DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Wednesday's close, May corn is up 4 cents per bushel, May soybeans are up 3 cents, May KC wheat is down 7 cents, May Chicago wheat is down 9 1/4 cents and May Minneapolis wheat is down 5 3/4 cents. The Dow Jones Industrial Average is down 57.48 points and April crude oil is down $0.30 per barrel. The U.S. Dollar Index is up 0.110 and April gold is down $2.80 per ounce. Soybeans remain poised for modest gains with support from soymeal this session. Wheat futures are poised for the first lower close of the week, while corn futures continue to post gains following Monday's reversal. The May corn contract is primed for a third consecutive higher close, reaching a four-day high. While weather is viewed as a neutral factor for the grain markets on Wednesday, DTN meteorologists point to a drier than normal March forecast for key areas of Brazil's safrinha corn crop, which may signal short covering.

Posted 10:41 -- May corn is up 5 cents per bushel, May soybeans are up 10 1/4 cents per bushel. May KC wheat is down 6 1/2 cents per bushel, May Chicago wheat is down 7 1/2 cents per bushel and May Minneapolis wheat is down 5 3/4 cents. The Dow Jones Industrial Average is down 88.48 points at 38,883.93 and The U.S. Dollar Index is up 0.150 at 103.98 and April crude oil is down $0.57 per barrel at $78.30. Corn, soybeans, and soymeal are rallying sharply with the drier and warmer forecast ahead for central Brazil over the next 10 days. Wheat markets are coming back a bit but remain lower. Ethanol production and corn use continues to run ahead of the yearly projection from the USDA.

Posted 09:55 -- May corn is up 1 1/2 cents per bushel, May soybeans are unchanged. May KC wheat is down 8 cents per bushel, May Chicago wheat is down 9 cents per bushel and May Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is down 82.92 points at 38,889.49, the U.S. Dollar Index is up 0.180 at 104.01, and April crude oil is up $0.15 per barrel at $79.02. The EIA, in its weekly petroleum status report, has ethanol production staying at a high level at 1.078 million barrels per day (mbd) compared to 1.084 mbd last week and 1.003 mbd one year ago. Ethanol stocks had a 2% build to 26 million barrels and that is up from 24.8 mb a year ago.

Posted 08:42 -- May corn is down 1 1/4 cents per bushel, May soybeans are down 4 1/2 cents per bushel. May KC wheat is down 11 1/4 cents per bushel, May Chicago wheat is down 9 cents per bushel and May Minneapolis wheat is down 4 3/4 cents. The Dow Jones Industrial Average is down 217.45 points at 38,754.96, the U.S. Dollar Index is up 0.200 at 104.03, and April crude oil is up $0.39 per barrel at $79.26. Corn futures are holding fairly steady to just a bit lower on rumors that China may have picked up a few cargoes of PNW corn. Soybeans and oil are a bit lower, and wheat is under heavy selling pressure with some possible rain moving into the hard winter areas later in the week. However, temperatures hit single digits in Nebraska and Kansas and may do some slight damage before a warm-up occurs.

Livestock

Posted 11:19 -- April live cattle are down $1.13 at $186.6, April feeder cattle are down $2.90 at $256.05, April lean hogs are up $0.95 at $86.85, May corn is up 4 1/4 cents per bushel and May soybean meal is up $4.50. The Dow Jones Industrial Average is down 74.60 points. The cattle contracts are enduring some light technical pressure which could slightly influence cash cattle prices this week. No cash cattle trade has developed yet and it's looking like trade will be delayed until Thursday at this point.

Posted 08:40 -- April live cattle are down $0.10 at $187.625, April feeder cattle are down $0.35 at $258.6, April lean hogs are up $0.53 at $86.425, May corn is down 1 1/4 cents per bushel and May soybean meal is up $0.50. The Dow Jones Industrial Average is down 201.97 points. The cattle contracts are again trading lower as the market patiently waits to see what develops in the cash market. Still no bids have surfaced and it's looking like the week's business could be delayed until Thursday or even potentially Friday.