DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- May corn is down 4 cents per bushel, May soybeans are down 14 1/2 cents per bushel. May KC wheat is down 6 1/2 cents per bushel, May Chicago wheat is down 5 1/2 cents per bushel and May Minneapolis wheat is down 6 1/4 cents. The Dow Jones Industrial Average is down 191.75 points at 37,791.49 and the U.S. Dollar Index is up 0.150 at 106.19 and May crude oil is down $0.61 per barrel at $85.05. Red Monday continues with all grain and soy markets lower. Funds have been big sellers in soybeans and soymeal, selling an estimated 11,000 contracts combined. As expected, NOPA revealed a record crush for March at 196.4 mb. Corn is down despite another old-crop sale to our No. 1 buyer Mexico. It is likely USDA could be forced to raise U.S. corn exports again. Some pressure is coming from the weaker crude oil and equities markets.
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Posted 10:33 -- May corn is down 5 cents per bushel, May soybeans are down 13 1/2 cents per bushel. May KC wheat is down 9 cents per bushel, May Chicago wheat is down 8 cents per bushel and May Minneapolis wheat is down 6 cents. The Dow Jones Industrial Average is up 93.49 points at 38,076.73. The U.S. Dollar Index is up 0.080 at 106.12 and May crude oil is down $1.06 per barrel at $84.60. At mid-morning, all the grain and soy markets are lower, led by soybeans, soymeal and KC wheat. The dry southwestern Plains are on tap for some possible showers later Monday into Tuesday, but the crop ratings are expected to slide lower in Monday's crop progress update. Mostly good weather and some more rain in the Corn Belt will likely lead to a brisk planting period ahead. Crude oil and gold are leaking lower despite the weekend attack by Iran.
Posted 08:34 -- May corn is down 2 3/4 cents per bushel, May soybeans are down 8 cents per bushel. May KC wheat is down 4 1/4 cents per bushel, May Chicago wheat is down 7 cents per bushel and May Minneapolis wheat is down 3 cents. The Dow Jones Industrial Average is up 387.30 points at 38,370.54. The U.S. Dollar Index is down 0.010 at 106.03 and May crude oil is down $0.70 per barrel at $84.96. USDA announced a new sale of corn to Mexico, totaling 165,000 mt (6.5 mb), with 135,000 mt (5.3 mb) for 2023-24, and 30,000 mt (1.2 mb) for the 2024-25 crop year. Grain and soy markets are under pressure early in the week on mostly good planting weather ahead, with a mix of rain and warmth, while South American weather continues to be mostly favorable.
Posted 20:00 (04/14) -- After the Sunday evening open, crop prices are mixed. May corn is down 3/4 cent and May soybeans are up 1/4 cent. After a couple more days of rain, the forecast for central Brazil starts turning drier this week, making a transition to the dry season. May KC wheat is down 2 3/4 cents, even with red flag warnings posted in western Kansas Sunday and Kansas temperatures in the 90s. The Black Sea region received isolated showers over the weekend, but eastern Ukraine and southwestern Russia remain dry. May Minneapolis wheat is down 3 3/4 cents. June crude oil is up $0.02 and Dow Jones futures are up 90 points. The U.S. Dollar Index is down 0.09 and June gold is up $4.70. Several media sources reported Israel and the U.S. downed nearly all the drones and missiles Iran fired against Israel over the weekend. Several nations in the region are urging a de-escalation of the fighting and the U.S. is urging Israel not to retaliate.
LivestockPosted 11:33 -- June live cattle are up $2.73 at $174.2, May feeder cattle are up $4.68 at $238.875, June lean hogs are up $0.23 at $102.3, May corn is down 4 1/2 cents per bushel and May soybean meal is down $7.40. The Dow Jones Industrial Average is up 69.77 points. The cattle complex is still trading higher into Monday's noon hour which is a sign of relief to cattlemen as last Friday's close pressured the market's current support plane. New showlists appear to be higher in all major feeding areas.
Posted 08:37 -- June live cattle are up $2.23 at $173.7, May feeder cattle are up $1.88 at $236.075, June lean hogs are down $0.28 at $101.8, May corn is down 2 3/4 cents per bushel and May soybean meal is down $4.60. The Dow Jones Industrial Average is up 381.71 points. After a tough technical week last week, the cattle contracts are back to trading higher at Monday's start. The lean hog market isn't as optimistic, but if demand seems strong this week, support could bolster the market's trade.
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