DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is up 4 1/4 cents per bushel, November soybeans are down 4 1/2 cents per bushel. December KC wheat is down 9 3/4 cents per bushel, December Chicago is down 3/4 cent per bushel and December Minneapolis wheat is down 3 cents. The Dow Jones Industrial Average is up 86.67 points at 33,636.94 and The U.S. Dollar Index is down 0.390 at 106.27 and November crude oil is down $2.17 per barrel at $91.51. As it has been for the entire day, soybeans, bean oil and KC wheat are the weak ag commodities as funds are liquidating longs in soybeans and bean oil, while buying corn and soymeal. Rumors are floating around about China possibly switching some cargoes of beans from the U.S. to cheaper Brazilian soybeans, with confirmation lacking.
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Posted 10:47 -- December corn is up 3 cents per bushel, November soybeans are down 4 3/4 cents per bushel. December KC wheat is down 4 cents per bushel, December Chicago wheat is up 2 3/4 cents per bushel and December Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is up 147.76 points at 33,698.03, the U.S. Dollar Index is down 0.520 at 106.14 and November crude oil is down $0.90 per barrel at $92.78. At mid-morning, soybeans, bean oil and KC wheat remain the only grain and soy contracts still lower. There is very little news leaving traders wondering if there will be any surprises in the USDA quarterly grain stocks report out on Friday. December bean oil futures are nearing the recent low and the lowest levels since the end of June. We assume it is fund liquidation in beans and oil.
Posted 08:36 -- December corn is up 1/4 cent per bushel, November soybeans are down 14 1/2 cents per bushel. December KC wheat is down 11 cents per bushel, December Chicago wheat is down 2 1/2 cents per bushel and December Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is up 11.25 points at 33,561.52. The U.S. Dollar Index is down 0.390 at 106.28 and November crude oil is down $0.86 per barrel at $92.82. Soybeans, bean oil and KC wheat are under heavy selling pressure early Thursday. U.S. exports remain dismal with corn down 3%, soybeans down 34% and wheat down 14% from a year ago. Traders are awaiting the Friday USDA quarterly grain stocks and small grains reports to come out.
Livestock
Posted 11:29 -- December live cattle are up $2.53 at $190.7, November feeder cattle are up $2.58 at $257.375, December lean hogs are up $3.05 at $75.825, December corn is up 4 1/4 cents per bushel and December soybean meal is up $3.70. The Dow Jones Industrial Average is up 180.61 points. The livestock complex is rallying as all three of the contracts are seeing ample support heading into Thursday's noon hour. This afternoon will be busy for the livestock marketplace as all prepare for the Quarterly Hogs and Pigs Report and Thursday's actual slaughter data.
Posted 08:34 -- December live cattle are up $0.20 at $188.375, November feeder cattle are up $0.18 at $254.975, December lean hogs are up $0.23 at $73., December corn is down 1/2 cent per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is down 11.66 points. Beef net sales of 17,700 mt for 2023 were up 29% from the previous week and 42% from the prior 4-week average. The three primary buyers were Japan (3,900 mt), South Korea (3,500 mt) and China (3,200 mt). Pork net sales of 27,400 mt for 2023 were down 9% from the previous week and 6% from the prior 4-week average. The three primary buyers were Mexico (11,600 mt), Japan (4,500 mt) and South Korea (3,900 mt).
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