DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- May corn is up 1/2 cent per bushel, May soybeans are up 1/2 cent per bushel. May KC wheat is up 18 cents per bushel, May Chicago wheat is up 11 1/2 cents per bushel and May Minneapolis wheat is up 12 1/4 cents. The Dow Jones Industrial Average is up 355.39 points at 41,843.58. The U.S. Dollar Index is down 0.290 at 103.43. April crude oil is up $0.47 per barrel at $67.65. At midday wheat is continuing to hold up with strong gains while corn and soy are near unchanged in very quiet action. The NOPA crush fell well below expectations at 177.9 mb crushed in February. Bean oil futures are strong despite an increase in oil stocks.
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Posted 10:35 -- May corn is up 3 1/2 cents per bushel, May soybeans are down 1 3/4 cents per bushel. May KC wheat is up 21 cents per bushel, May Chicago wheat is up 16 1/2 cents per bushel and May Minneapolis wheat is up 15 1/2 cents. The Dow Jones Industrial Average is up 238.74 points at 41,726.93. The U.S. Dollar Index is down 0.420 at 103.30. April crude oil is up $0.22 per barrel at $67.40. Wheat is the upside leader at midmorning Monday with KC leading the gains. Corn is just slightly firmer while soybeans and soymeal are under pressure. Bean oil has at least paused the bearish fall as it is higher for the second straight day.
Posted 08:40 -- May corn is up 4 1/2 cents per bushel, May soybeans are down 2 3/4 cents per bushel. May KC wheat is up 17 cents per bushel, May Chicago wheat is up 12 3/4 cents per bushel and May Minneapolis wheat is up 12 1/2 cents. The Dow Jones Industrial Average is up 100.87 points at 41,589.06. The U.S. Dollar Index is down 0.200 at 103.52. April crude oil is up $0.70 per barrel at $67.88. Soybeans have leaked lower while corn is firm and wheat sharply on growing dry weather concerns in several wheat producing areas. Soymeal has now gone negative and bean oil is sliding lower.
Posted 19:09 Sunday -- May corn is up 4 1/4 cents and May soybeans are up 4 3/4 cents. May KC wheat is up 8 1/4 cents, May Chicago wheat is up 5 3/4 cents, and May Minneapolis wheat is up 4 3/4 cents. April crude oil is up $0.54 and Dow Jones futures are down 196 points. The U.S. Dollar Index is down 0.0 and April gold is down $2.00. Grains are firmer to start this week's trade, led by wheat futures which are finding strength on dry as well as stormy weather throughout the U.S. HRW areas. Local South American agency estimates last week that were across the board lower than the USDA estimates from Tuesday's WASDE report are also lending a degree of optimism to bullish traders.
Livestock
Posted 11:40 -- April live cattle are up $0.80 at $203.975, April feeder cattle are up $1.83 at $283.025, April lean hogs are up $1.58 at $88.2, May corn is down 3/4 cent per bushel and May soybean meal is down $2.40. The Dow Jones Industrial Average is up 196.96 points. Traders are fully supportive of the livestock complex Monday morning as all three of the markets are trading higher into the noon hour. And although it's too early in the week to decipher what cash cattle prices are going to do, so long as beef demand continues to push boxed beef prices higher, it's likely cash prices could trade higher again this week.
Posted 08:34 -- April live cattle are up $0.78 at $203.95, April feeder cattle are up $0.85 at $282.05, April lean hogs are up $1.15 at $87.775, May corn is up 5 cents per bushel and May soybean meal is up $0.30. The Dow Jones Industrial Average is down 60.03 points. Following last week's incredible performance in the cash cattle market, it will be imperative to see how many cattle packers got bought as that will indicate how aggressive they'll be this week in the cash market. But if boxed beef demand remains strong, it's likely they'll remain modestly engaged regardless of last week's purchase.
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