DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 1/4 cents and March soybeans are up 1 3/4 cents. March KC wheat is down 6 cents and March Minneapolis wheat is down 5 cents. February crude oil is up $1.53 and Dow Jones futures are down 324 points. The U.S. Dollar Index is up 0.81 and February gold is up $27.40. Heading into the final half hour of trade, corn and soy markets are fighting to hold on to marginal gains while the wheat complex continues to struggle under technical pressure. Grain markets are technically overbought currently, with corn prices hitting a ceiling near $4.60 Thursday.

Posted 10:39 -- March corn is up 1/2 cents and March soybeans are up 4 cents. March KC wheat is down 5 cents and March Minneapolis wheat is down 4 cents. February crude oil is up $1.68 and Dow Jones futures are up 10 points. The U.S. Dollar Index is up 0.87 and February gold is up $28.40. Grain markets have reversed after beginning the session down slightly. Strong ethanol production of 1,111 thousand barrels per day for the week ending December 27 was above the range of trader estimates and caps off a strong December for production. Soybeans have found strength from the meal market which continues to add weather premium per the Argentine forecast. Wheat markets are down on technical pressure but have short-term support just beneath current prices that has held thus far.

Posted 08:43 -- March corn is down 1 3/4 cents and March soybeans are down 3 3/4 cents. March KC wheat is down 3 cents and March Minneapolis wheat is down 2 1/4 cents. February crude oil is up $1.39 and Dow Jones futures are up 277 points. The U.S. Dollar Index is up 0.28 and February gold is up $19.80. Grain markets are taking a slight breather to open the new year following strong moves higher across most of the major commodities to end 2024. Weather concerns remain unchanged in South America through the first part of January. It is likely the markets will be met with selling pressure both from profit-taking speculators and producers hedging cash grain at higher prices.

Livestock

Posted 11:42 -- February live cattle are up $2.05 at $193.65, March feeder cattle are up $3.43 at $266.4, February lean hogs are up $0.03 at $81.325, March corn is up 3/4 cent per bushel and March soybean meal is up $2.50. The Dow Jones Industrial Average is down 265.58 points. Some light trade has been noted in the South at $195 to $196 which is $2.00 to $3.00 higher than last week's weighted average. Still no trade has developed in the North, but bids have surfaced at $310 dressed and $198 live.

Posted 08:39 -- February live cattle are up $0.35 at $191.95, March feeder cattle are up $0.98 at $263.95, February lean hogs are down $0.75 at $80.55, March corn is down 1 3/4 cents per bushel and March soybean meal is down $1.30. The Dow Jones Industrial Average is up 307.74 points. Both the live cattle and feeder cattle contracts are trading higher at Thursday's start. No cash cattle bids have surfaced yet but packer demand should improve throughout the day.

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