DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Wednesday's close, the soybean complex remains under bearish pressure with May soybeans down 10 cents, May soybean meal down $3.00 and May soybean oil down 0.34 cent. May corn is quietly higher, up 1 1/4 cents with a lower ending corn stocks estimate expected from USDA Thursday. May KC wheat is Wednesday's one bullish exception, trading up 14 3/4 cents, while Chicago is down a penny and Minneapolis is up 1 3/4 cents. Outside markets remain rattled by Wednesday morning's report, showing March consumer prices up 3.5% from a year ago. The U.S. Dollar Index is up 0.97, the yield on 10-year T-Notes is near 4.55%, the highest in over four months. Dow Jones futures are trading down 547 points and May crude oil is up 80 cents, near $86.00 a barrel.

Posted 10:35 -- May corn is up 3 1/2 cents per bushel, May soybeans are down 7 cents per bushel. July KC wheat is up 13 1/4 cents per bushel, May Chicago wheat is up 4 cents per bushel and May Minneapolis wheat is up 8 3/4 cents. The Dow Jones Industrial Average is down 453.86 points at 38,429.81 and the U.S. Dollar Index is up 1.010 at 105.16 and May crude oil is down $0.17 per barrel at $85.06. The soy complex is under heavy pressure at midmorning, while wheat remains sharply higher and corn firm. The U.S. Dollar Index has soared to the highest level since November following a higher inflation number than economists expected, and equities are down sharply as the prospect for the Federal Reserve interest rate cut has worsened in the face of still lofty inflation.

Posted 08:46 -- May corn is up 1 3/4 cents per bushel, May soybeans are down 1 cent per bushel. July KC wheat is up 11 cents per bushel, May Chicago wheat is up 4 1/4 cents per bushel and May Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is down 485.06 points at 38,398.61 and The U.S. Dollar Index is up 0.760 at 104.91 and May crude oil is up $0.37 per barrel at $85.60. The USDA announced a new sale of new crop soybeans: sold 254,000 mt (9.3 mb) of soybeans to unknown destination for 2024-25. Corn, wheat, and bean oil markets are higher with soybeans and soymeal slightly lower. Some pressure is coming from outside markets with the U.S. Dollar Index sharply higher and equities under heavy pressure following the CPI inflation number that was higher than expected.

Livestock

Posted 11:44 -- June live cattle are down $0.60 at $174.25, May feeder cattle are down $1.25 at $238.2, June lean hogs are down $3.33 at $105.25, May corn is up 2 3/4 cents per bushel and May soybean meal is down $1.50. The Dow Jones Industrial Average is down 484.97 points. The announcement of March's Consumer Price Index jumping 3.5% has the livestock market trading lower. Still no cash cattle trade has developed, and it's likely trade will be delayed until Thursday or later.

Posted 08:44 -- June live cattle are up $0.05 at $174.9, May feeder cattle are down $0.25 at $239.2, June lean hogs are up $0.50 at $109.075, May corn is up 2 1/4 cents per bushel and May soybean meal is down $1.40. The Dow Jones Industrial Average is down 436.76 points. The livestock complex is mixed as feeders are trading lower while the lean hog and live cattle markets are higher. Still no cash cattle trade has developed, and it's looking like trade will be delayed until Thursday or Friday.

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