DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is up 5 1/4 cents per bushel, November soybeans are up 4 cents per bushel. December KC wheat is up 15 1/4 cents per bushel, December Chicago wheat is up 16 1/4 cents per bushel and December Minneapolis wheat is up 12 3/4 cents. The Dow Jones Industrial Average is down 215.06 points at 42,115.09. The U.S. Dollar Index is up 0.530 at 101.31. November crude oil is up $2.27 per barrel at $70.44. It is a green day at the CME with wheat and soymeal futures leading the bullish onslaught. Soybeans and bean oil have recovered to trade higher after early weakness. The next 10-14 days promises near-perfect harvest weather. The corn and soy markets are getting very technically overbought.
Posted 10:35 -- December corn is up 2 cents per bushel, November soybeans are down 1 3/4 cents per bushel. December KC wheat is up 11 1/2 cents per bushel, December Chicago wheat is up 10 1/4 cents per bushel and December Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is down 166.24 points at 42,163.91. The U.S. Dollar Index is up 0.480 at 101.25. November crude oil is up $2.98 per barrel at $71.15. At midmorning, wheat has taken over to the upside on growing Russian dryness and the spike in FOB offers from Russia by $5-$6/mt from a few days ago. Corn is firm and beans slightly lower, but starting next week there are better chances for rain for dry areas of both northern Brazil and Argentina.
Posted 08:35 -- December corn is down 1/4 cent per bushel, November soybeans are down 4 3/4 cents per bushel. December KC wheat is up 3 1/4 cents per bushel, December Chicago wheat is up 3 1/4 cents per bushel and December Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is down 192.22 points at 42,137.93. The U.S. Dollar Index is up 0.340 at 101.12. November crude oil is down $0.11 per barrel at $68.06. USDA announced two new sales: 195,000 mt (7.7 mb) of corn to unknown destinations for 2024-25 and 120,000 mt (4.4 mb) of soybeans to unknown destinations for 2024-25. Corn is little changed, while wheat is firm and soybeans and bean oil are under pressure. Surely the longshoremen's strike cannot be considered a positive for these markets should it extend for any length of time.
LivestockPosted 11:38 -- December live cattle are up $0.98 at $185.775, November feeder cattle are up $0.95 at $245.85, December lean hogs are up $1.40 at $74.675, December corn is up 3 cents per bushel and December soybean meal is up $6.60. The Dow Jones Industrial Average is down 200.73 points. The livestock complex is trading higher into Tuesday's afternoon as both pork cutout values and boxed beef prices are higher. No action has happened yet in the cash cattle market and likely won't until Thursday or Friday.
Posted 08:38 -- December live cattle are up $0.10 at $184.90, November feeder cattle are down $0.13 at $244.775, December lean hogs are up $0.78 at $74.05, December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is down 236.84 points. Even with the port strike now in effect, surprisingly the livestock complex is trading mostly higher. It is worth noting that the equity markets are trading slightly lower which could later cause the livestock complex to trade lower too.
(c) Copyright 2024 DTN, LLC. All rights reserved.
