DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is down 3/4 cent per bushel, May soybeans are up 14 cents per bushel. May KC wheat is down 1 1/2 cents per bushel, May Chicago wheat is up 1 1/4 cents per bushel and May Minneapolis wheat is up 1 1/4 cents. The Dow Jones Industrial Average is up 201.75 points at 38,971.41 and The U.S. Dollar Index is up 0.130 at 103.00 and April crude oil is down $0.10 per barrel at $77.83. Soybeans and soybean oil continue to be the bullish stalwarts with May bean oil flying well above the 50-day moving average for the first time since December. Coming into Tuesday, trade funds were likely net short close to 60,000 contracts of oil, and as of last week a record 197,000 contracts of beans, and are no doubt buying some of that in. Weather at midday forecasts a drier and warmer pattern for central Brazil's safrinha corn areas.

Posted 10:32 -- May corn is up 1 1/4 cents per bushel, May soybeans are up 13 1/2 cents per bushel. May KC wheat is down 1 1/2 cents per bushel, May Chicago wheat is up 1 1/2 cents per bushel and May Minneapolis wheat is steady. The Dow Jones Industrial Average is up 216.68 points at 38,986.34. The U.S. Dollar Index is up 0.230 at 103.10 and April crude oil is up $0.42 per barrel at $78.35. At mid-morning, soybeans and soybean oil are showing strong gains, with May bean oil rising above the 50-day moving average for the first time in three months. Corn and wheat markets are gravitating around unchanged levels. Some concern is growing over a drying pattern for central and northern Brazil. The big news is that Brazil crop agency CONAB has Brazil soy and corn estimates that are a combined 19 mmt below that of the USDA.

Posted 08:39 -- May corn is down 1 1/4 cents per bushel, May soybeans are up 1 1/4 cents, May KC wheat is down 4 1/4 cents, May Chicago wheat is down 3/4 cent and May Minneapolis wheat is down 3 cents. The Dow Jones Industrial Average is up 96.99 points and April crude oil is up $0.09 per barrel. The U.S. Dollar Index is up 0.240 and April gold is down $21.20 per ounce. Brazil's official Conab estimates released today include a reduction in their estimate for soybean production to 146.9 mmt and corn production to 112.7 mmt, below the USDA's recent March WASDE estimates of 155 mmt and 124 mmt, respectively, and supportive for row crop prices. February inflation was reported at 3.2% year-over-year, higher than expected, supportive for the U.S. dollar trade and bearish for commodity and equity prices.

Livestock

Posted 11:36 -- April live cattle are up $0.75 at $188.35, April feeder cattle are up $1.00 at $254.1, April lean hogs are up $1.85 at $85.125, May corn is down 1 1/2 cents per bushel and May soybean meal is down $0.50. The Dow Jones Industrial Average is up 169.26 points. With both boxed beef prices and pork cutout values trading higher, the livestock contracts have been able to easily trade higher. Still no cash cattle trade has developed and it's looking like trade will be delayed until the second half of the week.

Posted 08:36 -- April live cattle are up $0.45 at $188.05, April feeder cattle are up $0.48 at $253.575, April lean hogs are up $0.20 at $83.475, May corn is down 1 cent per bushel and May soybean meal is up $0.50. The Dow Jones Industrial Average is up 103.19 points. The livestock complex is trading mixed at Tuesday's start as traders hope to find better fundamental support in the market. No business has developed in the cash market, and it's likely that trade is delayed until the second half of the week.

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