DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 1 3/4 cents per bushel, November soybeans are up 9 1/4 cents per bushel. December KC wheat is up 13 1/4 cents per bushel, December Chicago wheat is up 10 1/2 cents per bushel and December Minneapolis wheat is up 13 1/4 cents. The Dow Jones Industrial Average is down 79.14 points at 40,857.79 and the U.S. Dollar Index is down 0.450 at 101.37 and October crude oil is down $0.91 per barrel at $69.43. Corn, wheat, soybeans, and soymeal are holding onto gains just ahead of the close. December corn, Chicago wheat and October meal are among the commodities that have pierced through the 50-day moving averages to the upside. That has led to accelerated short-covering by funds. There were no new sales of soybeans to China early Wednesday, but additional business is likely to be announced in coming days.

Posted 10:30 -- December corn is up 3/4 cent per bushel, November soybeans are up 4 1/2 cents, December KC wheat is up 7 cents, December Chicago wheat is up 7 1/4 cents and December Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is up 119.21 points. The U.S. Dollar Index is down 0.440 and October crude oil is down $0.30 per barrel. The weekly crop progress report showed the good-to-excellent rating for soybeans dropped by 2 percentage points, adding some support to the futures. The ICE canola futures are still falling, down C$17.90, unable to come back from the news that China is beginning an anti-dumping investigation on canola imports from Canada. The wheat markets are still showing strength as uncertainty over the EU quality is boosting U.S. prices.

Posted 08:39 -- December corn is steady, November soybeans are down 1 1/2 cents per bushel. December KC wheat is up 2 1/2 cents per bushel, December Chicago wheat is down 1/4 cent per bushel and December Minneapolis wheat is up 1 1/2 cents. The Dow Jones Industrial Average is down 1.12 points at 40,935.81 and the U.S. Dollar Index is down 0.210 at 101.62 and October crude oil is down $0.49 per barrel at $69.85. Wheat is firmer, while soybeans are lower and corn higher to start. Another close above the 50-day average ($4.07) in December corn could encourage fund managers to reel in more of their large short position, but U.S. corn has become a bit less competitive with the rally.

Livestock

Posted 11:41 -- October live cattle are up $0.28 at $179.55, October feeder cattle are down $1.35 at $237.975, October lean hogs are down $0.18 at $82.35, December corn is up 2 1/4 cents per bushel and December soybean meal is up $5.30. The Dow Jones Industrial Average is up 79.40 points. With no bids or asking prices having developed yet in the cash market, it looks like trade could be delayed for at least another day or potentially two. Feedlots are aiming for steady prices this week, but with packers having some inventory built up around them, it's anyone's guess at this point.

Posted 08:35 -- October live cattle are up $0.25 at $179.525, October feeder cattle are down $0.08 at $239.25, October lean hogs are up $0.35 at $82.875, December corn is up 1 3/4 cents per bushel and December soybean meal is up $0.30. The Dow Jones Industrial Average is down 9.21 points. The livestock complex is off to a mixed start as live cattle futures are fully higher, but both the feeder cattle and lean hog contracts are trading mixed. Still no asking prices have been posted in regards to the cash cattle market, and at this point it's looking like trade could be delayed until Thursday or Friday as feedlots hope to achieve steady trade.

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