DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- March corn is up 5 1/4 cents per bushel, March soybeans are down 17 1/4 cents per bushel. March KC wheat is down 1 1/4 cents per bushel, March Chicago wheat is down 3 cents per bushel and March Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is down 219.05 points at 44,374.60. The U.S. Dollar Index is down 0.090 at 107.88. March crude oil is down $1.87 per barrel at $71.45. Soybeans and soybean oil are under heavy pressure at midday and wheat has reversed early strength to trade lower. Corn remains a nickel higher. Weather in Argentina is wetter with up to 2 inches of rain in some areas and the extended forecast has two more systems expected in the next 10 days. Rumors are China bought some Argentine soybeans on Wednesday.

Posted 10:35 -- March corn is up 4 3/4 cents per bushel, March soybeans are down 15 3/4 cents per bushel. March KC wheat is up 5 cents per bushel, March Chicago wheat is up 4 3/4 cents per bushel and March Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 394.26 points at 44,199.39. The U.S. Dollar Index is up 0.240 at 108.20. March crude oil is down $1.19 per barrel at $72.13. At midmorning soybean futures are down sharply as the Brazilian soy harvest expands. CONAB mentions that Brazil soy is now 15% harvested versus 21% year ago. It seems a foregone conclusion that Brazil is harvesting a record-large soy crop and logistics and storage of such a crop will likely weaken values. Wheat and corn are firmer, and with corn the jury is still out on Brazil's second crop which comprises over 75% of the total crop.

Posted 08:35 -- March corn is up 1 1/2 cents per bushel, March soybeans are down 6 cents per bushel. March KC wheat is up 1 1/4 cents per bushel, March Chicago wheat is up 1 1/4 cents per bushel and March Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is down 425.26 points at 44,168.39. The U.S. Dollar Index is up 0.330 at 108.30. March crude oil is down $1.13 per barrel at $72.19. USDA: private exporters reported the following sales activity: 130,320 metric tons (5.1 mb) of corn for delivery to unknown destinations during the 2024/2025 marketing year and 120,000 metric tons (4.4 mb) of soybeans for delivery to unknown destinations during the 2024/2025 marketing year. Grain and soy markets are lower on favorable South American weather and pressure from outside markets, with the U.S. dollar higher and equities sharply lower following the higher-than-expected CPI number.

Livestock

Posted 11:35 -- April live cattle are up $0.18 at $196.175, March feeder cattle are up $0.63 at $265.4, April lean hogs are up $1.45 at $94.425, March corn is up 3 1/4 cents per bushel and March soybean meal is down $2.80. The Dow Jones Industrial Average is down 180.58 points. Bids of $202 to $203 live and $320 dressed have surfaced in the North, but still no cattle have traded. Asking prices are firm in the South at $204-plus but are still not established in the North. Trade could begin to develop later Wednesday afternoon, but it's just as likely trade is delayed until Thursday.

Posted 08:35 -- April live cattle are up $0.30 at $196.3, March feeder cattle are up $0.13 at $264.9, April lean hogs are up $0.65 at $93.625, March corn is down 1/4 cent per bushel and March soybean meal is down $2.50. The Dow Jones Industrial Average is down 381.11 points. The live cattle complex is trying to trade higher as the market is currently seeing its nearby contracts mildly supported. No bids are currently being offered throughout the cash cattle market, but packer interest will likely improve throughout the day. Asking prices are noted at $204 plus in the South but are still not established in the North.

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