DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 3/4 cent per bushel, November soybeans are up 3/4 cent per bushel. December KC wheat is down 14 cents per bushel, December Chicago wheat is down 7 1/2 cents per bushel and December Minneapolis wheat is down 12 1/2 cents. The Dow Jones Industrial Average is down 8.37 points at 32,994.01 and The U.S. Dollar Index is down 0.200 at 106.80 and November crude oil is down $4.59 per barrel at $84.64. With 30 minutes to go, wheat and corn are sagging on harvest activity and fund selling, while soybeans could not hold much of the early gain, but remain higher. Farmers are said to be selling very little off the combine. U.S. corn is reported to be close to parity with South American corn for December and may be the best price for early 2024. Weather in the U.S. forecasts showers over the next day or so before turning dry, but cooler. There are reports that northern Corn Belt harvest is finding lower than expected corn yields.

Posted 10:34 -- December corn is down 1 3/4 cents per bushel, November soybeans are up 3 3/4 cents per bushel. December KC wheat is down 13 3/4 cents per bushel, December Chicago wheat is down 13 cents per bushel and December Minneapolis wheat is down 12 1/2 cents. The Dow Jones Industrial Average is up 27.16 points at 33,029.54 and The U.S. Dollar Index is down 0.290 at 106.71 and November crude oil is down $3.04 per barrel at $86.19. All three wheat markets remain sharply lower at mid-morning. Word that Russia had exported a record amount of close to 6 mmt of wheat in the month of September, along with the uptick in vessels attempting to navigate through Ukraine's own export corridor is weighing on prices. Soybeans and soymeal have been able to stay relatively firm in two-sided trade.

Posted 08:37 -- December corn is down 3 3/4 cents per bushel, November soybeans are down 1 1/2 cents per bushel. December KC wheat is down 10 1/4 cents per bushel, December Chicago wheat is down 11 1/2 cents per bushel and December Minneapolis wheat is down 9 1/2 cents. The Dow Jones Industrial Average is up 63.21 points at 33,065.59 and The U.S. Dollar Index is down 0.360 at 106.64 and November crude oil is down $2.31 per barrel at $86.92. USDA announced a new sale of 196,607 mt (7.7 mb) of corn to Mexico, with 109,226 mt (4.3 mb) of that for 2023-24, and the balance of 87,381 mt (3.4 mb) for 2024-25. Now all of the grain and soy markets, except for soymeal, have turned weaker, with Chicago wheat leading the fall. Outside markets are weaker again, with spot crude oil approaching $86 per barrel as traders fear that interest rates will remain high for quite some time.

Livestock

Posted 11:31 -- December live cattle are up $0.28 at $185.925, November feeder cattle are up $0.20 at $250.55, December lean hogs are down $0.18 at $68.9, December corn is down 3/4 cent per bushel and December soybean meal is up $0.50. The Dow Jones Industrial Average is up 83.35 points. There's a single bid currently being offered in Texas at $182, but feedlots aren't seeming too worried about marketing more cattle at this point. More trade will need to develop ahead of the weekend but could be delayed until Thursday or Friday.

Posted 08:31 -- December live cattle are up $0.10 at $185.75, November feeder cattle are up $0.38 at $250.725, December lean hogs are down $0.25 at $68.825, December corn is down 3 3/4 cents per bushel and December soybean meal is up $1.30. The Dow Jones Industrial Average is up 46.68 points. After the immense pressure that crippled the livestock contracts through Tuesday, the cattle contracts are back to trading higher while the lean hog contracts continue to trade mildly lower. No new cash cattle trade has developed and, at this point, no bids are being offered.

(c) Copyright 2023 DTN, LLC. All rights reserved.