DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 3 3/4 cents per bushel, November soybeans are up 1 1/2 cents per bushel. December KC wheat is down 14 1/4 cents per bushel, December Chicago wheat is down 8 1/4 cents per bushel and December Minneapolis wheat is down 14 3/4 cents. The Dow Jones Industrial Average is down 311.91 points at 33,306.97 and The U.S. Dollar Index is up 0.600 at 106.83 and November crude oil is up $3.17 per barrel at $93.56. The two hard wheat markets are under heavy pressure, with KC and Minneapolis each falling to a new low. Corn, soybeans, and bean oil are maintaining gains, but well below the daily highs, while soybean meal has reversed early gains to move lower. Egypt's GASC wheat tender was satisfied with 120,000 mt from Romania and another 60,000 mt sourced from Bulgaria at a $15/mt discount to the Russian offers. Ukraine was reported to have one offer even $16/mt lower than the traded wheat, but no one was willing to supply freight, according to reports.

Posted 10:32 -- In midmorning trade, December corn is up 5 cents per bushel, November soybeans are up 7 3/4 cents, December KC wheat is down 8 1/4 cents, December Chicago wheat is down 3 cents and December Minneapolis wheat is down 4 3/4 cents. The Dow Jones Industrial Average is down 59 points and November crude oil is up $3.55 per barrel. The U.S. Dollar Index is up 0.320 and December gold is down $22.00 per ounce. The Energy Information Administration reports ethanol production rising to 1.009 million barrels per day for the week ended Sept. 22, up 15.3% from the same date last year, while above the range of pre-report estimates. Ethanol inventory rose modestly to 22.048 million barrels, slightly above the range of pre-report estimates while 2.9% lower than the same week in 2022. Egypt's GASC wheat tender resulted in 35 offers for November delivery, with Russian offers steady at $270/mt FOB, while France, Romania and Ukraine offers ranged from $230/mt to $267/mt FOB USD, while final results have yet to be released.

Posted 08:38 -- December corn is up 3 1/4 cents per bushel, November soybeans are up 5 1/2 cents per bushel. December KC wheat is down 3/4 cent per bushel, December Chicago wheat is up 1/2 cent per bushel and December Minneapolis wheat is 1/2 cent higher. The Dow Jones Industrial Average is up 97.07 points at 33,715.95. The U.S. Dollar Index is up 0.240 at 106.47 and November crude oil is up $2.00 per barrel at $92.39. Corn and soybeans are firmly up, while wheat is slightly lower with little to drive markets early on Wednesday. The highest U.S. Dollar Index since November makes our wheat more costly to importers at a time when export sales are already dismal. However, we can probably expect some evening up ahead of Friday's USDA report. Funds remain short a sizable position in Chicago wheat.

Livestock

Posted 11:30 -- December live cattle are down $0.08 at $188.4, November feeder cattle are down $2.00 at $254.875, December lean hogs are up $0.63 at $72.975, December corn is up 5 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 183.62 points. Some light trade has been reported in the North at $290 to $291 Wednesday morning, $1.00 to $2.00 lower than last week's weighted average. Packer interest should improve throughout the day and it's still unclear where prices are going to exactly land, although steady/slightly weaker tones are summarizing the market's feel early on.

Posted 08:35 -- December live cattle are up $0.08 at $188.55, November feeder cattle are down $0.45 at $256.425, December lean hogs are down $0.33 at $72.025, December corn is up 3 cents per bushel and December soybean meal is up $2.60. The Dow Jones Industrial Average is up 79.76 points. There was a light round of trade reported late Tuesday afternoon at $183 in the South, fully steady with last week's business. No bids have been renewed at this point, but interest is likely to improve throughout the day. Asking prices in the South are noted at $184 and are still unestablished in the North.

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