DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 2 3/4 cents and November soybeans are down 6 cents. December KC wheat is down 2 1/2 cents, December Chicago wheat is up 1 cents, and December MIAX Minneapolis wheat is up 1 1/4 cents. November crude oil is down $1.21 and Dow Jones futures are down 274 points. The U.S. Dollar Index is up 0.52 and December gold is down $103.00. Heading into the last half hour of trade, row-crop futures remain under pressure led by a correction in soybean prices following Wednesday's surge higher. Corn and soybean markets remain under firm technical resistance just above current prices, and bullish traders currently lack the conviction to break these barriers without USDA confirmation of ideas suggested by spreads and basis action recently that the supply and demand situation for U.S. fall crops is tighter than recent estimates have suggested.

Posted 10:30 -- December corn is up 3/4 cents and November soybeans are down 4 cents. December KC wheat is up 1/4 cents, December Chicago wheat is up 3 3/4 cents, and December MIAX Minneapolis wheat is up 4 3/4 cents. November crude oil is down $0.28 and Dow Jones futures are down 204 points. The U.S. Dollar Index is up 0.52 and December gold is down $35.20. At midmorning Thursday, row-crop futures are mixed as prices remain rangebound. Recent basis appreciation and firming futures spreads are pointing to a potential uptick in demand amid U.S. harvests or potentially less supply than anticipated, perhaps a combination of both. Traders, however, remain cautious buyers with no recent USDA data to fall back on to inform trading decisions.

Posted 08:32 -- December corn is down 3/4 cent per bushel, November soybeans are down 6 1/4 cents, December KC wheat is up 1 1/2 cents, December Chicago wheat is up 2 1/2 cents and MIAX December Minneapolis wheat is up 0.0250 cents. The Dow Jones Industrial Average is up 75.04 points. The U.S. Dollar Index is up 0.050 and November crude oil is up $0.06 per barrel. December gold is up $2.40 per ounce. Corn, soybeans and products are lower early Thursday while the three wheat markets are trading higher. There is very little news, but the forecast ahead looks favorable for the row-crop harvest.

Livestock

Posted 11:42 -- December live cattle are up $0.80 at $239.675, November feeder cattle are up $4.53 at $373.35, December lean hogs are down $1.33 at $84.775, December corn is down 2 cents per bushel and December soybean meal is down $0.90. The Dow Jones Industrial Average is down 167.78 points and NASDAQ is down 53.90 points. Still no cash cattle trade has developed but a single bid of $230 is currently on the table in Nebraska. Trader interest should improve at any moment. Asking prices are noted in the South at $235 to $237 but are still not established in the North.

Posted 08:35 -- December live cattle is steady, November feeder cattle are up $0.70 at $369.525, December lean hogs are down $0.28 at $85.825, December corn is down 1 cent per bushel and December soybean meal is down $1.00. The Dow Jones Industrial Average is up 41.44 points and NASDAQ is up 11.73 points. The cattle contracts are continuing to grind higher as traders see the momentum in the marketplace and plan to continue to support the contracts so long as support is sufficient. Still no cash cattle trade has developed but packer interest should improve throughout the day. Asking prices are noted at $235 to $237 in the South and are still unestablished in the North.

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