DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 6 1/2 cents per bushel, January soybeans are down 9 1/2 cents per bushel. March KC wheat is down 6 1/4 cents per bushel, March Chicago wheat is up 3 1/2 cents per bushel and March Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is up 49.80 points at 36,174.36 and the U.S. Dollar Index is up 0.050 at 104.10 and January crude oil is down $2.74 per barrel at $69.58. Chicago wheat remains the only ag product market flashing green quotes at midday on Wednesday after China again showed up to buy U.S. soft red wheat. The three sales announced to China this week have amounted to 37 mb. Soybeans, soy products and corn are under heavy pressure, with bean oil being pressured by the freefall in crude oil -- down for the fifth straight day to the lowest level since July. Better rain chances are on tap for central Brazil and most of Argentina in the 6- to 10-day period.

Posted 10:53 -- In midmorning trade Wednesday, March corn is down 5 1/4 cents per bushel, January soybeans are down 3 3/4 cents, March KC wheat is up 4 1/4 cents, March Chicago wheat is up 10 3/4 cents and March Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 45.05 points and January crude oil is down $2.62 per barrel. The U.S. Dollar Index is down 0.140 and February gold is up $10.90 per ounce. The Energy Information Administration reported daily ethanol production averaging 1.076 million barrels/day for the week ending Dec. 1, up 65,000 bpd over the past week and 1,000 bpd lower than the same week in 2022. Inventory rose 60,000 barrels over the week to 21.439 million barrels, 8.5% lower than one year ago.

Posted 08:33 -- March corn is up 2 3/4 cents per bushel, January soybeans are down 1/4 cent per bushel. March KC wheat is up 13 cents per bushel, March Chicago wheat is up 16 1/4 cents per bushel and March Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is up 130.14 points at 36,254.70 and the U.S. Dollar Index is down 0.160 at 103.89 and January crude oil is down $1.65 per barrel at $70.67. USDA again announced a new sale of U.S. soft red winter wheat to China for 2023-24: 372,000 mt, or 13.7 mb to China, making the total in the last week over 37 mb sold to China. They also announced 136,000 mt of soybeans, or 5 mb to China. Chicago March futures are again soaring on the news.

Livestock

Posted 11:49 -- February live cattle are down $1.95 at $167.025, January feeder cattle are up $0.60 at $215.3, February lean hogs are up $0.13 at $69.475, March corn is down 6 1/2 cents per bushel and January soybean meal is down $7.80. The Dow Jones Industrial Average is up 2.74 points. Light trade is starting in all three major feeding states, with Southern live deals marked at $171, $3 lower than last week's weighted averages. Northern dressed sales are at $271, $4 lower than the prior week's weighted averages. Beef cutouts are mixed at midday (choice 291.44 -2.31, select 259.71 +0.58) with moderate to good box movement (83 lds of choice cuts, 20 lds of select cuts, 17 lds of trim, and 10 lds of ground), with a choice/select spread of 31.73. Wednesday's projected cattle slaughter is 126,000. Pork cutouts at midday are 85.30, +0.63, with 209.22 total loads. Wednesday's projected hog slaughter is 486,000.

Posted 08:40 -- February live cattle are down $0.73 at $168.25, January feeder cattle are down $1.00 at $213.7, February lean hogs are up $0.08 at $69.425, March corn is up 2 3/4 cents per bushel and January soybean meal is down $4.90. The Dow Jones Industrial Average is up 110.86 points. Asking price for cash cattle are starting out around $175 live, and $275 dressed, but so far those have been completely dismissed. As some scattered live trade was reported by Mandatory in the South Tuesday at $171, $3 lower than last week's weighted averages. A handful of dressed deals were reported in parts of Nebraska at $271, $4 lower than the prior week's weighted average. Keep in mind that this business has been early and scattered, so it is not necessarily setting the trend for the week. The projected CME Lean Hog Index for Dec. 4 was down $0.24, at $69.60.

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