DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
Posted 12:56 -- Closer to Thursday's close, the bulk of selling remains focused on soy products with May meal down $13.00 and May bean oil down 2.48 cents. May corn is down 1 cent, protected by a seventh corn sale to China. May soybeans are down 28 1/4 cents, influenced by 10 consecutive lower soybean closes in China. May KC wheat is up 9 3/4 cents and May Minneapolis wheat is up 8 1/4 cents. May crude oil is down $0.85 and Dow Jones futures are up 151 points. The U.S. Dollar Index is down 0.01 and April gold is up $51.10, a surprising response after Wednesday's quarter-percent rate hike.
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Posted 12:21 -- As we near Thursday's close, soy products are showing the largest percentage losses, taking the May crush premium back to its lowest level since July. May soybean meal is down $10.60 and May bean oil is down 2.68 cents. Noncommercials that were heavily net long soybeans and meal not long ago continue to find themselves under pressure to liquidate positions with concerns about this week's sharp drops in China's soy prices. May corn is down 2 1/4 cents and May soybeans are down 25 1/2 cents. May KC wheat is up 10 cents and May Minneapolis wheat is up 9 cents. May crude oil is down $0.74 and Dow Jones futures are up 203 points. The U.S. Dollar Index is down 0.06 and April gold is up $44.50.
Posted 10:56 -- At midmorning Thursday, the soy complex remains under extreme bearish pressure after May contracts of Chinese soybean and soybean oil prices fell to new contract lows earlier Thursday. May corn is down 1/4 cent and May soybeans are down 25 1/2 cents. May soybean oil in the U.S. is trading down 2.20 cents, caught in a broad bearish move in vegetable oil prices, even after USDA reported marketing-year high export sales of 10,800 mt of soybean oil for last week. May KC wheat is up 8 3/4 cents and May Minneapolis wheat is up 5 3/4 cents. May crude oil is up $0.58 and Dow Jones futures are up 393 points. The U.S. Dollar Index is down 0.25 and April gold is up $39.00.
Posted 08:36 -- After Thursday's 8:30 a.m. open, corn and wheat prices are higher, while the soy complex remains under pressure. May corn is up 7 1/4 cents, helped by USDA reporting 121.9 million bushels of U.S. corn export sales for last week, the highest weekly total since September 2021. USDA then added another 4.8-million-bushel sale of old-crop corn to China at 8 a.m. CDT. May soybeans are down 8 cents. May KC wheat is up 9 1/4 cents, starting higher after Wednesday's roller-coaster action in KC wheat prices. May Minneapolis wheat is up 8 1/2 cents. May crude oil is up $0.43 and Dow Jones futures are up 164 points, one day after the Fed raised rates a quarter-percent. The U.S. Dollar Index is down 0.10 and April gold is up $29.50.
LivestockOMAHA (DTN) -- June live cattle are down $0.10 at $155.8, April feeder cattle are up $0.63 at $195., June lean hogs are up $0.03 at $89.375, May corn is down 1 3/4 cents per bushel and May soybean meal is down $13.30. The Dow Jones Industrial Average is down 3.16 points. Total red meat in freezers was down 3% from last month but up 2% from a year ago. Total pounds of beef in freezers were down 6% from the previous month and down 6% from a year ago. Frozen pork supplies were up slightly from last month, but up 9% from a year ago. Stocks of pork bellies were up 1% from a month ago and up 42% from a year ago.
Posted 11:30 -- June live cattle are down $0.03 at $155.875, April feeder cattle are up $0.38 at $194.75, June lean hogs are down $0.18 at $89.175, May corn is down 5 1/4 cents per bushel and May soybean meal is down $9.90. The Dow Jones Industrial Average is up 375.21 points. The livestock complex continues to trade hesitantly as traders are uncertain about the market. The cash cattle market hasn't seen any more trade develop, but more trade should develop ahead of the weekend.
Posted 08:35 -- June live cattle are up $0.05 at $155.95, April feeder cattle are up $0.05 at $194.425, June lean hogs are down $0.35 at $89., May corn is up 9 cents per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is up 133.47 points. Beef net sales of 18,600 mt for 2023 were up 5% from the previous week and 59% from the prior four-week average. The three primary buyers were South Korea (10,800 mt), Japan (3,600 mt) and China (1,500 mt). Pork net sales of 38,000 mt for 2023 were up 7% from the previous week and 8% from the prior four-week average. The three primary buyers were Mexico (18,400 mt), Canada (4,800 mt) and Japan (4,400 mt).
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