DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 01:32 p.m. CST -- As we near the end of Wednesday's session, March corn is down 3/4 cents, March soybeans are up 9 3/4 cents, March KC wheat is up 6 3/4 cents, March Chicago wheat is up 6 1/2 cents and March Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is down 80.89 points and March crude oil is up $0.43 per barrel. The U.S. Dollar Index is down 0.254 and February gold is up $6.50 per ounce. A missile is reported to have struck a Turkish vessel in Ukraine's Kherson port, another reminder of the fragile nature of exports from this region, while the commitment by various countries to send tanks to Ukraine will lead to increased tensions. Weather uncertainty in Argentina and southern Brazil has both soymeal and soybeans poised for a higher close, while despite the Lunar New Year holiday celebrated by several Asian countries that has stifled demand this week.

Posted 10:34 -- In midmorning trade Wednesday, March corn is down 1/4 cent, March soybeans are up 5 1/2 cents, March KC wheat is up 12 1/4 cents, March Chicago wheat is up 7 3/4 cents and March Minneapolis wheat is up 7 1/2 cents. The Dow Jones Industrial Average is down 292.3 points and March crude oil is up $0.74 per barrel. The U.S. Dollar Index is down 0.04 and February gold is down $0.60 per ounce. Model variability points to varying amounts of precipitation expected for Argentina over the next week, with soymeal moving into positive territory and supporting a move higher in soybean prices. A weekly increase of 7.2% in ethanol stocks to the highest level reported in more than nine months has led to corn prices slipping into negative territory.

Posted 09:44 -- March corn is down 1 1/2 cents per bushel, March soybeans are up 7 cents, March KC wheat is up 11 3/4 cents, March Chicago wheat is up 6 1/4 cents and March Minneapolis wheat is up 7 cents. The Dow Jones Industrial Average is down 432.99 points and March crude oil is up $0.23 per barrel. The U.S. Dollar Index is down 0.070 and February gold is down $4.80 per ounce. While ethanol production rose only modestly to 1.012 million barrels per day, ethanol stocks surged to 25.1 million barrels versus 23.4 mb a week ago. That's a gain of 7.2% and should be slightly bearish corn.

Posted 08:34 -- March corn is up 1 1/4 cents per bushel, March soybeans are down 8 1/2 cents, March KC wheat is up 11 cents, March Chicago wheat is up 6 3/4 cents and March Minneapolis wheat is up 6 1/2 cents. The Dow Jones Industrial Average is down 274.36 points and March crude oil is up $0.06 per barrel. The U.S. Dollar Index is down 0.010 and February gold is down $4.60 per ounce. Soybeans, meal and bean oil are again leaking on the forecast for more rains to hit Argentina. USDA announced two new export sales: 3.9 mb of corn sold to unknown, and 4.8 mb of soybeans, both to unknown destinations for the 2022-23 crop year.

Livestock

OMAHA (DTN) -- April live cattle are up $0.25 at $161.55, March feeder cattle are up $0.15 at $183.75, April lean hogs are down $0.05 at $85.325, March corn is down 2 1/4 cents per bushel and March soybean meal is up $5.70. The Dow Jones Industrial Average is down 49.60 points. Wednesday's Cold Storage report shared that total red meat supplies in freezers were up 2% from last and up 11% from a year ago. Total pounds of beef in freezers were up 4% from last month and up 7% from last year. Frozen pork supplies were up 1% from the previous month and up 16% from last year. Stocks of pork bellies were up 16% from last month and up 66% from last year.

Posted 11;47 -- April live cattle are up $0.10 at $161.4, March feeder cattle are up $0.05 at $183.65, April lean hogs are up $0.23 at $85.6, March corn is up 1/2 cent per bushel and March soybean meal is up $2.10. The Dow Jones Industrial Average is down 219.75 points. The livestock contracts are trading mostly higher into Wednesday's afternoon as the corn market is trading mostly sideways and as the markets are seeing adequate fundamental support. The higher tone throughout the cattle contracts could embolden feedlots and potentially help the cash cattle market trade higher.

Posted 08:33 -- April live cattle are down $0.23 at $161.075, March feeder cattle are down $0.38 at $183.225, April lean hogs are down $0.20 at $85.175, March corn is up 1 1/4 cents per bushel and March soybean meal is down $3.30. The Dow Jones Industrial Average is down 258.72 points. The live cattle and feeder cattle contracts are starting the day off lower while the lean hog complex pushing a mild rally at Wednesday's start. Some bids could begin to develop throughout the cash market, but most business will likely take place on Thursday and Friday.