DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Tuesday's close, March corn is up 9 3/4 cents per bushel, March soybeans are down 1 1/2 cents, March KC wheat is up 17 3/4 cents, March Chicago wheat is up 15 1/4 cents and March Minneapolis wheat is up 15 1/2 cents. The Dow Jones Industrial Average is up 87.71 points and March crude oil is down $1.57 per barrel. The U.S. Dollar Index is down 0.219 and February gold is up $7.80 per ounce. Weather remains viewed as a bearish factor for the grains overall on Tuesday, with precipitation to hit Argentina and the Southern Plains this week although the benefit to crops will take some time to determine. March corn has climbed back above its 100-day moving average, while wheat futures have stabilized within Monday's range in sideways trade. Weakness in soybean oil and late-session weakness in March soymeal is seen dragging soybeans to a potential finish in negative territory.

Posted 10:30 -- In midmorning trade, March corn is up 7 1/4 cents per bushel, March soybeans are up 3 1/4 cents, March KC wheat is up 18 1/2 cents, March Chicago wheat is up 13 cents and March Minneapolis wheat is up 15 cents. The Dow Jones Industrial Average is up 2.93 points and March crude oil is down $1.16 per barrel. The U.S. Dollar Index is down 0.205 and February gold is up $7.10 per ounce. Corn and wheat futures have seen morning gains extended, while soybean gains have been pared with soybean oil trading lower and March soymeal giving up early gains to slip into negative territory. USDA reported private sales of 130,000 mt of corn to unknown destinations for 2022-23 shipment.

Posted 08:36 -- March corn is up 5 1/4 cents per bushel, March soybeans are up 12 cents, March KC wheat is up 8 cents, March Chicago wheat is up 6 cents and March Minneapolis wheat is up 7 1/4 cents. The Dow Jones Industrial Average is down 155.68 points and March crude oil is down $0.02 per barrel. The U.S. Dollar Index is down 0.010 and February gold is up $2.80 per ounce. Soybeans and bean meal are leading the ag markets higher following Monday's dramatic sell-off. It's a testament to the still strong demand and the unwillingness of traders to get bearish without seeing improvement in the Argentine soybean and corn crops. March beans are attempting to fill the still open chart gap left on Sunday night.

Livestock

Posted 11:33 -- April live cattle are down $0.15 at $160.4, March feeder cattle are down $0.53 at $182.75, April lean hogs are down $1.05 at $84.4, March corn is up 8 cents per bushel and March soybean meal is up $0.10. The Dow Jones Industrial Average is up 4.74 points. The livestock complex is trading lower into Tuesday's afternoon as the market notes a slight increase in corn prices. It's been a lackluster, uneventful day and it's quite likely that the contracts will close with this doggish undertone.

Posted 08:36 -- April live cattle are up $0.03 at $160.575, March feeder cattle are down $0.08 at $183.2, April lean hogs are up $0.35 at $85.8, March corn is up 4 1/2 cents per bushel and March soybean meal is up $9.20. The Dow Jones Industrial Average is down 155.51 points. As the corn complex starts the day off stronger, both the live cattle and feeder cattle contracts are trading mixed. The lean hog complex is trading higher as the market seems to have found some technical support.