DTN's Quick Takes

By DTN Analysts

Grains

Posted 12:46 -- As we near Thursday's close, May corn is up 2 cents per bushel, May soybeans are down 6 3/4 cents, May KC wheat is down 4 3/4 cents, May Chicago wheat is down 1 1/4 cents and May Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average is up 127.73 points and May crude oil is down $0.22 per barrel. The U.S. Dollar Index is down 0.190 and June gold is down $4.90 per ounce. Grains continue to trade mixed along with soybean's products. Weather remains viewed as a neutral factor in today's row crop markets and somewhat bullish for wheat, with continued focus on conditions across western Europe and the Black Sea region. U.S. dollar weakness remains a supportive feature, while shipments of corn, soybeans and wheat over the week ending March 28 were ahead of the steady pace needed to reach current USDA export demand forecasts.

Posted 10:32 -- May corn is up 1 1/2 cents per bushel, May soybeans are down 6 3/4 cents per bushel. May KC wheat is up 1/2 cent per bushel, May Chicago wheat is down 1/2 cent per bushel and May Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is up 154.36 points at 39,281.50 and the U.S. Dollar Index is down 0.210 at 104.04 and May crude oil is down $0.29 per barrel at $85.14. At midday, Minneapolis wheat is leading the way higher following the Wednesday reversal from contract lows. Soybean meal is moving higher while bean oil is making new daily lows, and corn is gravitating around unchanged. It would appear a dry stretch is ahead to enhance planting efforts except in the Delta and Southeast, which has already put early planting efforts behind.

Posted 08:35 -- May corn is down 1 1/2 cents per bushel, May soybeans are down 8 cents per bushel. May KC wheat is up 4 1/2 cents per bushel, May Chicago wheat is down 1 cent per bushel and May Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average is up 268.51 points at 39,395.65 and the U.S. Dollar Index is down 0.270 at 103.98 and May crude oil is down $0.05 per barrel at $85.38. USDA reported a new soybean sale to Mexico for 152,404 mt, or 5.6 mb, for 2023-24. Only hard wheat markets are trading higher with a noticeably drier weather pattern setting up for the Western and Southern Plains. Next week the U.S. warms up so planting efforts should accelerate except in the Delta and southeast where flooding is concern.

Livestock

OMAHA (DTN) -- June live cattle are up $0.38 at $175.975, May feeder cattle are up $1.08 at $243.65, June lean hogs are steady, May corn is up 2 1/2 cents per bushel and May soybean meal is up $1.50. The Dow Jones Industrial Average is up 190.61 points. So far, no cash cattle trade has reported today, but there are bids of $182 in the South and $297 in the North on the table at midday. Beef cutouts are lower at midday (choice 299.41 -1.89, select 296.56 -0.36) with moderate box movement (62 lds of choice cuts, 13 lds of select cuts, 06 lds of trim, and 19 lds of ground), with a choice/select spread of 2.85. Thursday's projected cattle slaughter is 123,000. Pork cutouts at midday are 97.91, +3.00, with 143.38 total loads. Thursday's project hog slaughter is 487,000.

Posted 08:40 -- June live cattle are down $0.05 at $175.55, May feeder cattle are up $0.48 at $243.05, June lean hogs are down $0.58 at $104.175, May corn is down 1 3/4 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is up 272.88 points. A light cash cattle trade was reported in parts of the North on Wednesday with dressed deals $295 to $297 -- $3 to $5 lower than the prior week's weighted averages. The South remains rather quiet and will likely see packer inquiry improve as the day progresses. For the week ended March 28, 2024, beef net sales of 18,700 metric tons (MT) for 2024 were up 48% from the previous week and 53% from the prior four-week average. The three largest buyers were primarily for South Korea (6,100 MT), Japan (5,000 MT), and Canada (1,700 MT). The CME Feeder Index for April 02, 2024, was $0.54 lower at $247.73. For the week ended March 28, pork net sales of 28,700 MT for 2024 were down 48% from the previous week and 24% from the prior four-week average. Increases primarily for Mexico (23,000 MT), South Korea (3,000 MT), and Canada (1,200 MT). The projected CME Lean Hog Index for April 02, 2024, was up $0.23, at $85.15.

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