DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 2 3/4 cents per bushel, January soybeans are down 10 1/4 cents, March KC wheat is down 5 1/2 cents, March Chicago wheat is down 9 3/4 cents and March Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is up 63.75 points and January crude oil is up $1.83 per barrel. The U.S. Dollar Index is up 0.480 and February gold is down $30.10 per ounce. Although there were no major changes expected, Friday's USDA report failed to deliver the cuts in global corn and soybean stocks that were expected in pre-report estimates, with corn production estimates for Argentina and Brazil left unchanged while Brazil's soybean production was trimmed but not as much as seen in Brazil's official CONAB estimate and continues to point to a record crop despite the weather challenges faced. Over the week's trade, soybeans are poised for a weekly loss along with both products, Chicago wheat and Kansas City wheat are poised to close higher over the week while corn and MGEX wheat are near unchanged and too close to call.

Posted 11:21 -- Following Friday's USDA WASDE release, March corn is down 1 3/4 cents per bushel, January soybeans are down 2 1/4 cents, March KC wheat is down 5 cents, March Chicago wheat is down 11 cents and March Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is up 10.41 points and January crude oil is up $1.52 per barrel. The U.S. Dollar Index is up 0.590 and February gold is down $34.80 per ounce. USDA's report was viewed as mostly neutral for all three crops. U.S. stocks of corn for 2023-24 were revised lower due to increased exports, while global stocks were revised slightly higher. U.S. stocks of soybeans were left unchanged this month, while global stocks were revised slightly lower but by less than expected. The USDA revised lower their forecast for Brazil's soybean production by 2 mmt to a record 161 mmt. U.S. stocks of wheat were revised lower due to an increase in Chicago SRW exports, while global stocks of wheat were revised only slightly lower with increases in production noted for Canada and Australia.

Posted 10:32 -- Just ahead of the USDA's December WASDE release, March corn is up 2 cents per bushel, January soybeans are up 8 3/4 cents, March KC wheat is up 1 3/4 cents, March Chicago wheat is down 5 cents and March Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is up 23.57 points and January crude oil is up $1.85 per barrel. The U.S. Dollar Index is up 0.500 and February gold is down $25.80 per ounce. Row crops continue to hold gains, while wheat prices are now mixed following a string of daily gains. U.S. dollar strength is a bearish feature for exports today, while crude oil strength is supportive, partially linked to news that the Department of Energy is seeking up to 3 million barrels for delivery into the Strategic Petroleum Reserve in March.

Posted 08:34 -- March corn is up 2 1/2 cents per bushel, January soybeans are up 12 3/4 cents per bushel. March KC wheat is up 5 cents per bushel, March Chicago wheat is up 1 1/2 cents per bushel and March Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is down 26.19 points at 36,091.19 and the U.S. Dollar Index is up 0.500 at 104.04 and January crude oil is up $1.25 per barrel at $70.59. USDA announced three new export sales for 2023-24: Sold 136,000 mt (5 mb) of soybeans to China, sold 110,000 mt (4 mb) of soft red winter wheat to China, and sold 165,000 mt (6.5 mb) of corn to unknown destinations. Soybeans and soymeal are surging higher, and another new soft red sale to China has rallied wheat back to positive territory. A higher close on Friday would be the ninth straight for Chicago March wheat.

Livestock

Posted 11:39 -- February live cattle are up $2.20 at $164.725, January feeder cattle are up $4.20 at $214.475, February lean hogs are up $0.48 at $68.25, March corn is down 1 cent per bushel and January soybean meal is down $1.50. The Dow Jones Industrial Average is up 40.80 points. The December WASDE report focused on general stability through the end of 2023 when it comes to production levels in the beef market but underlined the current concerns of increased 2024 beef production, which has already posted significant market pressure over the past few weeks. Beef production levels for the current year have been unchanged in the current report, but 2024 production levels increased 180 million pounds. This has caused a $1.75 per reduction in estimated 2023 price levels, but a significant $7 per cwt push lower in 2024 levels. Pork production levels have increased 25 million pounds in 2023 but are unchanged for 2024 estimates in the latest report. No changes developed in either 2023 or 2024 hog price levels in the latest report. Beef cutouts are mixed at midday (choice 288.30 -1.54, select 258.91 +0.08) with moderate box movement (77 lds of choice cuts, 17 lds of select cuts, 06 lds of trim, and 19 lds of ground), with a choice/select spread of 29.39. Friday's projected cattle slaughter is 122,000, estimated for Saturday 18,000 head. Pork cutouts at midday are 86.40, +3.03, with 143.34 total loads. Friday's projected hog slaughter is 482,000, with 253,000 estimated for Saturday.

Posted 08:37 -- February live cattle are up $0.88 at $163.4, January feeder cattle are up $1.25 at $211.525, February lean hogs are up $0.43 at $68.2, March corn is up 3 cents per bushel and January soybean meal is up $6.90. The Dow Jones Industrial Average is down 19.91 points. It looks as though the bulk of cash cattle trading is completed for the week. Northern dressed deals were at mostly $270 to $271, about $4 to $5 lower than the previous week's weighted averages. Southern live business has been at mostly $170 to $171, $3 to $4 lower than the prior week's weighted averages. The projected CME Lean Hog Index for Dec. 6 was $69.12, off $0.31.

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