DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near the week's end ahead of a holiday weekend, May corn is up 14 cents per bushel, May soybeans are down 3 1/2 cents, May KC wheat is up 3 3/4 cents, May Chicago wheat is up 9 3/4 cents and May Minneapolis wheat is down 6 1/2 cents. The Dow Jones Industrial Average is up 7.17 points and May crude oil is up $1.59 per barrel. The U.S. Dollar Index is up 0.140 and April gold is up $29.30 per ounce. The biggest surprise in Thursday's reports was seen for corn, with March 1 stocks slightly below the average of pre-report estimates, while the forecast drop in 2024 seeded acres to 90 million acres is two million acres below the average of pre-report estimates. New crop corn futures are leading to the upside, with the December contract up 14 cents as both old-crop and new-crop corn contracts are poised to close above their respective 50-day moving average.

Posted 11:14 -- Following Thursday's released reports, May corn is up 12 3/4 cents per bushel, May soybeans are up 2 3/4 cents, May KC wheat is up 6 1/4 cents, May Chicago wheat is up 8 1/4 cents and May Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is up 22.41 points and May crude oil is up $1.16 per barrel. The U.S. Dollar Index is up 0.150 and April gold is up $23.10 per ounce. The USDA estimates corn stocks as of March 1 at 8.35 billion bushels, slightly below the average of pre-report estimates. Soybean stocks at 1.85 bb are slightly above expectations and wheat at 1.09 bb is higher than expected. Corn acres for 2024 are forecast to fall by 4.6 million acres to 90 million, 2 million acres below the average of pre-report estimates. Soybean acres are pegged to increase to 86.5 million, close to the area expected, and wheat acres are to fall to 47.5 million, slightly below expectations.

Posted 10:35 -- Ahead of the USDA's Quarterly Stocks and Prospective Plantings reports, May corn is up 3 cents per bushel, May soybeans are down 8 1/4 cents, May KC wheat is up 5 1/4 cents, May Chicago wheat is up 3 3/4 cents and May Minneapolis wheat is up 2 3/4 cents. The Dow Jones Industrial Average is up 2.28 points and May crude oil is up $1.26 per barrel. The U.S. Dollar Index is up 0.080 and April gold is up $25.10 per ounce. Row crops have diverged since Thursday morning's open, with corn prices inching higher, while losses in soybeans have been extended. Wheat has returned to positive territory. Old crop export sales for the week ending March 21 were reported at 47.5 mb of corn, 9.7 mb of soybeans and 12.5 mb of wheat, while shipments of both corn and soybeans were above the volumes needed for the week to reach the latest USDA demand estimates.

Posted 08:37 -- May corn is up 1/2 cent per bushel, May soybeans are down 3 1/4 cents per bushel. May KC wheat is down 2 1/4 cents per bushel, May Chicago wheat is down 2 cents per bushel and May Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 75.73 points at 39,835.81 and The U.S. Dollar Index is up 0.070 at 104.42 and May crude oil is up $1.24 per barrel at $82.59. Wheat, soybeans, and products are a bit lower early Thursday, while corn is a bit firmer in quiet pre-report trade. Traders are expecting a bearish result in Thursday's USDA report and any bullish surprise could move the markets with the sizable fund short in each market.

Livestock

Posted 11:32 -- June live cattle are up $0.83 at $179.5, May feeder cattle are down $0.48 at $247.8, June lean hogs are up $1.00 at $102.6, May corn is up 16 3/4 cents per bushel and May soybean meal is down $1.70. The Dow Jones Industrial Average is up 27.14 points. No new cash cattle trade has been reported, but sales could begin to develop later this afternoon as packer interest is expected to improve. There's a single bid currently being offered in Nebraska at $298 but otherwise the market is quiet.

Posted 08:35 -- June live cattle are down $0.48 at $178.2, May feeder cattle are down $1.05 at $247.225, June lean hogs are down $0.45 at $101.15, May corn is up 1/2 cent per bushel and May soybean meal is down $1.70. The Dow Jones Industrial Average is up 84.68 points. Beef net sales of 12,700 mt for 2024 were up 15% from the previous week and 4% from the previous 4-week average. The three primary buyers were South Korea (3,400 mt), Japan (3,400 mt) and China (2,000 mt). Pork net sales of 55,300 mt for 2024 -- a marketing year high -- were up 64% from the previous week and 74% from the prior 4-week weighted average. The three primary buyers were Mexico (32,800 mt), Japan (5,700 mt) and Australia (5,400 mt).

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