DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is steady, March soybeans are down 14 cents, March KC wheat is up 5 1/4 cents, March Chicago wheat is down 4 1/2 cents and March Minneapolis wheat is down 1 3/4 cents. The Dow Jones Industrial Average is down 73.30 points and March crude oil is up $0.52 per barrel. The U.S. Dollar Index is up 0.750 and April gold is up $3.00 per ounce. Soybeans and soymeal remain under heavy selling pressure just ahead of the close, while corn is meandering around unchanged and wheat is a mixed bag. The midday weather forecast appears to have turned wetter beyond February 12 in Argentina, while more reports of record soy yields are coming out of northern Brazil. If March soybean meal closes down where it is, it would be a bearish reversal chart pattern.

Posted 10:38 -- March corn is down 2 3/4 cents per bushel, March soybeans are down 10 3/4 cents, March KC wheat is up 2 cents, March Chicago wheat is down 5 3/4 cents and March Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is down 71.26 points and March crude oil is down $0.01 per barrel. The U.S. Dollar Index is up 0.720 and April gold is up $4.40 per ounce. Soybeans and meal are leading the CME weakness early Monday, with March soymeal threatening to close with a bearish engulfing line pattern without a late-day recovery. Corn and wheat have relinquished early gains to trade lower as well, as the U.S. Dollar Index continues to move higher.

Posted 08:35 -- March corn is up 1/2 cent per bushel, March soybeans are down 5 3/4 cents, March KC wheat is up 12 1/4 cents, March Chicago wheat is up 7 1/2 cents and March Minneapolis wheat is up 4 1/4 cents. The Dow Jones Industrial Average is down 112.67 points and March crude oil is up $0.64 per barrel. The U.S. Dollar Index is up 0.480 and April gold is up $8.50 per ounce. USDA announced two new sales of corn: Sold 111,800 mt (4.4 mb) of corn to Japan for 2022-23, and another 200,000 mt (7.9 mb) was sold to Mexico, with 100,000 mt (3.9 mb) of that for the current 2022-23 crop year. Soybeans and soymeal are correcting a bit, while KC wheat is attempting to close higher for the eighth time in the past 10 trading days.

Posted Sunday, Feb. 5, at 7:06 p.m. -- After a relatively quiet Sunday evening open, March corn is up 1/4 cent and March soybeans are down 3/4 cent. The forecast for central and northern Brazil remains wet the next seven days, keeping the soybean harvest at a slower-than-normal pace, while the forecast for Argentina will be mostly dry this week with above-normal temperatures until better rain chances arrive in the upcoming weekend. March KC wheat is up 4 cents and March Minneapolis wheat is down 3/4 cent. DTN's seven-day forecast expects moderate precipitation in the eastern Midwest and southern plains, including the eastern halves of Kansas and Oklahoma. March crude oil is up $0.09 and Dow Jones futures are down 59 points. The U.S. Dollar Index is up 0.26 after posting a big, weekly bullish reversal Friday. April gold is up $3.20.

Livestock

Posted 11:42 -- April live cattle are up $0.28 at $164.4, March feeder cattle are up $1.40 at $187.5, April lean hogs are down $3.30 at $83.175, March corn is down 4 1/2 cents per bushel and March soybean meal is down $7.80. The Dow Jones Industrial Average is down 77.73 points. Last week's negotiated cash cattle trade totaled 64,468 head. Of that 92% (59,129 head) were committed for nearby delivery, while the remaining 8% (5,339 head) were committed for deferred delivery. Packers are extremely short-bought heading into this week's trade, which will likely mean the cash cattle market could trade substantially higher.

Posted 08:34 -- April live cattle are up $0.03 at $164.15, March feeder cattle are down $0.05 at $186.05, April lean hogs are down $0.48 at $86., March corn is up 1/2 cent per bushel and March soybean meal is down $5.20. The Dow Jones Industrial Average is down 100.44 points. The livestock market seems to be gingerly entering Monday's complex. Watching to see what packers will do this week will be incredibly interesting as cattle didn't trade in the South last week.

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