if so inclined. March KC wheat is down 16 cents and March Minneapolis wheat is down 14 3/4 cents with big areas of precipitation expected next week. Outside markets are offering mixed influence. February crude oil is down $1.06 and Dow Jones futures are up 354 points. The U.S. Dollar Index is down 0.59 and February gold is up $10.40.

Posted 10:38 -- At midmorning Thursday, March corn is down 4 3/4 cents after the U.S. Energy Department said ethanol production dropped from 1.029 million barrels per day to 963,000 last week, likely hindered by bitter cold conditions in the days leading up to Christmas. Ethanol inventory increased from 24.1 to 24.6 million barrels, the most since April. March soybeans are up 1/4 cent with meal down $1.20 and bean oil up 1.24 cents. March KC wheat is down 18 1/4 cents and March Minneapolis wheat is down 17 cents, pressured by moderate to heavy precipitation in the seven-day forecast for the western and southeastern U.S. February crude oil is down $1.02 and Dow Jones futures are up 320 points. The U.S. Dollar Index is down 0.47, helped by news from CNBC.com that natural gas prices in Europe are back to pre-war levels, a big relief for the European economies.

Posted 08:35 -- After Thursday's 8:30 a.m. CST open, wheat prices are lower with moderate to heavy precipitation expected in much of the western and eastern U.S. the next seven days, but not as much in the southwestern Plains. March KC wheat is down 15 cents and March Minneapolis wheat is down 13 1/2 cents. March corn is down 2 1/2 cents and March soybeans are up 1 1/2 cents. Argentina has another chance for rain this weekend, but the rains don't stay long and aren't very consistent. February crude oil is down $1.67 and Dow Jones futures are up 145 points. The U.S. Dollar Index is down 0.46 and February gold is up $2.80. The U.S. Dollar Index remains near its lowest prices in six months.

Livestock

Posted 11:34 -- February live cattle are up $1.20 at $159., March feeder cattle are up $0.75 at $186.95, February lean hogs are down $1.48 at $89.325, March corn is down 3 cents per bushel and March soybean meal is down $2.70. The Dow Jones Industrial Average is up 390.28 points. The cash cattle market has yet to trade as packers are offering bids well below feedlots' asking prices. Bids of $154 are currently being offered in Texas and bids of $248 to $249 in Nebraska -- but feedlots' asking prices remain firm at $158 in the South and $256 in the North. It's likely we don't see trade develop until Friday.

Posted 08:34 -- February live cattle are up $0.45 at $158.25, March feeder cattle are up $0.55 at $186.75, February lean hogs are down $0.88 at $89.925, March corn is down 3 cents per bushel and March soybean meal is down $1.90. The Dow Jones Industrial Average is up 326.46 points. A few bids are popping up in Texas at $154, but that's well below the market's asking price of $158 in the South and $256 in the North. Interest is expected to grow stronger as Thursday morning trades on.

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