DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Late Thursday trade has March corn up 8 3/4 cents per bushel, March soybeans up 19 3/4 cents, March KC wheat up 20 3/4 cents, March Chicago wheat up 11 3/4 cents and March Minneapolis wheat up 8 1/4 cents. The Dow Jones Industrial Average is up 128.87 points and March crude oil is up $1.12 per barrel. The U.S. Dollar Index is up 0.227 and February gold is down $10.40 per ounce. Wheat trade has found some support after a USDA speaker told a European audience that Russia's claim of a 100 million metric tons (mmt) wheat crop is "not feasible," while holding to their 91 mmt estimate. Argentina's Buenos Aires Grain Exchange has boosted their corn crop condition rating from 5% to 12% good-to-excellent this week, while the soybean rating has improved from 3% to 7% good-to-excellent. Crops are showing signs of stabilizing following recent rains, although this has not placed a damper on Thursday's row crop trade.

Posted 10:34 -- In midmorning trade Thursday, March corn is up 8 cents per bushel, March soybeans are up 17 1/2 cents, March KC wheat is up 21 1/4 cents, March Chicago wheat is up 12 cents and March Minneapolis wheat is up 12 1/2 cents. The Dow Jones Industrial Average is down 39.54 points and March crude oil is up $1.49 per barrel. The U.S. Dollar Index is up 0.440 and February gold is down $16.90 per ounce. This week's Drought Monitor showed only modest improvement for the Plains over the past week, while exposed HRW crops face chances of winterkill over the next week as an arctic air mass pushes south. Grains have seen their Thursday morning highs pared but remain higher despite a stronger U.S. dollar trade and chances of rain in Argentina's forecast over the next week. Later Thursday, focus will be on reported crop conditions for Argentina's row crops.

Posted 08:33 -- March corn is up 4 1/4 cents per bushel, March soybeans are up 9 cents, March KC wheat is up 10 1/2 cents, March Chicago wheat is up 10 1/4 cents and March Minneapolis wheat is up 5 3/4 cents. The Dow Jones Industrial Average is up 91.61 points and March crude oil is up $1.87 per barrel. The U.S. Dollar Index is up 0.100 and February gold is down $5.50 per ounce. USDA announced a new flash sale of 106,000 mt (3.9 mb) of New crop soybeans to China for the year 2023-24. Corn and wheat export sales continue to underperform, with total commitments now down 45% on corn and 7% on wheat versus last year. Soybean sales continue to be 5% higher than a year ago. Jobless claims came in lower than expected, sending the stock market to modest gains.

Livestock

Posted 11:44 -- April live cattle are down $0.60 at $160.95, March feeder cattle are down $0.38 at $183.375, April lean hogs are up $1.63 at $86.95, March corn is up 6 cents per bushel and March soybean meal is up $9.00. The Dow Jones Industrial Average is up 71.61 points. The cash cattle market has bids of $153 to $154 being offered in both the North and the South, as well as bids of $246 dressed in the North. Asking prices remain firm around $157-plus in the South and $250-plus in the North.

Posted 08:33 -- April live cattle are down $0.30 at $161.25, March feeder cattle are down $0.23 at $183.525, April lean hogs are up $0.03 at $85.35, March corn is up 4 cents per bushel and March soybean meal is up $1.30. The Dow Jones Industrial Average is up 125.67 points. Beef net sales of 25,100 mt for 2023 were primarily for South Korea (10,00 mt), Japan (4,400 mt) and China (4,200 mt). Pork net sales of 44,700 mt for 2023 were primarily for Mexico (17,700 mt), China (12,500 mt) and Japan (3,700 mt).

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