DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is down 1/4 cent per bushel, January soybeans are up 5 cents per bushel. March KC wheat is up 2 cents per bushel, March Chicago wheat is up 1 1/4 cents per bushel and March Minneapolis wheat is up 3 cents. The Dow Jones Industrial Average is down 60.02 points at 44,721.98. The U.S. Dollar Index is down 0.310 at 106.13. January crude oil is up $2.01 per barrel at $70.11. The ag futures markets have moved little at midday with corn slightly lower, wheat modestly higher and soybeans and soy oil showing the most strength. Weather in South America and rising production estimates continue to be a headwind to corn and soy markets. Soybean oil is strong on world veg oil strength and the $2.00 plus move in crude oil.

Posted 10:35 -- March corn is down 3/4 cent per bushel, January soybeans are up 7 1/2 cents per bushel. March KC wheat is up 3 1/4 cents per bushel, March Chicago wheat is up 2 1/2 cents per bushel and March Minneapolis wheat is up 4 1/4 cents. The Dow Jones Industrial Average is down 152.09 points at 44,629.91. The U.S. Dollar Index is down 0.110 at 106.34. January crude oil is up $1.92 per barrel at $70.02. At mid-morning corn has slipped back to trade in the red, wheat is still higher, but well off the morning highs, while soybeans and soy products remain firm. The overriding bearish weather in South America will limit any upward move. Soybean oil is pulling strength from the higher palm and crude oil markets.

Posted 08:41 -- March corn is up 3 1/4 cents per bushel, January soybeans are up 12 cents per bushel. March KC wheat is up 9 1/4 cents per bushel, March Chicago wheat is up 7 3/4 cents per bushel and March Minneapolis wheat is up 9 1/4 cents. The Dow Jones Industrial Average is up 61.42 points at 44,843.42. The U.S. Dollar Index is down 0.330 at 106.12. January crude oil is up $0.95 per barrel at $69.05. A very firm start to all grain and soy markets, led by soybeans and bean oil. Wheat is bouncing on oversold conditions after KC fell to a new contract low Monday.

Livestock

Posted 11:48 -- February live cattle are up $1.55 at $189.475, January feeder cattle are up $3.55 at $260.4, February lean hogs are up $0.33 at $88.275, March corn is down 1 cent per bushel and January soybean meal is up $1.50. The Dow Jones Industrial Average is down 47.99 points. Asking prices are noted at $192 to $194 in the South but are not established in the North. Trade will likely be delayed until Thursday or Friday as feedlot managers are eager to continue to advance cash prices.

Posted 08:40 -- February live cattle are up $0.33 at $188.25, January feeder cattle are up $1.00 at $257.85, February lean hogs are up $0.60 at $88.55, March corn is up 3 1/4 cents per bushel and January soybean meal is up $3.70. The Dow Jones Industrial Average is up 68.82 points. After trading lower through Monday's close, both the live and feeder cattle contracts are back to trading higher at Tuesday's start. It's too early to say if traders believe enough profit-taking took place Monday, but from a fundamental sense, the market remains thoroughly supported.

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