DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is down 6 1/4 cents per bushel, November soybeans are down 7 cents per bushel. December KC wheat is down 13 3/4 cents per bushel, December Chicago wheat is down 13 1/2 cents per bushel and December Minneapolis wheat is down 15 cents. The Dow Jones Industrial Average is up 159.29 points at 43,023.15. The U.S. Dollar Index is up 0.360 at 103.25. November crude oil is down $1.29 per barrel at $74.27. As we approach the close, grain and soy markets, with the exception of soymeal, are sharply lower, led by wheat and bean oil. Weather looks to be conducive to rapid harvesting in the U.S. at least into the weekend, while a steady dose of showers is expected to continue in Brazil over the next few weeks. Funds have been sellers of corn, wheat and soybean oil on Monday.
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Posted 10:35 -- December corn is down 4 3/4 cents and November soybeans are down 1 1/4 cents. December KC wheat is down 10 1/4 cents and December Minneapolis wheat is down 9 3/4 cents. November crude oil is down $1.46 and Dow Jones futures are up 116 points. The U.S. Dollar Index is up 0.30 and December gold is down $12.20. Grains continue weakness on the tails of Friday's USDA report. Corn and soybeans have now both retraced near 50% of their gains from rallies beginning at the end of August. Corn, soybeans and KC wheat are all re-entering areas of technical support for their respective moves.
Posted 08:37 -- December corn is down 3 3/4 cents per bushel, November soybeans are down 5 3/4 cents per bushel. December KC wheat is down 4 cents per bushel, December Chicago wheat is down 2 1/2 cents per bushel and December Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is down 63.59 points at 42,800.27. The U.S. Dollar Index is up 0.340 at 103.23. November crude oil is down $1.34 per barrel at $74.22. Continued fallout from Friday's WASDE which showed record corn and soy yields and favorable weather both here and in South America continues to pressure markets early Monday. Soybean harvest is likely near 70% done as of the weekend in Tuesday's delayed Crop Progress report.
Posted 19:03 (10/13) -- December corn is down 3/4 cent per bushel, November soybeans are down 4 1/4 cents per bushel. December KC wheat is up 1/4 cent per bushel, December Chicago wheat is up 1/2 cent per bushel and December Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is up 409.74 points at 42,863.86. The U.S. Dollar Index is up 0.150 at 103.04. November crude oil is down $1.37 per barrel at $74.19. Corn and soy markets start off weaker with wheat mixed early Sunday night. The forecast calls for another week of wide-open weather for the U.S. harvest where farmers will likely move from soybean to corn harvesting more. In Brazil, the weather is improving with a wetter trend ahead for northern Brazil. Wheat may recover on the news that Russia set a minimum FOB price of $250/mt after that market has been trading in a range of $216/mt to $235/mt over the last several weeks.
LivestockPosted 11:41 -- December live cattle are up $0.43 at $188., November feeder cattle are up $0.18 at $249.975, December lean hogs are down $1.90 at $75.75, December corn is down 5 1/2 cents per bushel and December soybean meal is up $2.90. The Dow Jones Industrial Average is up 203.96 points. Last week's negotiated cash cattle trade totaled 92,611 head. Of that 80% (74,479 head) were committed to the nearby delivery while the remaining 20% (18,132 head) were committed for the deferred delivery.
Posted 08:36 -- December live cattle are up $0.03 at $187.6, November feeder cattle are down $0.18 at $249.625, December lean hogs are down $0.40 at $77.25, December corn is down 3 3/4 cents per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is down 101.70 points. Following last week's strong performance in the cash cattle market, traders will again look to the market's fundamentals for support. It will be imperative to see what the USDA report shared in terms of exactly how many cattle were bought last week and for what delivery option as that could indicate how aggressive packers will be this week in the cash market.
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