DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 5 1/2 cents per bushel, March soybeans are up 23 cents per bushel. March KC wheat is up 9 cents per bushel, March Chicago wheat is up 13 1/4 cents per bushel and March Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is up 251.01 points at 42,189.46. The U.S. Dollar Index is up 0.190 at 109.84. February crude oil is up $2.34 per barrel at $78.91. Grain and the entire soy complex are extending the sharp gains made on Friday following the bullish yield, production and stocks report. Funds have been buying on Monday, with an estimated 13,000 soybean, 10,000 corn and 6,000 soymeal contracts bought. It is short covering in all but corn, where they continue to add to their bullish bet on corn. Weather at mid-day is called wetter for Argentina and southern Brazil with some shower activity as early as Thursday.

Posted 10:35 -- March corn is up 6 cents per bushel, March soybeans are up 20 1/2 cents per bushel. March KC wheat is up 7 cents per bushel, March Chicago wheat is up 9 3/4 cents per bushel and March Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average is up 131.18 points at 42,069.63. The U.S. Dollar Index is up 0.290 at 109.94. February crude oil is up $2.00 per barrel at $78.57. Grain and the soy complex have extended gains from Friday's bullish WASDE report, with soybeans, corn and soymeal leading the way higher. There is little doubt funds are covering more shorts in soybeans and meal while adding to a growing net-long in corn.

Posted 08:35 -- March corn is up 2 1/4 cents per bushel, March soybeans are up 3 3/4 cents per bushel. March KC wheat is up 2 cents per bushel, March Chicago wheat is up 4 3/4 cents per bushel and March Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is down 62.49 points at 41,875.96. The U.S. Dollar Index is up 0.250 at 109.90. February crude oil is up $1.15 per barrel at $77.72. Corn, soybeans and wheat are moderately higher on follow-through from Friday's bullish WASDE report, but are well off the overnight highs. USDA reports private exporters sold 198,000 mt (7.3 mb) of soybeans for delivery to China during the 2024-25 marketing year.

Posted 19:13 Sunday -- March corn is down 1/4 cents and March soybeans are up 2 cents. March Kansas City wheat is down 1 1/2 cents and March Minneapolis wheat is down 2 1/2 cents. February crude oil is up $1.60 and Dow Jones futures are up 11 points. The U.S. Dollar Index is up 0.01 and February gold is up $5.00. Corn futures open the week challenging 2024 calendar year highs for most active futures, following Friday's bullish round of estimates from the USDA which featured a larger-than-expected cut to 2024 production. The weather situation in Argentina also adds an extra degree of support to a world balance sheet that is already the tightest in several years. For soybeans, it will be interesting to see how trade develops with a bullish Friday report in regard to the domestic balance sheet, but record South American production and record world ending stocks for soybeans still forecasted for 2024-25. Wheat futures will have to continue to search for direction following an almost frustratingly neutral series of reports Friday, and with weather currently not much of a factor in driving prices.

Livestock

Posted 11:34 -- February live cattle are down $0.53 at $198.25, March feeder cattle are down $0.53 at $268.875, February lean hogs are up $0.78 at $83.325, March corn is up 5 cents per bushel and March soybean meal is up $6.90. The Dow Jones Industrial Average is up 155.16 points. The lean hog complex is trading higher into Monday's noon hour as the market is pleased to see an uptick in demand. Meanwhile, the cattle contracts are trading lower as they're fearful of trading higher ahead of seeing what develops fundamentally this week.

Posted 08:35 -- February live cattle are down $0.48 at $198.3, March feeder cattle are down $0.45 at $268.95, February lean hogs are up $0.08 at $82.625, March corn is up 3 cents per bushel and March soybean meal is up $4.00. The Dow Jones Industrial Average is down 14.17 points. The livestock complex is off to a mixed start as traders are leery to overly support the cattle contracts following the aggressive rally in which the market has successfully posted over the last month. Before traders again look at supporting the live cattle and feeder cattle contracts, they'll likely want to see follow through in beef demand and strength in the fed cash cattle market.

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