DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is up 10 1/2 cents and May soybeans are up 10 cents. May KC wheat is up 26 1/4 cents and May Minneapolis wheat is up 15 1/4 cents. April crude oil is down $0.72 and Dow Jones futures are down 48 points. The U.S. Dollar Index is up 0.58 and April gold is down $13.20. Led by the surging wheat and corn markets, grain and the soy complex are running higher, rejecting early weakness. My guess is that the funds ran out of bullets as far as selling in the soy complex and are likely covering shorts in both wheat and corn.

Posted 10:43 -- May corn is up 7 3/4 cents and May soybeans are up 3 3/4 cents. May KC wheat is up 20 cents and May Minneapolis wheat is up 10 3/4 cents. April crude oil is down $1.33 and Dow Jones futures are down 196 points. The U.S. Dollar Index is up 0.65 and April gold is down $1.90. The KC wheat market has set back from a run at the 100-day moving average but remains sharply higher despite word that Russia would not be suspending exports, earlier rumored. Corn is sharply higher on more China sales and rumors of additional business being done.

Posted 08:34 -- May corn is up 10 3/4 cents and May soybeans are down 1 1/4 cents. May KC wheat is up 39 1/4 cents and May Minneapolis wheat is up 26 cents. April crude oil is down $1.70 and Dow Jones futures are down 178 points. The U.S. Dollar Index is up 0.53 and April gold is up $3.60. Wheat is flying higher, with KC May rising above the 50-day moving average. Corn is very firm on more China business. Soymeal and oil have both rallied from overnight weakness. The USDA announced another parcel of corn sold to China: sold 204,000 mt (8 mb) of corn for 2022-23. In the past 11 days, that's the eighth sale, amounting to about 108 mb of corn.

Livestock

Posted 11:38 -- June live cattle are up $0.98 at $156.775, May feeder cattle are down $0.95 at $197.65, June lean hogs are up $2.33 at $91.7, May corn is up 7 1/4 cents per bushel and May soybean meal is up $5.00. The Dow Jones Industrial Average is down 82.68 points. The livestock complex has stumbled into some support as both the live cattle and lean hog contracts are trading higher into Friday's noon hour. The feeder cattle contracts are trading lower as corn prices are trending $0.08 to $0.09 higher in the nearby contracts.

Posted 08:34 -- June live cattle are down $0.33 at $155.475, May feeder cattle are down $0.75 at $197.85, June lean hogs are down $0.43 at $88.95, May corn is up 10 3/4 cents per bushel and May soybean meal is up $1.00. The Dow Jones Industrial Average is down 160.33 points. As the market approaches the last trading day of the week, traders are once again handling the livestock contracts cautiously. A little more cash cattle trade could develop, but it's looking like the week's business is done with.

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