DTN's Quick Takes

By DTN Analysts

Grains

Posted 10:33 -- May corn is down 1 cents and May soybeans are up 13 1/4 cents. May KC wheat is up 5 cents and May Minneapolis wheat is up 2 cents. April crude oil is up $4.72 and Dow Jones futures are up 179 points. The U.S. Dollar Index is down 0.30 and April gold is up $20.30. Corn and soybean meal have given up early gains and are now trading lower, while soybeans, bean oil and wheat remain higher. Bean oil is getting a boost from other veg oil markets, with palm oil up 3.3% on Monday. KC May wheat made a run above $9.00 but has since set back.

Posted 08:36 -- May corn is up 3 1/2 cents and May soybeans are up 8 cents. May KC wheat is up 12 3/4 cents and May Minneapolis wheat is up 12 1/4 cents. April crude oil is up $4.37 and Dow Jones futures are up 119 points. The U.S. Dollar Index is down 0.15 and April gold is up $6.80. Grain and soy markets continue to show the strength we saw last week after the bullish stocks report, with soybeans bean oil and wheat up sharply. USDA announced two new export sales early on Monday: Sold 150,000 mt (5.9 mb) of new crop corn (2023-24) to Mexico, and sold 20,000 mt of bean oil to unknown destinations.

Posted Sunday, April 2, at 7:08 p.m. CDT -- After the Sunday evening open, crop and energy prices are higher, following a surprise production cut from OPEC. May corn is up 2 1/2 cents and May soybeans are up 8 1/4 cents with May soybean oil up 1.10 cents. May KC wheat is up 7 3/4 cents. The weekend saw more deadly storms in the Midwest and South, along with more snow across the Northern Plains and even more snow expected again, Monday and Tuesday. It is the heavy snow across the Northern Plains and forecast for below-normal temperatures in early April that is causing many to question USDA's new corn planting estimate of 92.0 million acres. May Minneapolis wheat is up 3/4 cents. May crude oil is up $4.73 after several media sources reported OPEC+ will announce an additional cut in oil production of roughly 1.2 million barrels per day, starting in May for the rest of 2023, a move that puts world oil supplies on a much tighter path this year and forces the Federal Reserve to keep interest rates higher than otherwise needed. Dow Jones futures are up 10 points. The U.S. Dollar Index is up 0.44 and June gold is down $12.30.

Livestock

OMAHA (DTN) -- June live cattle are down $1.33 at $160.8, May feeder cattle are down $2.48 at $202.775, June lean hogs are up $0.10 at $91.725, May corn is down 2 1/2 cents per bushel and May soybean meal is down $3.10. The Dow Jones Industrial Average is up 238.77 points. New showlists appear to be higher in all major feeding areas. Bids and asking prices are yet to be established. Significant trade volume will likely be delayed until the second half of the week. Beef cutouts at midday are higher (choice 283.96 +1.89, select 272.20 +1.48) with very light box movement (32 total loads).

Posted 08:35 -- After Monday's 8:30 a.m. CDT bell, livestock futures are starting cautious in a new week with hog prices still under pressure. June cattle are down $0.03 at $162.10 and May feeder cattle are down $0.20 at $205.05. June lean hogs are down $0.98 at $90.65. May corn is up 3 1/4 cents and May soybean meal is down $2.30. Several sources are reporting OPEC+ will cut production by roughly 1.2 million barrels per day, starting in May, but traders don't seem too worried yet as Dow Jones futures are trading up 121 points.

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