DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 2 1/4 cents per bushel, January soybeans are up 13 cents per bushel. December KC wheat is up 3 cents per bushel, December Chicago wheat is up 4 3/4 cents per bushel and December Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average is up 26.35 points at 42,259.40. The U.S. Dollar Index is down 0.320 at 103.99. December crude oil is up $1.15 per barrel at $68.36. At midday both soybeans and soybean oil are the bullish stalwarts as global veg oil supplies are firming on tightening stocks. Wheat has maintained its gain for the day while corn has moved either side of unchanged for much of the day. Weather features a wetter forecast for the Upper Midwest and 3 to 4 inches of rain for the eastern Plains and Midwest over the next week.

Posted 10:35 -- December corn is down 1 1/2 cents per bushel, January soybeans are up 11 cents per bushel. December KC wheat is up 3 3/4 cents per bushel, December Chicago wheat is up 5 1/4 cents per bushel and December Minneapolis wheat is up 5 cents. The Dow Jones Industrial Average is up 151.85 points at 42,384.90. The U.S. Dollar Index is down 0.270 at 104.05. December crude oil is up $1.76 per barrel at $68.97. At mid-morning, soybeans and bean oil have made further gains with bean oil reacting to higher crude and the new season high in palm oil. Wheat markets have now recovered from early weakness. News that Russian consultancy, Sov Econ, dropped Russia's wheat exports by nearly 2 mmt previously may have helped support wheat.

Posted 08:41 -- December corn is down 1 cent per bushel, January soybeans are up 3 1/2 cents per bushel. December KC wheat is down 5 1/4 cents per bushel, December Chicago wheat is down 5 1/2 cents per bushel and December Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is down 50.27 points at 42,182.78. The U.S. Dollar Index is up 0.010 at 104.33. December crude oil is up $0.83 per barrel at $68.04. The USDA announced three new export sales for 2024-25: Sold 132,000 mt (4.85 mb) of soybeans to China and another 132,000 mt (4.85 mb) to unknown destinations and sold 273,048 mt (10.7 mb) of corn to unknown destinations. Wheat and corn are lower while soybeans and bean oil are modestly higher in quiet trade.

Livestock

Posted 11:35 -- December live cattle are down $1.15 at $186.8, January feeder cattle are down $1.78 at $242.25, December lean hogs are up $1.63 at $84.45, December corn is down 1 3/4 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 150.94 points. Bids of $190 live and $295 dressed have surfaced in the countryside, but still no cattle have traded. It's unlikely sales will develop Wednesday as feedlot managers won't likely trade cattle for less money as their showlists remain current.

Posted 08:38 -- December live cattle are down $0.63 at $187.325, January feeder cattle are down $1.95 at $242.075, December lean hogs are up $0.35 at $83.175, December corn is down 1 cent per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is down 85.32 points. The cattle complex is off to a lower start as traders fear the market is overbought and are consequently sending prices lower in both the live cattle and feeder cattle markets. Asking prices are noted in the South at $193 plus.

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