DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is up 1 cent per bushel, May soybeans are down 4 3/4 cents per bushel. May KC wheat is up 9 1/2 cents per bushel, May Chicago wheat is up 8 cents per bushel and May Minneapolis wheat is up 5 3/4 cents. The Dow Jones Industrial Average is down 156.25 points at 38,912.98 and the U.S. Dollar Index is down 0.080 at 103.75 and April crude oil is up $1.18 per barrel at $78.76. With 30 minutes left until the close, both soybeans and soymeal have given up early gains to trade lower, with spot soymeal futures falling to a new low again. Corn has traded back near unchanged, and wheat remains very strong still. Rumors are that China has bought a considerable amount of Ukraine corn, undercutting the U.S., and China is also booking Brazil soybeans.

Posted 10:35 -- May corn is up 3 cents per bushel, May soybeans are up 5 1/2 cents per bushel. May KC wheat is up 11 1/2 cents per bushel, May Chicago wheat is up 10 cents per bushel and May Minneapolis wheat is up 8 1/2 cents. The Dow Jones Industrial Average is down 151.17 points at 38,918.06 and the U.S. Dollar Index is down 0.080 at 103.75 and April crude oil is up $0.80 per barrel at $78.38. Grain and soy markets continue to trade higher, led by wheat. Soybeans have set back and soymeal has moved back to near unchanged. There is not a lot of news, but strength is likely related to slowing liquidation of March contracts ahead of next week's first notice day. Weather is a bit more concerning for central and northern Brazil as those areas turn warmer and drier.

Posted 08:36 -- May corn is up 2 3/4 cents per bushel, May soybeans are up 14 1/4 cents per bushel. May KC wheat is up 6 1/2 cents per bushel, May Chicago wheat is up 4 1/4 cents per bushel and May Minneapolis wheat is up 10 1/4 cents. The Dow Jones Industrial Average is down 56.55 points at 39,012.68, the U.S. Dollar Index is down 0.030 at 103.80, and April crude oil is up $0.43 per barrel at $78.01. USDA announced a new sale of old crop soybeans (2023-24) to unknown destinations of 123,000 mt, or 4.5 million bushels. Grain and soy markets are again higher on a rebound from new lows. Some fund short covering is likely occurring as the Brazilian weather outlook shows more warmth and dryness than desired over the next 10 days.

Livestock

Posted 11:33 -- April live cattle are down $0.70 at $187.4, April feeder cattle are down $1.10 at $257.8, April lean hogs are down $0.40 at $85.875, May corn is up 3 cents per bushel and May soybean meal is down $2.50. The Dow Jones Industrial Average is down 167.22 points. The livestock complex is trading mostly lower as traders are showing the livestock contracts little interest. No cash cattle trade has developed but asking prices are noted in the South at $185 to $186.

Posted 08:40 -- April live cattle are up $0.05 at $188.15, April feeder cattle are up $0.45 at $259.35, April lean hogs are up $0.03 at $86.3, May corn is up 2 1/2 cents per bushel and May soybean meal is up $4.90. The Dow Jones Industrial Average is down 45.76 points. The livestock complex is trading mostly higher at Tuesday's start. Corn prices are also stronger early Tuesday which doesn't seem to be negatively affecting feeders at this point given that beef demand is still strong and feed remains relatively cheap.