DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 1/4 cent per bushel, November soybeans are up 4 1/4 cents per bushel. December KC wheat is up 4 3/4 cents per bushel, December Chicago wheat is up 4 1/2 cents per bushel and December Minneapolis wheat is up 5 3/4 cents. The Dow Jones Industrial Average is down 69.10 points at 40,667.86. The U.S. Dollar Index is up 0.040 at 101.67 and October crude oil is up $1.90 per barrel at $67.65. As we approach the close, corn has retreated a bit while wheat, soybeans, and soymeal have continued to trade higher in slow trade. The expectation for record large corn and soy yields has been baked into prices, but with the wide range of estimates, a USDA surprise would not be out of the question on Thursday.

Posted 10:38 -- December corn is down 1 cent per bushel, November soybeans are up 2 1/2 cents, December KC wheat is up 2 1/4 cents, December Chicago wheat is up 3 cents and December Minneapolis wheat is up 3 1/2 cents. The Dow Jones Industrial Average is down 573.05 points. The U.S. Dollar Index is up 0.030 and October crude oil is up $0.47 per barrel. The Bureau of Safety and Environmental Enforcement this afternoon reported 23.55% or 412,070 bpd of current oil production in the Gulf of Mexico shut-in in response to Hurricane Francine. Corn and soybean markets are trading both sides today, looking ahead to Thursday's USDA reports. Winter wheat markets lately are watching the dry conditions in southern Russia where winter wheat may not go into dormancy in good shape.

Posted 08:35 -- December corn is up 1 1/4 cents per bushel, November soybeans are up 7 1/2 cents per bushel. December KC wheat is up 5 cents per bushel, December Chicago wheat is up 5 1/2 cents per bushel and December Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is down 250.27 points at 40,486.69 and the U.S. Dollar Index is up 0.100 at 101.73 and October crude oil is up $1.34 per barrel at $67.09. All grain and soy markets are firmer early Wednesday, led by soybeans and bean oil, while December corn continues to rest just above the 50-day moving average. Expectations are for a mostly bearish report Thursday, but a wide spread in yield and production estimates leaves the door open for a surprise.

Livestock

Posted 11:38 -- October live cattle are down $0.30 at $176.025, October feeder cattle are up $0.18 at $235.575, October lean hogs are up $0.78 at $79.325, December corn is up 3/4 cent per bushel and December soybean meal is up $3.20. The Dow Jones Industrial Average is down 330.24 points. There's a single bid currently being offered in Kansas at $178, but at this point still no cattle have traded. With the futures market currently enduring some pressure, it's likely that cash cattle won't trade until Thursday or Friday.

Posted 08:40 -- October live cattle are up $1.75 at $176.925, October feeder cattle are up $3.78 at $234.725, October lean hogs are down $0.70 at $78.8, December corn is up 1 cent per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is up 484.18 points. The livestock complex is off to a stronger start Wednesday, which could help influence the cash cattle market. Still, no bids are offered, but packer interest should improve throughout the day. Asking prices in the South are noted at $182, but remain unestablished in the North.

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