DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:49 -- May corn is down 2 3/4 cents per bushel, May soybeans are up 3 cents, May KC wheat is down 12 3/4 cents, May Chicago wheat is down 17 1/4 cents and MIAX May Minneapolis wheat is down 16 1/2 cents. The Dow Jones Industrial Average is up 1,237.19 points. The U.S. Dollar Index is down 0.910 and May crude oil is down $17.87 per barrel. June gold is up $80.30 per ounce. Heading into the Thursday close, corn, wheat and bean oil markets are down while soybeans and soymeal are modestly higher. Crude oil remains sharply lower and equities higher. Ultra-long funds have chosen to exit some of their longs, especially in bean oil with estimates that they have sold close to 10,000 contracts today. Everyone is trying to determine if this ceasefire could lead to a longer lasting peace. Expect volatility to remain very high.

Posted 11:40 -- May corn is down 3 cents per bushel, May soybeans are up 1/4 cent, May KC wheat is down 9 1/2 cents, May Chicago wheat is down 16 3/4 cents and MIAX May Minneapolis wheat is down 10 3/4 cents. The Dow Jones Industrial Average is up 1,099.33 points. The U.S. Dollar Index is down 1.050 and May crude oil is down $17.28 per barrel. June gold is up $96.20 per ounce. At midmorning, corn is down with wheat and bean oil futures are down hard. The latter is following the crude oil market which saw spot futures fall more than $20 per barrel after a two-week ceasefire was agreed to between the U.S. and Iran. Wheat is under pressure on the outlook for much better rain chances for the parched western Plains wheat areas.

Posted 08:34 -- May corn is down 4 3/4 cents and May soybeans are down 1/2 cents. May KC wheat is down 17 3/4 cents, May Chicago wheat is down 20 3/4 cents, and May MIAX Minneapolis wheat is down 13 1/2 cents. May crude oil is down $19.69 and Dow Jones futures are up 1399 points. The U.S. Dollar Index is down 1.19 and June gold is up $130.30. Row-crop futures are lower to begin Wednesday's day session, bearishly influenced by the $20 per barrel meltdown in crude oil futures after the U.S. agreed to a two-week ceasefire in the Middle East conditional on the immediate reopening of the Strait of Hormuz. The situation is still developing and will be undoubtedly monitored very closely by markets through this week. Also pressuring crop futures is good rainfall across the U.S. grain belt through the past week, with more in the two-week outlook including for hard red winter wheat regions in dire need of moisture.

Livestock

Posted 11:40 -- June live cattle are up $0.35 at $246.15, May feeder cattle are up $1.50 at $368.125, June lean hogs are down $1.98 at $105.075, May corn is down 4 1/2 cents per bushel and May soybean meal is up $0.80. The Dow Jones Industrial Average is up 1,221.02 points and the NASDAQ is up 647.91 points. Asking prices are noted at $250 plus in Texas, but otherwise, the livestock complex remains quiet. Trade will likely be delayed until Thursday or potentially even Friday.

Posted 08:35 -- June live cattle are up $1.03 at $246.825, May feeder cattle are up $2.65 at $369.275, June lean hogs are down $0.08 at $106.975, May corn is down 4 3/4 cents per bushel and May soybean meal is up $1.80. The Dow Jones Industrial Average is up 1,347.79 points and NASDAQ is up 741.98 points. Following Tuesday's slightly weaker closer, the cattle contracts are back to trading higher at Wednesday's start. Still no bids or asking prices have surfaced in the cash market and trade could be delayed until Thursday.

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