DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is up 2 1/2 cents and May soybeans are up 5 cents. May KC wheat is down 18 cents, May Chicago wheat is down 6 1/2 cents, and May Minneapolis wheat is down 9 1/4 cents. May crude oil is down $0.57 and Dow Jones futures are down 737 points. The U.S. Dollar Index is down 0.34 and April gold is up $25.60. Corn and soybean futures have posted an impressive recovery since late morning Friday as bargain buyers have entered the market. Nearby May contracts are currently 10 1/2 and 12 1/2 cents off their respective daily lows for corn and soybeans heading into the final half hour of trade. Wheat markets remain under heavy pressure, although have also rebounded off their daily lows.

Posted 10:35 -- May corn is down 2 cents and May soybeans are down 2 3/4 cents. May KC wheat is down 17 1/2 cents, May Chicago wheat is down 9 cents, and May Minneapolis wheat is down 11 1/2 cents. May crude oil is down $0.43 and Dow Jones futures are down 531 points. The U.S. Dollar Index is down 0.41 and April gold is up $24.10. Ag markets continue to be under pressure thus far Friday with the exception of soybean oil and canola which are finding continued strength off Thursday's biofuel policy optimism. Meanwhile, soybean meal futures slipped to new contract lows Friday morning but have recovered. May Minneapolis and Chicago wheat futures also set new contract lows, while May KC wheat came within 2 1/4 cents of doing so as well. Black Sea peace talks and what I would call stable weather conditions across U.S. wheat growing areas are the main source of pressure.

Posted 08:35 -- May corn is down 7 cents per bushel, May soybeans are down 6 3/4 cents per bushel. May KC wheat is down 16 1/4 cents per bushel, May Chicago wheat is down 11 cents per bushel and May Minneapolis wheat is down 9 3/4 cents. The Dow Jones Industrial Average is down 122.58 points at 42,177.12. The U.S. Dollar Index is down 0.160 at 104.17. May crude oil is down $0.10 per barrel at $69.82. Wheat, corn and soybeans are all down sharply early Friday with Chicago wheat having scored a new contract low for the second straight day. Bean oil is higher for the fifth consecutive day. Equities are lower as the inflation reading came in higher than expected at 2.8% on an annualized basis.

Livestock

Posted 11:35 -- June live cattle are down $0.83 at $204.975, May feeder cattle are down $1.68 at $284.85, June lean hogs are up $0.78 at $96.95, May corn is steady and May soybean meal is steady. The Dow Jones Industrial Average is down 640.31 points. The cash cattle market still hasn't seen any trade develop as feedlot managers wait patiently for packers to begin to offer bids. Asking prices are noted in the South at $211 to $212 but are still not established yet in the North.

Posted 08:38 -- June live cattle are down $0.23 at $205.575, May feeder cattle are down $0.15 at $286.375, June lean hogs are up $1.43 at $97.6, May corn is down 7 1/4 cents per bushel and May soybean meal is down $4.40. The Dow Jones Industrial Average is down 145.92 points. The cash cattle market still hasn't traded, so today's focus will be on seeing what develops in the cash sector. Asking prices are noted in the South at $211 to $212, but are still not established in the North.

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