DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:49 -- March corn is down 6 1/2 cents per bushel, January soybeans are down 8 3/4 cents, March KC wheat is down 3 3/4 cents, March Chicago wheat is down 2 3/4 cents and MIAX March Minneapolis wheat is down 0.0300 cents. The Dow Jones Industrial Average is up 426.59 points. The U.S. Dollar Index is down 0.520 and January crude oil is up $0.47 per barrel. February gold is up $15.00 per ounce. Heading into the Wednesday close, it is risk-off in all of the grain and soy markets. The failure to report a new sale of soybeans to China for the third consecutive day and rumors of China buying more cheaper Brazilian beans are weighing heavily on soy. Both March corn and January beans have the appearance of head and shoulders chart patterns which can be a bearish forerunner of lower prices. The poor jobs number suggests that we are closer to another fed rate cut next Wednesday and equities are reacting in an upward fashion.

Posted 10:28 -- March corn is down 5 1/4 cents per bushel, January soybeans are down 3 cents, March KC wheat is down 3 1/2 cents, March Chicago wheat is down 1 1/4 cents and MIAX March Minneapolis wheat is down 0.0150 cents. The Dow Jones Industrial Average is up 212.23 points. The U.S. Dollar Index is down 0.450 and January crude oil is up $0.76 per barrel. February gold is up $27.20 per ounce. Corn, wheat and soybeans are all under pressure at midmorning with corn under the most pressure. I have heard little news Wednesday morning on corn and soy, but wheat continues to get selling from rising world supplies and weakening values. After a record month of wheat exports from Russia, Russian FOB offers are reported to have fallen another $4/mt.

Posted 08:56 -- March corn is down 5 1/4 cents and January soybeans are down 5 1/4 cents. March KC wheat is down 4 1/4 cents, March Chicago wheat is down 2 1/2 cents, and March MIAX Minneapolis wheat is down 1 cents. January crude oil is up $0.54 and Dow Jones futures are down 11 points. The U.S. Dollar Index is down 0.37 and February gold is up $24.70. Thus far for Wednesday, row crop futures are moderately lower across the board, with March corn futures falling from technical resistance as traders across corn, soy, and wheat markets remain hesitant to send prices higher with lingering fundamental concerns and a USDA update due out early next week.

Livestock

Posted 11:29 -- February live cattle are up $1.75 at $222.55, January feeder cattle are up $3.53 at $333.4, February lean hogs are up $1.00 at $81.175, March corn is down 5 3/4 cents per bushel and January soybean meal is up $0.30. The Dow Jones Industrial Average is up 314.74 points. The cash cattle country is quiet at midday with some asking prices noted in parts of the South at $225; but they are yet to be established in the North. Bids continue to be very elusive. Significant trade volume will likely be delayed until Thursday and/or Friday. Beef cutouts are higher at midday (choice 365.40 +0.68, select 353.09 +2.31) with light to moderate box movement (54 lds of choice cuts, 09 lds of select cuts, 04 lds of trim, and 11 lds of ground), with a choice/select spread of 12.31. Wednesday's projected cattle slaughter is 122,000. Pork cutouts at midday are 94.69, +0.47, with 172.37 total loads. Wednesday's project hog slaughter is 491,000.

Posted 08:36 -- February live cattle are down $0.45 at $220.35, January feeder cattle are down $0.83 at $329.05, February lean hogs are up $0.40 at $80.575, March corn is down 3 cents per bushel and January soybean meal is down $0.00. The Dow Jones Industrial Average is down 3.61 points and NASDAQ is down 54.54 points. Following Tuesday's sharply higher close, the cattle contracts are trading lower as traders look for fundamental reassurance to develop. No cash cattle trade has developed yet but asking prices are noted at $225 in Texas.

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