DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is down 4 1/4 cents per bushel, May soybeans are down 6 3/4 cents per bushel. May KC wheat is down 10 1/2 cents per bushel, May Chicago wheat is down 15 3/4 cents per bushel and May Minneapolis wheat is down 7 cents. The Dow Jones Industrial Average is down 339.86 points at 38,649.97 and The U.S. Dollar Index is down 0.030 at 103.81 and April crude oil is down $0.84 per barrel at $77.90. Grain and soy markets are hitting the skids, with Chicago May wheat plunging to a new low Tuesday. Pressure is coming from large EU and Black Sea stocks and Russia's cheap offers. The FOB price of wheat from Russia is just $202/mt, close to $25/mt lower since February. Favorable weather in South America is pressuring the corn and soy markets.

Posted 10:39 -- At mid-morning Tuesday, soybean prices have taken back some of the earlier losses with help from May soybean oil trading up 0.14 cent, supported by small gains in rapeseed and palm oil. March corn is down 3 1/4 cents and March soybeans are down 2 1/4 cents. May KC wheat is down 8 3/4 cents and May Minneapolis wheat is down 8 3/4 cents. May Chicago wheat is trading down 13 cents at a new contract low with scattered showers working across the eastern Midwest and despite a 72% gain in export sale commitments in 2023-24. April crude oil is up $0.22, largely ignoring Russia's production cut announcement over the weekend and China's new plans for growth. Dow Jones futures are down 240 points, the U.S. Dollar Index is down 0.13 and April gold is up $9.00.

Posted 08:39 -- After the 8:30 a.m. CST open, the three primary crops are all lower, while the forecasts remain generally favorable for both Brazil and Argentina. March corn is down 2 1/2 cents and March soybeans are down 3 3/4 cents. May KC wheat is down 8 3/4 cents with chances for some precipitation on Thursday and Friday. May Minneapolis wheat is down 5 1/4 cents. April crude oil is down $0.45 and Dow Jones futures are down 140 points. The U.S. Dollar Index is down 0.01 and April gold is up $13.60.

Livestock

Posted 11:35 -- April live cattle are up $0.60 at $187.275, April feeder cattle are up $0.58 at $256.325, April lean hogs are down $1.50 at $84.775, May corn is down 3 3/4 cents per bushel and May soybean meal is down $2.80. The Dow Jones Industrial Average is down 237.34 points. The cattle contracts are seeing better interest through Tuesday's market as both the live cattle and feeder cattle contracts are trading higher but still no business has developed in the cash market and likely won't until the latter half of the week. The lean hog complex isn't seeing the same technical support as traders are more hesitant to support their market with pork cutout values lower and midday cash prices lower too.

Posted 08:38 -- April live cattle are up $0.48 at $187.15, April feeder cattle are up $1.03 at $256.775, April lean hogs are down $0.05 at $86.225, May corn is down 2 3/4 cents per bushel and May soybean meal is down $2.30. The Dow Jones Industrial Average is down 145.55 points. The livestock complex is back to trading mostly higher after Monday's unfruitful day. The cash cattle market hasn't seen any bids or asking prices posted and it's likely that trade is delayed until the second half of the week.

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