DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 2 1/2 cents per bushel, November soybeans are down 3/4 cent per bushel. December KC wheat is down 5 1/2 cents per bushel, December Chicago wheat is down 8 cents per bushel and December Minneapolis wheat is steady. The Dow Jones Industrial Average is down 184.25 points at 40,790.72 and the U.S. Dollar Index is down 0.240 at 101.12 and October crude oil is down $0.22 per barrel at $68.98. Grain and soy markets with the exception of bean oil, remain lower, but corn and soybeans have bounced from morning lows. Bean oil is sharply higher, helped by strong canola, palm and crude oil markets. Some of that strength is related to a new bill that may get passed in Brazil to up the percentage of soybean oil in biodiesel sharply by 2030.

Posted 10:35 -- December corn is down 4 3/4 cents per bushel, November soybeans are down 7 3/4 cents, December KC wheat is down 10 1/4 cents, December Chicago wheat is down 12 3/4 cents and December Minneapolis wheat is down 6 cents. The Dow Jones Industrial Average is down 324.29 points. The U.S. Dollar Index is down 0.070 and October crude oil is up $0.72 per barrel. The soybean market is a victim of "buy the rumor, sell the fact" as the new business announced Thursday morning was rumored the past few days. However, the fresh soybean business did prop up the PNW soybean basis last night. Crude oil is moving higher thanks to the OPEC+ agreeing not to increase output for at least two months.

Posted 08:38 -- December corn is down 2 1/4 cents per bushel, November soybeans are down 5 1/2 cents per bushel. December KC wheat is down 2 1/4 cents per bushel, December Chicago wheat is down 5 cents per bushel and December Minneapolis wheat is up 1 1/2 cents. The Dow Jones Industrial Average is up 62.99 points at 41,037.96 and the U.S. Dollar Index is down 0.250 at 101.11 and October crude oil is up $0.75 per barrel at $69.95. The USDA announced two new sales of soybeans for 2024-25: Sold 126,000 mt (4.6 mb) to China and another 189,790 mt (7 mb) to unknown destinations. The latter is likely China as well. Grain and soy markets except for bean oil are setting back after closing higher for the past 4 to 7 days.

Livestock

Posted 11:40 -- October live cattle are down $2.18 at $177.05, October feeder cattle are down $3.23 at $234.225, October lean hogs are down $0.73 at $80.85, December corn is down 3 1/4 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is down 356.33 points. Asking prices are noted in the South at $185, but have yet to be established in the North. Packer interest should improve this afternoon, but trade could be delayed until Friday as feedlot managers are hoping to trade cattle at steady money.

Posted 08:40 -- October live cattle are down $0.80 at $178.425, October feeder cattle are down $1.38 at $236.075, October lean hogs are down $0.90 at $80.675, December corn is down 1 3/4 cents per bushel and December soybean meal is down $5.70. The Dow Jones Industrial Average is up 95.43 points. At Thursday's start, the cash cattle market is still idle with no bids posted yet. Asking prices are noted at $185 in the South but are not yet established in the North. There was a handful of cattle traded in Kansas on Wednesday at $180, but not enough to say any sort of market trend has been established. Packer interest should improve throughout the day.

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