DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 7 cents per bushel, March soybeans are up 6 1/2 cents per bushel. March KC wheat is up 14 1/4 cents per bushel, March Chicago wheat is up 12 cents per bushel and March Minneapolis wheat is up 15 1/4 cents. The Dow Jones Industrial Average is up 63.90 points at 42,796.03. The U.S. Dollar Index is down 0.670 at 108.28. February crude oil is down $0.69 per barrel at $73.27. The Monday gains in all but soybean meal stand as we head into the close. The primary driver is once again a warmer and drier pattern in southern Brazil and Argentina that threatens to hurt yields on corn and soybeans without a change in pattern the last half of January. However, traders are even more optimistic regarding Brazil and that could limit the extent of any rally. Funds have been buyers on Monday, adding to a corn net long which could be close to 200,000 contracts in Monday's CFTC report.

Posted 10:35 -- March corn is up 8 1/2 cents per bushel, March soybeans are up 11 cents per bushel. March KC wheat is up 13 3/4 cents per bushel, March Chicago wheat is up 13 cents per bushel and March Minneapolis wheat is up 13 1/4 cents. The Dow Jones Industrial Average is up 355.94 points at 43,088.07. The U.S. Dollar Index is down 0.810 at 108.14. February crude oil is up $0.29 per barrel at $74.25. At midmorning grain and soy markets remain very firm with beans, corn and wheat all sharply higher. A warmer and drier outlook for the next 10 days for southern Brazil and much of the northern two-thirds of Argentina is what is fueling the strength.

Posted 08:39 -- March corn is up 6 1/4 cents per bushel, March soybeans are up 14 3/4 cents per bushel. March KC wheat is up 9 1/2 cents per bushel, March Chicago wheat is up 9 1/2 cents per bushel and March Minneapolis wheat is up 10 1/4 cents. The Dow Jones Industrial Average is up 104.79 points at 42,836.92. The U.S. Dollar Index is down 0.600 at 108.35. February crude oil is up $0.60 per barrel at $74.56. Grain and soy markets begin the new week in the green on warm and dry weather concerns for Argentina and southern Brazil. A warmer and below-normal precipitation pattern threatens to impact corn and soy yields, while the falling U.S. dollar is also supportive to start the new week. Soybeans and wheat are leading the way higher. Chicago wheat fell to a new low Friday with Minneapolis coming close, but both of those markets are surging higher Monday.

Posted 19:05 Sunday -- March corn is up 2 3/4 cents and March soybeans are up 8 3/4 cents. March KC wheat is up 3 cents and March Minneapolis wheat is up 3 3/4 cents. February crude oil is up $0.05 and Dow Jones futures are down 31 points. The U.S. Dollar Index is up 0.03 and February gold is down $1.30. Grains are opening the week's trade reclaiming some of the losses from Friday's ugly session. Traders will continue to closely monitor the weather situation in South America, while also turning attention back to the U.S. balance sheet for this Friday's World Agricultural Supply and Demand Estimates (WASDE) report, as well as quarterly grain stocks report from the USDA. While the U.S. soybean crop has been reduced since harvest, the current bearish fear is that it will now be more than offset by production in South America, particularly in Brazil, barring any adverse weather over the next month or two. Corn prices should remain well supported on good demand and Argentina risk premium, barring any significant bearish surprises from the government on Friday.

Livestock

Posted 11:41 -- February live cattle are up $1.20 at $195.25, March feeder cattle are up $1.55 at $265.725, February lean hogs are down $0.95 at $79.825, March corn is up 7 cents per bushel and March soybean meal is up $0.80. The Dow Jones Industrial Average is up 297.35 points. The livestock complex continues to trade mixed with the cattle contracts higher and the lean hog complex pressed as consumer demand is limited. No bids or asking prices have surfaced yet for the cash cattle market, but trade is expected to be at least steady if not higher again this week.

Posted 08:35 -- February live cattle are up $0.75 at $194.8, March feeder cattle are up $0.58 at $264.75, February lean hogs are down $0.10 at $80.675, March corn is up 5 1/4 cents per bushel and March soybean meal is up $4.90. The Dow Jones Industrial Average is up 134.68 points. It will be especially important to note how many cattle traded last week in the cash market as that will dictate how aggressively packers will participate in this week's market. But it is assumed prices will remain at least steady again this week as it appears packers are short bought.

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