DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 1/2 cent per bushel, March soybeans are down 1 3/4 cents per bushel. March KC wheat is down 9 1/2 cents per bushel, March Chicago wheat is down 9 1/2 cents per bushel and March Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average is up 73.45 points at 38,497.72, the U.S. Dollar Index is down 0.470 at 104.26, and March crude oil is up $0.34 per barrel at $76.98. Corn and wheat markets again reached new contract lows early as the downward momentum continues. Funds are no doubt increasing their bearish bet on markets as the fund net short is record or near record large. The USDA Ag Outlook estimates, as predicted, painted a bearish picture for especially corn and beans, but it is a guessing game.

Livestock

Posted 08:34 -- April live cattle are down $0.20 at $183.8, March feeder cattle are down $0.63 at $245.6, April lean hogs are up $0.60 at $85.125, March corn is down 1/2 cent per bushel and March soybean meal is down $0.70. The Dow Jones Industrial Average is up 14.00 points. Beef net sales of 16,600 mt for 2024 were down 19% from the previous week and 18% from the prior 4-week average. The three primary buyers were Japan (4,100 mt), China (3,700 mt) and South Korea (3,200 mt). Pork net sales of 71,900 mt for 2024 were up 83% from the previous week and up noticeably from the prior 4-week average. The three primary buyers were Mexico (25,000 mt), China (19,500 mt) and Japan (9,100 mt).

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