DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Wednesday's close, May corn is up 6 1/4 cents per bushel, May soybeans are up 9 3/4 cents, May KC wheat is up 17 1/4 cents, May Chicago wheat is up 10 3/4 cents and May Minneapolis wheat is up 13 3/4 cents. The Dow Jones Industrial Average is up 56.96 points and May crude oil is up $0.69 per barrel. The U.S. Dollar Index is down 0.540 and June gold is up $30.40 per ounce. Crop futures are poised for a higher close Wednesday along with soybean product futures, while wheat continues to lead the move. The International Grains Council is reporting Black Sea export prices for wheat on the rise, including a third consecutive weekly increase for Russia's 12.5% protein milling wheat, now up $10/mt from its March low at $209/mt. U.S. dollar weakness continues to support commodity futures, making U.S. exports more affordable in global markets. Gold continues to reach fresh all-time highs.

Posted 10:34 -- May corn is up 4 1/4 cents per bushel, May soybeans are down 2 1/4 cents, May KC wheat is up 14 3/4 cents, May Chicago wheat is up 13 cents and May Minneapolis wheat is up 17 cents. The Dow Jones Industrial Average is up 85.31 points and May crude oil is up $0.68 per barrel. The U.S. Dollar Index is down 0.500 and June gold is up $25.30 per ounce. Wheat prices have extended early gains, while row crop prices are mixed. Short covering may be behind the move in wheat with weather viewed as a concern across western Europe and the Black Sea region, although European wheat futures are trading close to unchanged. U.S. dollar weakness remains a supportive feature across the crop futures on Wednesday.

Posted 09:52 -- May corn is up 2 1/2 cents per bushel, May soybeans are steady. May KC wheat is up 14 cents per bushel, May Chicago wheat is up 9 3/4 cents per bushel and May Minneapolis wheat is up 11 1/4 cents. The Dow Jones Industrial Average is up 68.01 points at 39,238.25 and the U.S. Dollar Index is down 0.350 at 104.47 and May crude oil is up $0.65 per barrel at $85.80. Ethanol production for the week of March 29 rose 1.8% to 1.073 million barrels per day (bpd). That is higher than expected and compared to 1.003 million bpd last year. Ethanol inventory had a slight build of .12% to 26.4 million barrels. Ethanol production continues to run higher than USDA expectations.

Posted 08:37 -- In early Wednesday trade, May corn is up 3/4 cent per bushel, May soybeans are up 3/4 cent, May KC wheat is up 7 cents, May Chicago wheat is up 4 1/4 cents and May Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average is down 31.20 points and May crude oil is up $0.45 per barrel. The U.S. Dollar Index is down 0.130 and June gold is up $12.30 per ounce. Wheat prices are seen leading to the upside following fresh lows for the week and a fresh contract low reached by MGEX spring wheat overnight, with a continued focus on the unfavorable weather forecast for western Europe and the Black Sea region. Soybean oil is seen leading the soy complex higher, with benchmark June palm oil reaching a fresh contract high on Tuesday while crude oil has reached its highest trade since October. Growing uncertainty is faced after the largest fresh egg producer in the U.S. has found bird flu cases in plants in Texas and Michigan.

Livestock

Posted 11:37 -- June live cattle are down $1.60 at $174.775, May feeder cattle are down $3.25 at $241.6, June lean hogs are up $1.00 at $104.725, May corn is up 3 1/2 cents per bushel and May soybean meal is up $1.50. The Dow Jones Industrial Average is up 92.52 points. Just a few bids of $295 have been reported in parts of Nebraska, the rest of cattle country remains very quiet. Beef cutouts are lower at midday (choice 302.51 -1.65, select 297.94 -1.05) with light to moderate box movement (52 lds of choice cuts, 12 lds of select cuts, 15 of trim, and 12 lds of ground), with a choice/select spread of $4.57. Wednesday's projected cattle slaughter is 121,000. The midday pork cutout is $95.62, -1.51, with 170.23 total loads. Wednesday's project hog slaughter is 487,000.

Posted 08:36 -- June live cattle are down $0.63 at $175.75, May feeder cattle are down $0.13 at $244.725, June lean hogs are up $0.83 at $104.55, May corn is up 3/4 cent per bushel and May soybean meal is down $1.80. The Dow Jones Industrial Average is down 12.50 points. So far, the cash cattle market remains quiet, with just a few early asking prices noted in parts of the South at $188-plus. Bids remain rather elusive at this point. Significant trade could be delayed until Thursday and/or Friday. The CME Feeder Index for April 01, 2024, was $0.60 higher at $248.27, the projected CME Lean Hog Index for April 01, 2024, was up $0.14, at $84.92.

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