DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:51 -- December corn is down 3 cents per bushel, January soybeans are up 12 1/4 cents, December KC wheat is down 10 1/4 cents, December Chicago wheat is down 8 1/4 cents and MIAX December Minneapolis wheat is down 0.0750 cents. The Dow Jones Industrial Average is up 153.45 points. The U.S. Dollar Index is up 0.310 and December crude oil is up $0.25 per barrel. December gold is up $22.40 per ounce. As we head to the Thursday close, soybeans and soymeal are still very firm with corn and wheat still under pressure. Soybean meal is headed for a thirteenth straight higher finish but is wildly overbought and overpriced. Soybean futures are also very overbought and traders wonder how much of the 12 mmt promised for this crop year China will actually buy.

Posted 10:26 -- December corn is down 2 cents per bushel, January soybeans are up 11 cents, December KC wheat is down 11 1/2 cents, December Chicago wheat is down 9 1/2 cents and MIAX December Minneapolis wheat is down 0.0350 cents. The Dow Jones Industrial Average is up 315.86 points. The U.S. Dollar Index is up 0.260 and December crude oil is down $0.08 per barrel. December gold is up $9.20 per ounce. At midmorning only soybeans and soymeal are still higher with meal attempting the thirteenth straight higher finish. Without the benefit of export sales data we are flying blind. Perhaps the trade needs to see concrete proof of China sales, or perhaps after the 90-plus cent rally in beans we may have gone high enough.

Posted 08:36 -- December corn is down 2 cents per bushel, January soybeans are up 4 1/4 cents, December KC wheat is down 5 3/4 cents, December Chicago wheat is down 3 3/4 cents and MIAX December Minneapolis wheat is up 0.0050 cents. The Dow Jones Industrial Average is down 73.82 points. The U.S. Dollar Index is up 0.310 and December crude oil is down $0.57 per barrel. December gold is down $20.50 per ounce. It has surely been a chaotic overnight and early morning trade at the CME. When the first word of the U.S.-China trade deal included no specifics on commitments to buy U.S. ag products, later newswire releases had China promising to buy 25 mmt of U.S. beans each year. Until that first purchase is reported, we could continue to see sporadic and volatile trade ahead.

Livestock

Posted 11:29 -- December live cattle are up $0.90 at $231.8, January feeder cattle are up $3.55 at $337.575, December lean hogs are up $0.23 at $81., December corn is down 2 1/2 cents per bushel and December soybean meal is up $6.40. The Dow Jones Industrial Average is up 207.84 points and NASDAQ is down 184.68 points. Bids are on the table in both Nebraska and Kansas, but still no cattle have traded following the light action that took place earlier in the week. Asking prices are noted in the South at $238 to $240 and are still not established in the North.

Posted 08:34 -- December live cattle are up $0.05 at $230.95, January feeder cattle are up $1.13 at $335.15, December lean hogs are up $0.50 at $81.275, December corn is up 1 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is down 128.65 points and NASDAQ is down 196.26 points. The cattle complex is continuing to trade higher as the market is relieved to have confirmation that the U.S/Mexico border isn't going to reopen any time soon. No new cash cattle trade has developed this morning, but packer interest could improve at any moment.

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