DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- March corn is down 9 cents and March soybeans are down 11 cents. March KC wheat is down 12 cents, March Chicago wheat is down 10 3/4 cents, and March Minneapolis wheat is down 9 3/4 cents. April crude oil is up $0.32 and Dow Jones futures are up 262 points. The U.S. Dollar Index is down 0.09 and April gold is up $9.70. Heading into the closing minutes of trade, grain markets remain under pressure but appear to have found some buyer attention near daily lows. If there is a silver lining for bullish traders Monday it's that despite the sharp downturns in corn and wheat markets both remain in medium-term technical uptrends. However, the tradeable news at hand currently is stacked on the bearish side of the scale mainly in the form of benign weather outlooks both domestically and abroad for at least the immediate future.
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Posted 10:35 -- March corn is down 8 cents and March soybeans are down 7 3/4 cents. March KC wheat is down 15 1/4 cents, March Chicago wheat is down 13 1/2 cents, and March Minneapolis wheat is down 13 3/4 cents. April crude oil is up $0.43 and Dow Jones futures are up 186 points. The U.S. Dollar Index is up 0.01 and April gold is up $3.90. Grain markets are in full "risk off" liquidation mode mid-morning Monday. As the trade reference switches this week from the March futures to May futures boards, traders are quickly removing that premium. Corn traders are obviously very uncertain regarding a front month price north of $5.00, so it is not all that surprising to see May futures sold off to now below $5.00 as well as that board takes the front position this week. Meanwhile, ongoing harvest pressure from Brazil and the return of mild U.S. weather is pressuring soybean and wheat markets respectively as well.
Posted 08:43 -- March corn is down 3 1/4 cents per bushel, March soybeans are up 1 1/2 cents per bushel. May KC wheat is down 9 1/4 cents per bushel, May Chicago wheat is down 9 1/2 cents per bushel and May Minneapolis wheat is down 8 1/4 cents. The Dow Jones Industrial Average is up 191.40 points at 43,619.42. The U.S. Dollar Index is up 0.070 at 106.69. April crude oil is up $0.13 per barrel at $70.53. Early Monday, only soybeans and soymeal are slightly firmer while wheat, corn and soybean oil are under pressure. The expanding soy harvest in Brazil and a more neutral to bearish weather outlook in South America are weighing on corn and soy values while traders extract some weather premium from wheat futures as the Plains are set for a big warming trend.
Posted 19:08 Sunday --March corn is down 1/2 cent and March soybeans are up 1/2 cent. March KC wheat is down 1 1/2 cents, March Chicago wheat is down 1 1/2 cents, and March Minneapolis wheat is down 4 1/4 cents. April crude oil is down $0.18 and Dow Jones futures are up 154 points. The U.S. Dollar Index is down 0.32 and April gold is down $6.00. Grain markets are quiet to start the new week as Brazilian pressure as well as improving conditions in Argentina weighed on the corn and soybean markets to end last week. As for wheat, the weather scare from last week likely still carries some validity but it will take time to gauge the exact degree of winterkill/crop damage, if any, that was done through the frigid stretch last week. Wheat futures will likely remain very choppy as a result.
LivestockPosted 11:40 -- April live cattle are up $1.00 at $194.95, March feeder cattle are up $3.38 at $271.325, April lean hogs are up $0.03 at $87.7, March corn is down 8 3/4 cents per bushel and May soybean meal is down $2.50. The Dow Jones Industrial Average is up 220.68 points. Last week's negotiated cash cattle trade totaled 48,723 head. Of that 89% (43,418 head) were committed to the nearby delivery while the remaining 11% (5,305 head) were committed to the deferred delivery option.
Posted 08:40 -- April live cattle are up $0.23 at $194.175, March feeder cattle are up $0.55 at $268.5, April lean hogs are up $0.25 at $87.925, March corn is down 3 1/4 cents per bushel and May soybean meal is up $1.30. The Dow Jones Industrial Average is up 184.42 points. Cattle contracts are trading higher Monday morning as traders seem to be finding the bullish merit of Friday's Cattle on Feed report. Cattlemen are hoping traders will continue to support the complex and establish some sort of a bottom in the market for the near term.
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