DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 7 cents per bushel, November soybeans are down 4 1/4 cents per bushel. December KC wheat is down 7 cents per bushel, December Chicago wheat is down 6 cents per bushel and December Minneapolis wheat is down 10 cents. The Dow Jones Industrial Average is down 148.38 points at 42,916.84. The U.S. Dollar Index is up 0.010 at 103.31. November crude oil is down $3.41 per barrel at $70.42. Just ahead of the close, the bearish onslaught continues in grain and soy markets. The one exception is bean oil after bean oil stocks in the NOPA September crush report showed the lowest stocks in 10 years at 1.066 billion pounds. Crush was a record 177.3 mb, up over 7% from last year. Active harvest with more farmer selling is weighing on row crops as is the wetter Brazil forecast.

Posted 10:35 -- December corn is down 4 1/4 cents per bushel, November soybeans are down 8 cents per bushel. December KC wheat is down 3 cents per bushel, December Chicago wheat is down 1 1/4 cents per bushel and December Minneapolis wheat is down 4 1/2 cents. The Dow Jones Industrial Average is down 102.10 points at 42,963.12. The U.S. Dollar Index is down 0.180 at 103.12. November crude oil is down $3.78 per barrel at $70.05. At mid-morning only bean oil has recovered to trade in the green, while corn, wheat, soybeans and soymeal continue to fall. Bearish weather in the U.S. Corn Belt and in South America, and better rain chances for hard winter wheat country are bearish inputs driving markets.

Posted 08:39 -- December corn is down 2 3/4 cents per bushel, November soybeans are down 8 cents per bushel. December KC wheat is down 5 cents per bushel, December Chicago wheat is down 4 cents per bushel and December Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is down 134.26 points at 42,930.96. The U.S. Dollar Index is down 0.230 at 103.07. November crude oil is down $3.64 per barrel at $70.19. USDA announced two new sales for 2024-25: Sold 131,000 mt (4.8 mb) of soybeans to China and sold 120,000 mt (4.4 mb) of soft red winter wheat to Mexico. Grain and soy markets continue to head south, with soybeans and soymeal now down for the ninth time in the past ten days. Perfect harvest weather in the U.S. and a wetter outlook for South America are weighing on prices.

Livestock

Posted 11:50 -- December live cattle are down $1.30 at $186.625, November feeder cattle are down $2.70 at $246.875, December lean hogs are steady, December corn is down 5 1/2 cents per bushel and December soybean meal is down $3.90. The Dow Jones Industrial Average is down 82.51 points. Heading into Tuesday's noon hour, the livestock complex is enduring some technical pressure which consequently pushes all three markets to trade mostly lower. Asking prices are noted in the South at $189 to $190, but are still not published yet in the North.

Posted 08:38 -- December live cattle are down $0.43 at $187.5, November feeder cattle are down $0.58 at $249., December lean hogs are up $0.30 at $76.1, December corn is down 2 1/2 cents per bushel and December soybean meal is down $1.90. The Dow Jones Industrial Average is down 132.11 points. The cattle contracts are trading mildly lower at Tuesday's start as traders need fundamental reassurance to give them the confidence that they should continue to support the contracts and sustain the market at this high price point. Still no cash cattle trade has developed and it's unlikely any bids will surface ahead of Wednesday.

(c) Copyright 2024 DTN, LLC. All rights reserved.