DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is down 14 1/4 cents per bushel, May soybeans are down 70 cents, May KC wheat is down 16 3/4 cents, May Chicago wheat is down 18 3/4 cents and MIAX May Minneapolis wheat is down 15 cents. The Dow Jones Industrial Average is up 375.20 points. The U.S. Dollar Index is down 0.490 and April crude oil is down $4.25 per barrel. April gold is down $65.50 per ounce. With 30 minutes to go to Monday's close, soybeans have fallen to limit losses on the front two months. Corn, wheat and soybean products are also melting down as funds are selling heavily in all 5 ag markets. Estimates are that funds have sold 5,000 wheat, over 20,000 contracts each of corn and soybeans, along with a combined 17,000 contracts of soy products. News that the U.S.-China meeting in Beijing might be delayed has funds liquidating Monday.

Posted 10:29 -- May corn is down 13 1/4 cents per bushel, May soybeans are down 55 3/4 cents, May KC wheat is down 2 3/4 cents, May Chicago wheat is down 12 1/4 cents and MIAX May Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is up 465.55 points. The U.S. Dollar Index is down 0.470 and April crude oil is down $3.36 per barrel. April gold is down $65.50 per ounce. At midmorning, corn, soybeans and soy products are sharply lower as is Chicago wheat. Looks like the once solid inverse relationship of grains to equities is back in force. Perhaps the two news items impacting markets are President Trump's statement that he may postpone the March 31 meeting in Beijing, and news that funds had dramatically added last week to a net-long corn position.

Posted 08:35 -- May corn is down 5 cents and May soybeans are down 39 3/4 cents. May KC wheat is up 1 3/4 cents, May Chicago wheat is down 8 cents, and May MIAX Minneapolis wheat is down 1 1/4 cents. April crude oil is down $4.15 and Dow Jones futures are up 338 points. The U.S. Dollar Index is down 0.40 and April gold is down $26.00. As the day session for Monday kicks off, soybean futures are extending their overnight losses, with headline-driven algorithms obviously picking up on Sunday evening reports that President Trump's March ending visit to China may be delayed. The White House has stressed the meeting is still planned to occur at some point, but for now the market cannot hide its disappointment with a volatile swing lower. Outside markets are also leaning bearish to begin the new week, with crude oil futures sharply lower as well as the U.S. and its allies (European Union and United Kingdom specifically) have made reopening and policing the Strait a Hormuz a top priority of the conflict in the Middle East moving ahead. Markets will undoubtedly be following these storylines closely through Monday's trade.

Posted 19:08 Sunday -- May corn is down 2 1/4 cents and May soybeans are down 19 3/4 cents. May KC wheat is down 4 3/4 cents, May Chicago wheat is down 6 1/4 cents, and May MIAX Minneapolis wheat is down 7 1/2 cents. April crude oil is down $0.02 and Dow Jones futures are up 124 points. The U.S. Dollar Index is down 0.05 and April gold is down $36.00. Row crop futures are lower to open the new week, with soybeans falling hard on reports that President Trump may delay his long-anticipated state visit to China (originally scheduled for the end of March) if China does not aid in reopening the Strait of Hormuz to oil trade. U.S. and Chinese officials met in Paris on Sunday for the first of a two-day meeting, with no breaking news emerging from those talks yet. Otherwise, geopolitical news and energy markets will likely continue to dominate headlines this week, with oil futures just marginally higher on Sunday evening.

Livestock

OMAHA (DTN) -- April live cattle are up $2.65 at $233.55, April feeder cattle are up $6.80 at $349.9, April lean hogs are up $0.15 at $93.6, May corn is down 11 cents per bushel and May soybean meal is down $7.80. The Dow Jones Industrial Average is up 277.18 points and NASDAQ is up 222.05 points. The livestock complex continues to rally into Monday's noon hour as the market has found increased technical suppor, and traders are eager to support the complex early this week despite the known disruption at the JBS packing plant in Greeley, Colorado. New showlists appear to be mixed, lower in Texas and Nebraska/Colorado, but higher in Kansas.

Posted 08:40 -- April live cattle are up $2.28 at $233.175, April feeder cattle are up $4.73 at $347.825, April lean hogs are up $0.53 at $93.975, May corn is down 5 cents per bushel and May soybean meal is down $6.50. The Dow Jones Industrial Average is up 331.90 points and NASDAQ is up 265.80 points. Even with the plant officially entering its first day of its union strike at the JBS packing plant in Greeley, Colorado, the cattle complex is trading higher at Monday's start. It's fully anticipated that the market will trade in an anxious manner again this week.

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