DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is down 1 cent per bushel, May soybeans are up 19 1/4 cents per bushel. May KC wheat is down 6 cents per bushel, May Chicago wheat is down 8 cents per bushel and May Minneapolis wheat is down 1 3/4 cents. The Dow Jones Industrial Average is up 12.99 points at 39,123.75. The U.S. Dollar Index is up 0.060 at 103.90 and May crude oil is down $1.69 per barrel at $81.04. As we head into the close, soybeans and soy products are flying high, with May beans now having risen more than a dime higher than the 50-day moving average, likely leading to some fund short covering. Corn is down a penny and wheat remains lower as it has been for the entire day.

Posted 10:40 -- May corn is down 3 1/4 cents per bushel, May soybeans are up 7 3/4 cents per bushel. May KC wheat is down 12 3/4 cents per bushel, May Chicago wheat is down 12 1/4 cents per bushel and May Minneapolis wheat is down 8 1/4 cents. The Dow Jones Industrial Average is up 26.88 points at 39,137.64 and the U.S. Dollar Index is up 0.150 at 103.99 and May crude oil is down $1.64 per barrel at $81.09. Wheat losses are accelerating since the opening, while corn is leaking lower. Favorable weather for Brazil's primary safrinha corn areas is weighing on corn futures. Soybeans, soymeal, and bean oil are all modestly higher on a day without much fresh news to drive markets.

Posted 10:11 -- May corn is down 2 1/2 cents per bushel, May soybeans are up 6 1/4 cents per bushel. May KC wheat is down 13 1/2 cents per bushel, May Chicago wheat is down 14 1/4 cents per bushel and May Minneapolis wheat is down 9 1/4 cents. The Dow Jones Industrial Average is up 31.31 points at 39,142.07 and the U.S. Dollar Index is up 0.170 at 104.01 and May crude oil is down $1.36 per barrel at $81.37. The EIA's weekly petroleum status report showed ethanol production was up 2.1% in the week ended March 15 to 1.046 million barrels per day, and that is up 5% from a year ago. Ethanol inventory had a slight build of 1% to 26 million barrels compared to 26.2 mb a year ago.

Posted 08:35 -- May corn is down 1 1/2 cents per bushel, May soybeans are up 7 3/4 cents per bushel. May KC wheat is down 8 1/2 cents per bushel, May Chicago wheat is down 9 1/4 cents per bushel and May Minneapolis wheat is down 4 3/4 cents. The Dow Jones Industrial Average is down 77.40 points at 39,033.36. The U.S. Dollar Index is up 0.280 at 104.12 and May crude oil is down $1.40 per barrel at $81.33. USDA announced a new sale of soybeans for new crop (2024-25) of 120,000 mt (4.4 mb) to unknown destinations. Wheat remains under pressure, stalling the two-day rally in prices. Soybeans and soymeal are firmer after two straight lower closes.

Livestock

Posted 11:38 -- June live cattle are down $0.55 at $184.45, April feeder cattle are down $0.55 at $254.525, June lean hogs are down $0.28 at $100.975, May corn is down 2 1/4 cents per bushel and May soybean meal is up $5.00. The Dow Jones Industrial Average is down 4.42 points. The livestock complex continues to trade sideways to somewhat lower as the market longs for stronger fundamental support -- especially in the form of stronger cash cattle trade. But still no cash cattle trade has developed and it's looking like trade will be delayed until Thursday at this point.

Posted 08:34 -- June live cattle are up $0.03 at $185.025, April feeder cattle are up $0.18 at $255.25, June lean hogs are up $0.05 at $101.3, May corn is down 1 1/2 cents per bushel and May soybean meal is up $4.60. The Dow Jones Industrial Average is down 84.04 points. The livestock complex is trading mixed at Wednesday's start with the live cattle contracts being the most apprehensive to trade higher. The live cattle sector will likely trade sideways throughout the day with no cash cattle trade having developed yet. Cash cattle trade is expected to trade at least $1.00 higher this week, but time will tell.

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