DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 3 3/4 cents per bushel, November soybeans are down 9 cents per bushel. December KC wheat is up 16 cents per bushel, December Chicago wheat is up 12 3/4 cents per bushel and December Minneapolis wheat is up 9 1/2 cents. The Dow Jones Industrial Average is down 149.16 points at 42,007.81. The U.S. Dollar Index is up 0.320 at 101.52. November crude oil is up $2.36 per barrel at $72.19. Soybeans and soymeal are crashing while wheat markets are sharply higher and December corn has reached the highest level since June. Crude oil is up sharply as a result of the expanding conflict in the Middle East and that seems to be taking precedence over grain fundamentals. In soybeans, the wetter forecast for South America has bulls pulling back on long exposure.

Livestock

Posted 08:33 -- December live cattle are up $0.33 at $185.50, November feeder cattle are up $0.50 at $245.175, December lean hogs are up $0.43 at $75.025, December corn is up 3 cents per bushel and December soybean meal is down $13.90. The Dow Jones Industrial Average is down 44.46 points. The cash cattle market is still quiet at Wednesday's start, but packer interest could improve throughout the day. Asking prices are still not established in either region as feedlot managers are in no rush to price cattle as they know this week's trade will be delayed until late in the week.

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