DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- As we near Friday's close and September's end, December corn is down 10 1/2 cents per bushel, November soybeans are down 21 cents, December KC wheat is down 20 3/4 cents, December Chicago wheat is down 36 1/4 cents and December Minneapolis wheat is down 33 cents. The Dow Jones Industrial Average is down 130.97 points and November crude oil is down $1.03 per barrel. The U.S. Dollar Index is down 0.050 and December gold is down $11.40 per ounce. After showing resilience in this week's trade, Chicago wheat futures have led Friday's bearish response across the grains following the USDA data release, while all three wheat contracts have reached fresh lows this session. Despite Friday's selloff, December corn and December oats may be poised for a weekly gain this week.
P[L1] D[0x0] M[300x250] OOP[F] ADUNIT[] T[]
Posted 11:18 -- December corn is down 5 1/2 cents per bushel, November soybeans are down 22 1/4 cents, December KC wheat is down 11 3/4 cents, December Chicago wheat is down 20 cents and December Minneapolis wheat is down 23 1/4 cents. The Dow Jones Industrial Average is down 61.01 points and November crude oil is down $0.37 per barrel. The U.S. Dollar Index is down 0.160 and December gold is down $8.60 per ounce. USDA estimated Sept. 1 corn stocks at 1.361 billion bushels, down 1% from a year-ago and slightly below expectations. Soybean stocks are estimated at 268 million bushels, down 2% from a year ago while above the average of pre-report estimates. Wheat stocks were estimated at 1.78 bb, slightly above expectations. Wheat production is estimated at 1.812 bb, up 10% from 2022 and above the average pre-report estimate. The reports are viewed as bullish for corn, bearish for soybeans and neutral to bearish for wheat.
Posted 10:32 -- Just ahead of Friday's USDA reports, December corn is down 2 3/4 cents per bushel, November soybeans are down 7 3/4 cents, December KC wheat is down 5 1/4 cents, December Chicago wheat is down 4 3/4 cents and December Minneapolis wheat is down 4 3/4 cents. The Dow Jones Industrial Average is up 32.51 points and November crude oil is down $0.59 per barrel. The U.S. Dollar Index is down 0.150 and December gold is down $7.30 per ounce. Wheat prices have changed course, following the lead of the row crops, with both KC wheat and MGEX spring wheat reaching fresh lows in month-end trade.
Posted 08:35 -- December corn is down 1 cent per bushel, November soybeans are down 2 3/4 cents per bushel. December KC wheat is up 4 1/2 cents per bushel, December Chicago wheat is up 5 1/4 cents per bushel and December Minneapolis wheat is up 3 1/2 cents. The Dow Jones Industrial Average is up 149.53 points at 33,815.87 and The U.S. Dollar Index is down 0.290 at 105.93 and November crude oil is up $0.09 per barrel at $91.80. USDA reported a new corn sale to Mexico for 2023-24: Sold 223,540 mt, or 8.8 million bushels. Corn and soybeans are trading close to unchanged ahead of the USDA stocks and small grains report. Wheat is just a few cents higher in quiet, short-covering trade.
LivestockPosted 11:21 -- December live cattle are down $1.83 at $188.6, November feeder cattle are down $2.10 at $255.575, December lean hogs are down $3.75 at $71.775, December corn is down 8 1/2 cents per bushel and December soybean meal is down $8.90. The Dow Jones Industrial Average is down 53.50 points. The cash cattle market hasn't seen any bids renewed and at this point looks like the week's business is essentially done. Weak technical tones are leading all three of the livestock markets lower into Friday's noon hour.
Posted 08:33 -- December live cattle are down $0.68 at $189.75, November feeder cattle are down $0.85 at $256.825, December lean hogs are down $2.48 at $73.05, December corn is down 3/4 cent per bushel and December soybean meal is down $3.50. The Dow Jones Industrial Average is up 186.53 points. The livestock contracts are back to trading lower as the momentum that seemed to support the contracts through Thursday isn't carrying into Friday's start. The cash cattle market doesn't have any bids currently being offered and, at this point, it looks like the market's trade is essentially done with for the week.
(c) Copyright 2023 DTN, LLC. All rights reserved.
